Cree (Nasdaq: CREE) is expected to report Q3 earnings around April 23. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Cree's revenues will grow 20.6% and EPS will expand 70.0%.

The average estimate for revenue is $343.3 million. On the bottom line, the average EPS estimate is $0.34.

Revenue details
Last quarter, Cree reported revenue of $346.3 million. GAAP reported sales were 14% higher than the prior-year quarter's $304.1 million.

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

EPS details
Last quarter, non-GAAP EPS came in at $0.32. GAAP EPS of $0.18 for Q2 were 80% higher than the prior-year quarter's $0.10 per share.

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

Recent performance
For the preceding quarter, gross margin was 38.5%, 390 basis points better than the prior-year quarter. Operating margin was 7.4%, 320 basis points better than the prior-year quarter. Net margin was 5.9%, 190 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.37 billion. The average EPS estimate is $1.28.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 1,090 members out of 1,182 rating the stock outperform, and 92 members rating it underperform. Among 219 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 201 give Cree a green thumbs-up, and 18 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 $33.98.

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