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AFTER HOURS- Why Cree Plunged 15 Percent (CREE)

Shares of Cree (NASDAQ: CREE) plunged 15 percent after the close Tuesday. The company reported earnings that disappointed the street.

The company reported fourth quarter EPS of $0.38 which was inline with analyst estimates but increased 52 percent year over year. The company reported revenue at $375.0 million versus consensus of $377.21 million–22 percent higher  year over year.

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Investors were disappointed by the company’s forecast. It projects fiscal first quarter EPS of $0.36-$0.41 but analysts were looking for $0.43. It sees sales of $380 million-$400.0 million vs estimates of $398.40 million.

“Our fiscal fourth quarter was a strong finish to a great year, with record revenue and good earnings growth in line with our targets,” stated Chuck Swoboda, Cree Chairman and CEO. “Total company backlog is ahead of this point last quarter and we are targeting solid growth in LED lighting in Q1. Our new products have opened new applications, improved payback, and fueled growth in LED lighting. We remain focused on driving mass adoption and our goal of 100% upgrade to LED lighting.”

[stock-tools exchange="NASDAQ" symbol="CREE" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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