Cree Quarterly Profit Beats Estimates on Surging Demand for LEDs
Cree Inc. (CREE), a maker of energy- efficient lighting products, reported quarterly profit that jumped 69 percent as demand for its light-emitting diodes surged.
Net income for the second fiscal quarter ending Dec. 31 rose to $20.4 million, or 18 cents a share, from $12.1 million, or 10 cents, a year earlier, the Durham, North Carolina-based company said today in a statement. That beat the 14.5-cent average estimate of 17 analysts compiled by Bloomberg.
Cree expects sales of $325 million to $345 million in the current quarter, higher than the $322.6 million expected by analysts.
Cree jumped 14 percent to $37.99 at 4:34 p.m. after the close of regular trading in New York.
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