Cree (CREE) Misses Q3 EPS by 3c

Cree (NASDAQ: CREE) reported Q3 EPS of $0.01, $0.03 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $341.51 million versus the consensus estimate of $356.14 million.

GUIDANCE:

Cree sees Q4 2017 EPS of $0.16-$0.23 versus consensus of $0.13. Cree sees Q4 2017 revenue of $340-360 million versus consensus of $379.9 million.

“Q3 non-GAAP results were within our target range,” stated Chuck Swoboda, Cree Chairman and CEO. “Our Wolfspeed and LED Products businesses performed at or above their targets for the quarter, while Lighting Products came in a little below plan due to softer market conditions and the lingering effects of the third party product driver issue that we mentioned in Q2. We believe the factors that impacted our lighting business are temporary and we target improvement in all three businesses in Q4.”

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

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