Cree tops Street 2Q forecasts

DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Tuesday reported fiscal second-quarter net income of $6.2 million.

The Durham, North Carolina-based company said it had net income of 6 cents per share. Earnings, adjusted for one-time gains and costs, were 20 cents per share.

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

The maker of energy-efficient lighting posted revenue of $347 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $325 million.

For the current quarter ending in April, Cree expects its per-share earnings to range from 1 cent to 9 cents.

The company said it expects revenue in the range of $285 million to $315 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $320.4 million.

Cree shares have risen nearly 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.41, falling slightly in the last 12 months.

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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

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