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Cree Reports 4Q Loss, Misses Expectations

DURHAM, N.C. (AP) — Cree Inc. (CREE) on Tuesday reported a fiscal fourth-quarter loss of $88 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 83 cents. Losses, adjusted for one-time gains and costs, were 19 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.

The maker of energy-efficient lighting posted revenue of $382.2 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $384.9 million.

For the year, the company reported a loss of $64.1 million, or 57 cents per share, swinging to a loss in the period. Revenue was reported as $1.63 billion.

For the current quarter ending in October, Cree expects its per-share earnings to range from 18 cents to 23 cents.

The company said it expects revenue in the range of $410 million to $430 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $403.4 million.

Cree shares have decreased 22 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $25.20, a decrease of 49 percent in the last 12 months.


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