Cree Inc. Announces 25% Fall In Q1 Profit

(RTTNews) - Cree Inc. (CREE) reported a profit for first quarter that declined from last year.

The company said its profit came in at $22.12 million, or $0.21 per share. This was down from $29.55 million, or $0.24 per share, in last year's first quarter.

Analysts had expected the company to earn $0.20 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 0.5% to $425.49 million. This was down from $427.67 million last year.

Cree Inc. earnings at a glance:

-Earnings (Q1): $22.12 Mln. vs. $29.55 Mln. last year. -Earnings Decline (Y-o-Y): -25.1% -EPS (Q1): $0.21 vs. $0.24 last year. -EPS Decline (Y-o-Y): -12.5% -Analysts Estimate: $0.20 -Revenue (Q1): $425.49 Mln vs. $427.67 Mln last year. -Revenue Change (Y-o-Y): -0.5%

-Guidance: Next quarter EPS guidance: $0.21 - $0.26 Next quarter revenue guidance: $425 - $445 Mln