Cree (CREE) Releases Earnings Results, Beats Expectations By $0.03 EPS

Cree (CREE) reported quarterly earnings results on Tuesday, Apr-26-2016. The company said it had a profit of $0.17 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.14. The company posted revenue of $366.90 million in the period, compared to analysts expectations of $366.88 million. The company’s revenue was down -10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS.

Many Wall Street Analysts have commented on Cree. Shares were Reiterated by Deutsche Bank on Apr 7, 2016 to “Hold” and Lowered the Price Target to $ 23 from a previous price target of $27 .Shares were Reiterated by Canaccord Genuity on Apr 6, 2016 to “Hold” and Lowered the Price Target to $ 24 from a previous price target of $26 .Cree was Upgraded by Piper Jaffray to ” Overweight” on Feb 22, 2016.

Cree opened for trading at $24.25 and hit $24.94 on the upside on Friday, eventually ending the session at $24.5, with a gain of 0.78% or 0.19 points. The heightened volatility saw the trading volume jump to 9,02,596 shares. Company has a market cap of $2,473 M.

In a different news, on Feb 18, 2016, Anne Clem Whitaker (director) sold 623 shares at $30.00 per share price. According to the SEC, on Dec 3, 2015, Robert Alexander Ingram (director) sold 3,750 shares at $27.67 per share price. On Nov 17, 2015, John B Replogle (director) purchased 5,000 shares at $23.30 per share price, according to the Form-4 filing with the securities and exchange commission.

Cree Inc. is a manufacturer of lighting-class light emitting diode (LED) products lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications such as indoor and outdoor lighting video displays transportation electronic signs and signals power supplies inverters and wireless systems. The Company has three segments: Lighting Products LED Products and Power and RF Products. The Company’s Lighting Products segment offers LED lighting systems and bulbs. The Company’s LED Products segment offers LED components LED chips and silicon carbide (SiC) materials. The Company’s Power and RF Products segment offers power devices and RF devices. The Company designs manufactures and markets lighting systems for indoor and outdoor applications with a focus on LED lighting systems for the commercial industrial and consumer markets.


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