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Cree: Fiscal 3Q Earnings Snapshot

DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Wednesday reported a loss of $227.9 million in its fiscal third quarter.

The Durham, North Carolina-based company said it had a loss of $2.20 per share. Earnings, adjusted for one-time gains and costs, came to 20 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The maker of energy-efficient lighting posted revenue of $274.1 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $274.7 million.

For the current quarter ending in June, Cree expects its per-share earnings to range from 12 cents to 16 cents.

The company said it expects revenue in the range of $263 million to $271 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $288.7 million.

Cree shares have increased 52% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $64.83, an increase of 66% 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