U.S. Markets closed

Cree: Fiscal 1Q Earnings Snapshot

DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Tuesday reported a loss of $11.1 million in its fiscal first quarter.

On a per-share basis, the Durham, North Carolina-based company said it had a loss of 11 cents. Earnings, adjusted for one-time gains and costs, came to 22 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.

The maker of energy-efficient lighting posted revenue of $408.3 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $407.3 million.

For the current quarter ending in January, Cree expects its per-share earnings to range from 15 cents to 19 cents.

The company said it expects revenue in the range of $398 million to $418 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $407.3 million.

Cree shares have increased 1 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $37.53, an increase of 28 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CREE at https://www.zacks.com/ap/CREE