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Cree, Inc (CREE) 1st Quarter Profits Beat Wall Street Expectations
Cree posted its 1st quarter earnings yesterday, and while its profits dropped by more than half, it still beat Wall Street’s expectations. From MSN Money Central, here’s a quick breakdown of the stats:
- Net Income: dropped to $5.0 million, or 7 cents per share. A year ago, the company made 15 cents per share. However, if you factor out amortization expenses and expenses incurred by the company for stock-based compensation, the company would have earned 15 cents per share this quarter as well.
- Revenue: climbed $140.4 million from $113.4 million last year, a gain of 24 percent. Analysts had expected a profit of 11 cents per share based on a revenue of $139.6 million.
Based on the report, shares rose 7 percent yesterday, closing at 18.57 and trading at 19.90 after the bell.
What’s next? Here are the forecasts for Cree’s second quarter, from MSN Money:
For the second quarter, the company forecast earnings of 7 cents to 8 cents per share, or an adjusted profit of 15 cents to 16 cents per share, with revenue of $142 million to $146 million.
Wall Street anticipates a profit of 11 cents per share in the quarter, with sales of $146.5 million.
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