Cree Bid Lower on Q4 Earnings Release

Shares of Cree CREE are trading lower in the after-hours following the release of the company's Q4 earnings results. Currently, shares are bid $28.50, at $28.75; they ended the regular session higher by 10.66%, at $29.49. Cree reported Q4 adjusted EPS of $0.28 on revenues of $243 million. Revenues decreased 8.1% year over year. The company sees Q1 revenues in the range of $245-255 million, while EPS will be in the range of $0.14-0.17. "Q4 results were in-line with our targets and we are encouraged by the 11% sequential growth in quarterly revenue," stated Chuck Swoboda, Cree chairman and CEO. "Over the last fiscal year, we continued to have success leading the LED lighting revolution and growing our LED lighting business, while at the same time managing through a challenging business cycle for our LED component and LED chip product lines. As we look ahead to Q1, demand has improved from earlier in the calendar year and we are well positioned to continue to lead the LED lighting revolution." Cree, Inc. develops and manufactures semiconductor materials and devices primarily based on silicon carbide, gallium nitride and related compounds. It focuses its expertise in SiC and GaN on light emitting diode products.