• Cree: Fiscal 4Q Earnings Snapshot

    DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Tuesday reported a loss of $33.3 million in its fiscal fourth quarter.

    On a per-share basis, the Durham, North Carolina-based company said it had a loss of 33 cents. Earnings, adjusted for non-recurring costs and amortization costs, were 11 cents per share.

    The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.

    The maker of energy-efficient lighting posted revenue of $409.5 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $401.8 million.

    For the year, the company reported that its loss widened to $280 million, or $2.81 per share. Revenue was reported as $1.49 billion.

    For the current quarter ending in October, Cree expects its per-share earnings to range from 10 cents to 14 cents.

    The company said it expects revenue in the range of $395 million to $415 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $415.3 million.

    Cree shares have risen 40 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $52, more than doubling 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

    Next Up: