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Last Update: 18-Jan-12 11:02 ET
Cree Trading 4% Higher Following Earnings/Guidance
After the close yesterday, the Cree (CREE $24.28 +0.95) reported second quarter earnings of $0.25 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.26.
Revenues rose 18.3% year/year to $304.1 million versus the $309.61 million consensus, non-GAAP gross margin of 35.3%.
For the third quarter the company issued earnings guidance of $0.18 to $0.25, excluding non-recurring items, versus $0.30 Capital IQ Consensus Estimate; sees third quarter revenues of $290 millon to $310 million versus $320.64 million Capital IQ Consensus Estimate, non-GAAP gross margin 35-36%. Inventory decreased $16.3 mln from the first quarter of fiscal 2012 to $187.4 million and represents 85 days of inventory.
Revenues rose 18.3% year/year to $304.1 million versus the $309.61 million consensus, non-GAAP gross margin of 35.3%.
For the third quarter the company issued earnings guidance of $0.18 to $0.25, excluding non-recurring items, versus $0.30 Capital IQ Consensus Estimate; sees third quarter revenues of $290 millon to $310 million versus $320.64 million Capital IQ Consensus Estimate, non-GAAP gross margin 35-36%. Inventory decreased $16.3 mln from the first quarter of fiscal 2012 to $187.4 million and represents 85 days of inventory.
