Cree (NASDAQ:CREE) 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.

Fool contributor Eric Volkman has no position in Cree. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.