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Cree reports record revenue in Q1

Cree, Inc., a manufacturer of LED Lighting, has reported record revenues of $315.8 million for its first quarter of 2013, a 17% increase compared to the comparable quarter of 2013 and a 4% increase over the fourth quarter of 2012.

“We started the year strong in our fiscal first quarter with record revenue and non-GAAP earnings per share at the high end of our target range,” said Chuck Swoboda, Cree chairman and CEO. “Overall company backlog is stronger than it was at this point last quarter, although visibility is still limited and the macroeconomic environment remains a headwind. Our results are beginning to demonstrate the enormous leverage we have in our fully integrated vertical lighting model.”

Lighting sales increased more than $7 million, or 7% from Q4.sales. LED sales increased more than $2 million from Q4, which was in line with Cree’s target for the quarter. Power and RF sales decreased a little less than $1 million from Q4. Those numbers were also in line with its target for the quarter.

In a conference call with financial analysts, Swoboda said he was “encouraged” by the company’s LED lighting sales.

“Overall company backlog is ahead of this point last quarter, with lighting and LEDs trending higher and Power and RF at similar levels,” he said according to a transcript of the earnings call provided by “We continue to be encouraged by our progress in LED lighting, but the macroeconomic environment is a headwind on our growth outlook and our customers’ outlook. We’re focused on using new product innovation to drive growth through share gains against traditional technologies and opening new applications for LED lighting.”

Based on its current backlog, forecasts and trends in the business, the company says it is targeting Q2 revenue in a range of $320 million to $340 million, which is comprised of solid growth in Lighting, LED product sales flat to slightly higher, and Power and RF sales flat to slightly higher.

Cree’s product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and solar inverters.

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