Cree Swings To Q4 Loss

(RTTNews) - LED lighting company Cree, Inc. (CREE) reported a net loss for the fourth quarter of $88 million or $0.83 per share, compared to net income of $30 million or $0.24 per share for the year-ago quarter.

Excluding items, adjusted net loss for the fourth quarter was $21 million or $0.19 per share, compared to adjusted net income of $51 million or $0.42 per share in the prior year quarter.

Revenue for the fourth quarter fell 12% to $382.16 million from $436.29 million a year ago.

Analysts polled by Thomson Reuters expecte the company to report a loss of $0.04 per share on revenue of $378.92 million for the fourth quarter. Analysts' estimates typically exclude special items.

Looking forward to the first quarter, Cree forecasts revenue of $410 million to $430 million, a loss of $0.16 to $0.21 per share and adjusted earnings of $0.18 to $0.23 per share. Analysts currently expect the company to earn $0.20 per share on revenue of $418.51 million for the first quarter.