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Cree Inc (CREE) Beats & Guides Higher, Shares Surge AH
Cree has been on a roll in the past several months with quite a few upgrades, increasing awareness about LED’s and Cree’s leadership role, not to mention the doubling of its stock price. Let the good times roll. The company reported a strong quarter after the bell today and the stock is surging about 7% after hours on the news. They beat the EPS estimate by a penny, posting .18/share in profit which is a 38% increase over the year ago quarter. Revenues were solid, increasing 9% over the year ago quarter and coming in at $148 million.
“Our strong Q4 results were an outstanding finish to a very good year and reflect the success of our strategy to drive growth in LEDs and LED lighting applications,” stated Chuck Swoboda, Cree chairman and CEO. “Entering fiscal 2010, our Q1 backlog is very strong as we see growing demand across our LED product lines. We are well positioned to benefit from the worldwide growth in LED lighting. As such, we continue to invest in the new products, channels and technical support needed to accelerate the LED lighting revolution.”
The company is increasingly optimistic about future quarters and sees Q1 EPS of .21 – .23 vs the consensus of .17/share and revenues in the range of $160 – $166 vs the wall st estimate of $151 million.
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