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Cree Q3 Net Rises Substantially

By Eric Volkman - Apr 23, 2013 at 11:00PM

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The LED lighting specialist sees a much brighter glow in its latest revenue and profit figures.

Cree (WOLF 10.80%) just-released results revealed a strong Q3 for the LED lighting specialist. For the quarter, net revenue totaled just under $349 million, a substantial gain from the $285 million posted in the same period the previous year. Non-GAAP net profit advanced 75% on a year-over-year basis, coming in at $40.8 million ($0.34 per diluted share) from Q3 2012's $23.3 million ($0.20).

The most recent quarterly revenue figure exceeded the company's projections of $325 million to $345 million, while EPS was within the expected range of $0.30 to $0.35.

Cree also provided forward guidance. For its current quarter, the company believes it will earn $365 million to $385 million, with diluted EPS coming in at $0.34 to $0.40. On average, analysts had anticipated $366 million for the former, and $0.37 for the latter.

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