Cree fiscal 4th-qtr profit rises, but shares fall as 1Q revenue outlook disappoints investors

Cree 4Q profit up but 1Q revenue view disappoints

DURHAM, N.C. — Cree Inc. said Tuesday that its fiscal fourth-quarter profit soared as demand for its energy-efficient lights rose. But a weak revenue outlook sent shares tumbling 9 percent in late trading.

The maker of LED lightbulbs and lamps said it earned $52.8 million, or 48 cents per share, in the latest quarter, compared with a year-ago profit of $9.7 million, or 11 cents per share. Excluding one-time items, Cree earned 55 cents per share, which is 4 cents higher than what analysts polled by Thomson Reuters expected.

Revenue rose 79 percent to $264.6 million, in line with analysts’ $264 million estimate.

For the full fiscal year, Cree earned $152.3 million, or $1.45 per share, compared with $30.3 million, or 34 cents per share, in 2009. Revenue climbed 53 percent to $867.3 million.

Looking ahead, Cree expects to post adjusted profit for the quarter ending in September of 56 cents to 59 cents per share on $270 million to $280 million in revenue. Analysts have been predicting adjusted earnings of 54 cents per share on higher revenue of $284 million, however.

Cree shares fell $6.46 to $62.30 in aftermarket trading, having closed the regular session down $2.63, or 3.7 percent, at $68.96.