Cree Inc. Q3 Profit Declines - Quick Facts

(RTTNews) - Cree Inc. (CREE), a market leader in LED lighting, reported third-quarter net income of $651 thousand or $0.01 per share, compared to $28.16 million or $0.23 per share, prior year. Adjusted earnings per share was $0.22, for the quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.23 for the quarter. Analysts' estimates typically exclude special items.

Revenue, net, increased to $409.52 million from $405.26 million, a year ago. Analysts expected revenue of $405.77 million for the quarter.

"Q3 revenue and non-GAAP operating profit were within our targeted range despite the impact of extreme winter weather this quarter," stated Chuck Swoboda, CEO.

For its fourth quarter of fiscal 2015, Cree targets revenue in a range of $420 million to $440 million. GAAP net income is targeted at $4 million to $9 million, or $0.04 to $0.08 per share. Non-GAAP net income is targeted in a range of $26 million to $31 million, or $0.24 to $0.28 per share. Analysts expect the company to report fourth-quarter profit per share of $0.29 on revenue of $434.37 million.