Cree (Nasdaq: CREE) reported earnings yesterday. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 25 (Q3), Cree missed estimates on revenues and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue increased significantly and GAAP earnings per share contracted significantly.

Margins dropped across the board.

Revenue details
Cree booked revenue of $284.8 million. The 28 analysts polled by S&P Capital IQ foresaw revenue of $300.4 million on the same basis. GAAP reported sales were 30% higher than the prior-year quarter's $219.2 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Non-GAAP EPS came in at $0.20. The 28 earnings estimates compiled by S&P Capital IQ averaged $0.21 per share on the same basis. GAAP EPS of $0.08 for Q3 were 53% lower than the prior-year quarter's $0.17 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 34.9%, 680 basis points worse than the prior-year quarter. Operating margin was 2.0%, 720 basis points worse than the prior-year quarter. Net margin was 3.3%, 530 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $319.5 million. On the bottom line, the average EPS estimate is $0.24.

Next year's average estimate for revenue is $1.19 billion. The average EPS estimate is $0.93.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 1,110 members rating the stock outperform and 87 members rating it underperform. Among 243 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 227 give Cree a green thumbs-up, and 16 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Cree is outperform, with an average price target of $33.

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