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Cree reports 4Q loss

DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Tuesday reported a loss of $5.9 million in its fiscal fourth quarter.

The Durham, North Carolina-based company said it had a loss of 6 cents per share. Earnings, adjusted for one-time gains and costs, came to 4 cents per share.

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.

The maker of energy-efficient lighting posted revenue of $358.9 million in the period, surpassing Street forecasts. Seven analysts surveyed by Zacks expected $350.3 million.

For the year, the company reported that its loss widened to $98.1 million, or $1 per share. Revenue was reported as $1.47 billion.

For the current quarter ending in October, Cree expects its per-share earnings to range from 2 cents to 6 cents.

The company said it expects revenue in the range of $353 million to $367 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $368.5 million.

Cree shares have dropped 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $23.03, a decrease of almost 4 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


Keywords: Cree, Earnings Report