Tuesday, April 20, 2010

"CORRECTED - UPDATE 1-Cree profit jumps 10-fold, shares fall" (CREE)

UPDATE: "Piper Jaffray Maintains an 'Overweight' on Cree, Inc." and "Morgan Joseph Reiterates a 'Buy' on Cree, Inc." (CREE)
Original post:
Reuters had the best instacoverage.
I've gotta get home, more tomorrow.
(Amends Q4 EPS outlook to reflect GAAP 41-44 cents. Adds non-GAAP forecast of 48-51 cents. Also deletes reference to estimates in lead, last paragraph and bullet point that are not comparable)

* Q3 adjusted EPS 47 cts tops Wall St view of 44 cts

* Q4 forecast for GAAP EPS 41-44 cts

* Shares fall more than 5 pct in extended trade

SAN FRANCISCO, April 20 (Reuters) - Cree Inc (CREE.O), maker of light emitting diode (LED) fixtures, posted a more than ten-fold increase in third-quarter profit on strong demand, but its shares fell more than 5 percent after-hours.

Cree's net income rose to $44.6 million, or 41 cents per share, during the quarter from $4 million, or 5 cents per share, a year ago.

On an adjusted basis, profit per share was 47 cents.

Wall Street analysts had expected Cree to earn 44 cents per share, according to Thomson Reuters I/B/E/S.

The company said revenue rose 78 percent to a record $234.1 million for its third quarter ended March 28, 2010....MORE