Last $36.81 USD
Change Today +0.20 / 0.55%
Volume 2.3M
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cree inc (CREE) Snapshot

Open
$36.56
Previous Close
$36.61
Day High
$37.09
Day Low
$36.07
52 Week High
02/26/14 - $63.79
52 Week Low
10/22/14 - $27.25
Market Cap
4.1B
Average Volume 10 Days
3.3M
EPS TTM
$0.69
Shares Outstanding
111.6M
EX-Date
--
P/E TM
53.0x
Dividend
--
Dividend Yield
--
Current Stock Chart for CREE INC (CREE)

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cree inc (CREE) Details

Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. The company’s LED Products segment provides blue and green LED chips that are used in various applications, including video screens, gaming displays, function indicator lights and automotive backlighting, headlamps, and directional indicators; LED components comprising packaged LED products for lighting applications, and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications; and silicon carbide (SiC) materials, which are used in manufacturing products for RF, power switching, gemstone, and other applications. Its Lighting Products segment offers LED and traditional lighting systems for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting, parking structures, and other applications. This segment sells its products to distributors, retailers, and customers. The company’s Power and RF Products segment provides SiC-based power products, such as Schottky diodes, SiC metal semiconductor field-effect transistors, and SiC power modules that are used in power supplies in computer servers, solar inverters, uninterruptible and industrial power supplies, and other applications; and RF devices, including a range of GaN high electron mobility transistors (HEMTs) and monolithic microwave integrated circuits (MMICs) for military, telecom, and other commercial applications, as well as provides foundry services for GaN HEMTs and MMICs that allow customers to design their own custom RF circuits. Cree, Inc. was founded in 1987 and is headquartered in Durham, North Carolina.

7,130 Employees
Last Reported Date: 08/27/14
Founded in 1987

cree inc (CREE) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $742.3K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $391.9K
Vice Chairman of Lighting and Director
Total Annual Compensation: $439.3K
Executive Vice President of Lighting
Total Annual Compensation: $379.2K
Vice President of Lighting Operations
Total Annual Compensation: $307.8K
Compensation as of Fiscal Year 2014.

cree inc (CREE) Key Developments

Cree, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 28, 2014; Provides Earnings Guidance for the Third Quarter Ending March 29, 2015; Provides Capital Expenditure Guidance for the Second Half of Fiscal 2015

Cree, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 28, 2014. For the quarter, the company's revenue, net was $413,157,000 against $415,086,000 a year ago. Operating income was $10,185,000 against $35,383,000 a year ago. Income before income taxes was $11,913,000 against $38,786,000 a year ago. Net income was $12,151,000 or $0.10 diluted per share against $35,681,000 or $0.29 diluted per share a year ago. Non-GAAP operating income was $34,000,000 against $58,311,000 a year ago. Non-GAAP net income was $37,949,000 or $0.33 diluted per share against $56,774,000 or $0.46 diluted per share a year ago. Cash flows from operations were $14,768,000 against $98,751,000 a year ago. P&E spending was $49,929,000 against $49,770,000 a year ago. Patents spending were $4,798,000 against $5,277,000 a year ago. Negative total free cash flow was $39,959,000 against positive total free cash flow of $43,704,000 a year ago. For the six months, the company's revenue, net was $840,829,000 against $806,092,000 a year ago. Operating income was $21,642,000 against $72,175,000 a year ago. Income before income taxes was $26,274,000 against $78,396,000 a year ago. Net income was $23,281,000 or $0.20 diluted per share against $66,178,000 or $0.54 diluted per share a year ago. Non-GAAP operating income was $69,227,000 against $116,968,000 a year ago. Non-GAAP net income was $66,750,000 or $0.56 diluted per share against $103,983,000 or $0.85 diluted per share a year ago. Cash flows from operations were $28,052,000 against $167,987,000 a year ago. P&E spending was $113,375,000 against $83,450,000 a year ago. Patents spending were $9,604,000 against $10,046,000 a year ago. Negative total free cash flow was $94,927,000 against positive total free cash flow of $74,491,000 a year ago. The company provided earnings guidance for the third quarter ending March 29, 2015. For the period, the company targets revenue in a range of $395 million to $415 million with GAAP gross margin targeted to be 32.6%+/- and non-GAAP gross margin targeted to be 33.5%+/-. GAAP gross margin targets include stock-based compensation expense of approximately $3.4 million, while non-GAAP targets do not. The tax rate is targeted at 17.0%+/- for the third quarter of fiscal 2015. GAAP net income is targeted at $3 million to $8 million, or $0.03 to $0.07 per diluted share. Non-GAAP net income is targeted in a range of $23 million to $28 million, or $0.21 to $0.25 per diluted share. The GAAP and non-GAAP net income per diluted share targets are based on an estimated 112.4 million diluted weighted average shares. Targeted non-GAAP earnings exclude expenses related to the amortization of acquired intangibles, changes in the fair value of Lextar investment, stock-based compensation expense and asset retirement charges of $0.18 per diluted share. For the second half of fiscal 2015, the company target property, plant and equipment spending to be approximately $90 million, which is in line with the fiscal 2015 target of $200 million, plus or minus.

