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Cree 2Q Tops Wall Street Forecasts

DURHAM, N.C. (AP)—Cree Inc. (CREE) on Wednesday reported a fiscal second-quarter loss of $2.5 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Durham, North Carolina-based company said it had a loss of 2 cents. Earnings, adjusted for one-time gains and costs, were 23 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

The maker of energy-efficient lighting posted revenue of $413 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $409.3 million.

For the current quarter ending in April, Cree expects its per-share earnings to range from 13 cents to 19 cents.

The company said it expects revenue in the range of $385 million to $405 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $407.9 million.

Cree shares have climbed 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $49.42, a rise of 44 percent in the last 12 months.


This story was generated by Automated Insights( using data from Zacks Investment Research. Access a Zacks stock report on CREE at

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