Cree (CREE) Misses Q2 EPS by 24c, Revenues Beat; Offer 3Q EPS/Revenue Guidance
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Cree (NASDAQ: CREE) reported Q2 EPS of ($0.49), $0.24 worse than the analyst estimate of ($0.25). Revenue for the quarter came in at $127 million versus the consensus estimate of $121.6 million.
“We delivered strong results for the second quarter, including sequential growth in revenue from continuing operations, underscoring the momentum we continue to see for our silicon carbide solutions,” said Cree CEO, Gregg Lowe. “While we continue to confront some of the challenges associated with the broader macroenvironment, we continue to invest for the future to support several growth opportunities across multiple sectors."
Cree sees Q3 2021 EPS of ($0.25)-($0.21), versus the consensus of ($0.20). Cree sees Q3 2021 revenue of $127-133 million, versus the consensus of $128.84 million.
For its third quarter of fiscal 2021, Cree targets revenue from continuing operations in a range of $127 million to $133 million. GAAP net loss from continuing operations is targeted at $66 million to $71 million, or $0.59 to $0.64 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $23 million to $28 million, or $0.21 to $0.25 per diluted share. Targeted non-GAAP net loss from continuing operations excludes $43 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 ENNOSTAR (formerly Lextar) investment.
For earnings history and earnings-related data on Cree (CREE) click here.
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