Cree, Inc. Introduces the Connected Cree LED Bulb

Cree, Inc. introduced the Connected Cree LED Bulb, the first smart LED bulb to deliver the combination of the lighting experience customers expect from Cree with simplicity, multi-platform compatibility and affordability. The new 60-watt replacement Connected Cree LED Bulb is compatible with Wink and ZigBee® certified hubs and is available at The Home Depot for just $14.97, a price poised to drive adoption. Today's Connected Cree LED Bulb is compatible with Wink and ZigBee certified hubs, allowing consumers to control the Connected Cree LED Bulb from anywhere by simply installing the bulb and compatible hub, syncing the devices and customizing the settings using iOS or Android smartphone. Easily dim or brighten the lights to the perfect setting, schedule lights to come on at the start of each day or turn lights on while away for added security. The Connected Cree LED Bulb is also designed for compatibility with future Cree supported hubs and market-leading platforms such as the Apple HomeKit platform as consumers adopt new platforms for home connectivity. Just like the Cree LED Bulb, the Connected Cree LED Bulb emits a warm, omnidirectional light due to its 4Flow Filament Design. This innovation creates a compact, optically balanced light source inside a durable, shatter-proof housing. The Connected Cree LED Bulb is available in a 60-watt replacement option, delivering 815 lumens in a soft white (2700K) color temperature. Backed by a three-year warranty, the Connected Cree LED Bulb consumes 81% less energy, has a rated lifetime of 25,000 hours and is dimmable via smartphone app.

Cree, Inc. Enters into Credit Agreement with Wells Fargo Bank

On January 9, 2015, Cree, Inc. entered into a credit agreement with Wells Fargo Bank, National Association, as administrative agent and lender, E-conolight LLC, a domestic subsidiary of the company, as guarantor, and the other lenders party thereto. The credit agreement provides for a $500 million revolving line of credit, under which the company may borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of January 9, 2020. The obligations of the company under the credit agreement are collateralized by 65% of the equity interests of the first-tier foreign subsidiaries of the company. Proceeds of the initial loans made under the credit agreement were used to repay amounts outstanding under the company's previous credit agreement with Wells Fargo Bank, National Association, and proceeds of any additional loans may be used for working capital, capital expenditures, acquisitions and other general corporate purposes. The loans bear interest, at the company's option, at either a LIBOR rate for a period of one, two, three or six months as elected by the company and as determined in accordance with the credit agreement, plus a spread of 0.80% to 1.50% or at a base rate equal to the prime rate announced by administrative agent from time to time plus a spread of 0.0% to 0.50%. Principal, together with all accrued and unpaid interest, is due and payable on the maturity date. The default rate under the credit agreement is an additional 2.0% per annum over the otherwise applicable rate.

 

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Industry Analysis

CREE

Industry Average

Valuation CREE Industry Range
Price/Earnings 54.7x
Price/Sales 2.5x
Price/Book 1.5x
Price/Cash Flow 37.9x
TEV/Sales 1.9x
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