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Cree Inc (CREE) Benefiting From "LED Revolution", Posts Another Strong Quarter
Cree Inc (CREE) reported another strong quarter and is up in after hours trading as they continue to emerge as the top play in the LED lighting space. The company reported an EPS of .30/share which beat estimates by .08/share and represents a doubling of the year ago EPS number. Revenues also came in strong at $169 million and represents a 20% increase over the year ago quarter. The company sees next quarter EPS about in line with this quarter at .28 – .30/share vs the Wall St estimate of .23 and revenues in the range of $180 – 190 million vs the Wall St estimate of $173 million.
The CEO said the company continues to benefit from the LED lighting revolution. “We are benefiting from continued LED lighting adoption and high factory utilization and are well positioned for solid growth in Q2. As a result of the recent equity offering, we have the balance sheet to invest in the growth of our business as we look to continue to lead the LED lighting revolution.”
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