Cree beats by $0.11, reports revs in-line; guides Q3 EPS in-line, revs in-line --> +5,5%
Reports Q2 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 0.5% year/year to $413.2 mln vs the $412.08 mln consensus.
- Co issues in-line guidance for Q3, sees EPS of $0.21-0.25, excluding non-recurring items, vs. $0.21 Capital IQ Consensus Estimate; sees Q3 revs of $395-415 mln vs. $406.57 mln Capital IQ Consensus Estimate.
- "We made solid progress in Q2 with operating margin higher than targeted due to an improvement in gross margins in our lighting business," stated Chuck Swoboda, Cree Chairman and CEO. "The market for LED lighting is still in the early stages, our new product pipeline is strong, sales momentum is building and our brand is growing in the market. As evidenced by our significant share repurchases in Q2, we believe we are on the right track to continue to grow the company and increase profits over the next several years."