Cree (CREE) Tops Q1 EPS by 2c, Q2 Guidance Misses

Cree (NASDAQ: CREE) reported Q1 EPS of ($0.19), $0.02 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $216.6 million versus the consensus estimate of $209.88 million.

GUIDANCE:

Cree sees Q2 2021 EPS of ($0.23)-($0.27), versus the consensus of ($0.18). Cree sees Q2 2021 revenue of $118-124 million, versus the consensus of $218 million.

• For its second quarter of fiscal 2021, Cree targets revenue from continuing operations in a range of $118 million to $124 million. GAAP net loss from continuing operations is targeted at $64 million to $69 million, or $0.58 to $0.62 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $25 million to $30 million, or $0.23 to $0.27 per diluted share. Targeted non-GAAP net loss from continuing operations excludes $39 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, net accretion on convertible notes, and project, transformation, transaction and transition costs. The GAAP and non-GAAP targets from continuing operations do not include any estimated change in the fair value of Cree’s Lextar investment.

For earnings history and earnings-related data on Cree (CREE) click here.

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