Cree Q4 Profit Rises - Quick Facts

(RTTNews) - Cree, Inc. (CREE) Tuesday reported fourth-quarter profit of $28.2 million or $0.23 per share, up from $10.0 million or $0.09 per share in the same period last year.

Adjusted earnings for the quarter was $45.6 million or $0.38 per share. On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 22 percent to $375.0 million from $306.8 million last year. Analysts expected revenues of $377.21 million.

Gross margins improved to 38.2 percent from 36.3 percent last year.

Looking ahead to the first quarter the company has forecast earnings in the range of $0.23 to $0.28 per share, with adjusted earnings ranging between $0.36 and $0.41 per share. Analysts currently expect first-quarter earnings of $0.43 per share.