Cree (Nasdaq: CREE) reported earnings on April 23. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q3), Cree beat slightly on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share expanded significantly. GAAP earnings per share increased significantly.

Margins increased across the board.

Revenue details
Cree logged revenue of $348.9 million. The 25 analysts polled by S&P Capital IQ anticipated revenue of $343.6 million on the same basis. GAAP reported sales were 23% higher than the prior-year quarter's $284.8 million.

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

EPS details
EPS came in at $0.34. The 25 earnings estimates compiled by S&P Capital IQ averaged $0.34 per share. Non-GAAP EPS of $0.34 for Q3 were 70% higher than the prior-year quarter's $0.20 per share. GAAP EPS of $0.19 for Q3 were 138% higher than the prior-year quarter's $0.08 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 38.1%, 320 basis points better than the prior-year quarter. Operating margin was 6.9%, 490 basis points better than the prior-year quarter. Net margin was 6.3%, 300 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $368.4 million. On the bottom line, the average EPS estimate is $0.37.

Next 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 1,092 members out of 1,182 rating the stock outperform, and 90 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 $48.14.

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