Cree Q3 Adj. Profit Tops View; Issues Q4 Outlook - Quick Facts

(RTTNews) - Cree, Inc. (CREE) Tuesday reported third-quarter net income of $28.2 million or $0.23 per share, compared to $22.2 million or $0.19 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $47.7 million or $0.39 per share, up from $40.8 million or $0.34 per share in the year-ago period. On average, 18 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 16 percent to $405.26 million from $348.93 million last year, while seventeen analysts expected revenues of $407.29 million.

Looking ahead to the fourth quarter, the company has forecast earnings in the range of $0.23 to $0.29 per share, adjusted earnings in the order of $0.38 to $0.44 per share and revenues in a range of $430 million to $460 million.

Analysts currently expect the company to report fourth-quarter earnings of $0.44 per share on revenues of $435.09 million.