Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Cree Surges After Quarterly Earnings Exceed Estimates

Don't Miss Out —
Follow us on:

Jan. 23 (Bloomberg) -- Cree Inc., the North Carolina-based maker of energy-efficient lighting products, surged after quarterly profit beat analysts’ estimates.

Cree advanced 22 percent to $40.85 at the close in New York, the most since Jan. 16, 2004. The Durham, North Carolina-based company was the best performer on the Standard & Poor’s Midcap 400 Index today.

“Strong demand from new product launches and a new distributor program helped drive revenue,” Aaron Chew, an analyst with Maxim Group LLC in New York, wrote in a note to investors today. Chew rates the stock a buy and raised his 12-month price target to $40 from $38.

Cree reported quarterly profit that jumped 69 percent as demand for its light-emitting diodes surged, according to a statement released yesterday after the close of regular trading. Net income rose to $20.4 million, or 18 cents a share, from $12.1 million, or 10 cents, a year earlier. That beat the 14.5-cent average of 17 analysts’ estimates compiled by Bloomberg.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.