DURHAM – Cree, an LED lighting and semiconductor products manufacturer, reported better-than-expected fiscal fourth-quarter earnings results on Tuesday.
For the fourth quarter ended June 28, Cree reported an adjusted loss of 18 cents per share, compared to analysts’ estimates of a loss of 19 cents per share.
The quarter’s revenue declined 18 percent from a year ago to $205.7 million but came in ahead of analysts’ forecasts of $198.7 million.
[Shares fell some 3% in after-hours trading, however, with Cree’s revenue forecast falling short of expectations, according to CNBC.]
“Our performance in the fourth quarter demonstrates solid execution despite the unprecedented challenges presented by the ongoing pandemic and geopolitical concerns,” CEO Gregg Lowe said in the earnings release.
Lowe added, “Fiscal 2020 marked a transition year in our journey to become a global semiconductor powerhouse and we remain firmly committed to our capacity expansion plans to capitalize on what we believe to be a multi-decade growth opportunity for silicon carbide.”
[Cree is building a huge new production plant in New York – one that was originally announcved to be built near its headquarters in Durham – and is also expanding operations in North Carolina.]
Shares of Cree (CREE) were trading around 1.4 lower in the after-hours session near $68.44 per share after closing Tuesday’s session at $68.44, down $3.94, for a decline 5.44%.
The release is available here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
