Cree Inc (CREE), the LED lighting leader, posted its earnings results after the bell today and it was a so so report.  The company reported results right about inline with what analysts expected with a non GAAP EPS of .25/share which is a 58% decrease over the year ago quarter on revenues of $269 million, also inline.  However guidance is mixed and the company sees EPS this quarter of .25 – .28/share vs the consensus estimate of .34/share.  They see revenues in the range of $300 – $320 million vs the consensus of $308 million.

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"We got off to a good start in Q1 as results were in-line with our updated targets and our LED lighting and LED components product lines continued to grow," stated Chuck Swoboda, Cree chairman and CEO. "We also took the next step in our strategy to lead the LED lighting revolution with the acquisition of Ruud Lighting. Although we have seen tremendous growth in LED lighting sales over the last few years, it is clear that we have only scratched the surface of LED lighting adoption and there is growing demand for products that offer innovative solutions and good payback."

Traders aren’t all that thrilled with the report from CREE and that’s reflected in after hours trading that has the stock down over 4% and continuing to trade at multi year lows.  On the daily chart, CREE is a bit ambiguous.  There aren’t definitive signs yet that a bottom is in, but it has been holding a range for a couple months now.  I do think at some point CREE is going to offer an outstanding long term entry, but I feel that it’s still too soon to jump in.