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Cree Reaffirms Yearly Business Outlook

CreeThe Company today also reaffirmed its previously announced business outlook for the fourth quarter of fiscal 2018 ending June 24, 2018. As announced on April 24, 2018, for the fourth quarter Cree targets:

  • Revenue in the range of $390 million to $410 million
  • GAAP new loss of $34 million to $38 million, or a $0.34 to $0.38 loss per diluted share
  • Non-GAAP new income in range of $5 million to $9 million, or $0.05 to $0.09 per diluted share

1 Targeted non-GAAP income excludes $43 million, net of tax, of expenses related to stock-based compensation expense, the amortization or impairment of acquisition-related intangibles, the inventory basis step-up from the previously reported Infineon RF Power acquisition, transition and integration costs associated with the Infineon RF Power acquisition and charges associated with the restructuring of our Lighting Products business.

2 The GAAP and non-GAAP targets do not include any estimated change in the fair value of Cree’s Lextar investment, any potential reserve for ZTE specific inventory or impact from a potential Chinese LED tariffs.

Last week, Cree announced Executive Vice-President and Chief Financial Officer Mike McDevitt will be retiring from those positions, but will stay on with Cree until a replacement is found. Cree stock is trading at its highest price in a year, closing at nearly $50 a share for the past few days. The stock hit a one-year low of $20.50 a share last August.  One month later, it named Gregg Lowe as President and CEO, taking over for Chuck Swoboda.

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