CREE Misses On Q4 Earnings, Set To Expand Wolfspeed Capacity
Zacks Investment Research | Aug 22, 2017 09:25PM ET
Cree Inc. (NASDAQ:CREE) reported non-GAAP earnings of 4 cents per share in the fourth quarter of fiscal 2017. The figure missed the Zacks Consensus Estimate by a penny and was significantly down from 19 cents reported in the year-ago quarter.
The massive decline can be attributed to lower revenues, which totalled almost $359 million, down 7.6% year over year. The figure was slightly better than the Zacks Consensus Estimate of $350 million.
Cree reported earnings of 50 cents per share on revenues of $1.47 billion in fiscal 2017.
Cree is focused on expanding capacity at Wolfspeed. Management is also on the lookout for acquisitions that will expand its lighting portfolio. Share repurchase despite the $200 million program is not a priority.
The company has lost 12.8% of its value year to date versus the 6.3% decline of its industry.
Quarter Details
Cree has three reportable segments – Lighting Products, LED Products and Wolfspeed.
Lighting Products revenues were $154.7 million, which accounted for 43.1% of total revenue and was down 22.1% on a year-over-year basis.
Cree, Inc. Price, Consensus and EPS Surprise
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