(Updated - August 16, 2016 4:05 PM EDT)

Cree (NASDAQ: CREE) reported Q4 EPS of $0.19, $0.01 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $388.4 million versus the consensus estimate of $385.83 million.

Business Outlook:

For its first quarter of fiscal 2017 ending September 25, 2016, Cree targets consolidated revenue, which includes both continued and discontinued operations, in a range of $356 million to $378 million. Consolidated GAAP net income is targeted at $5 million to $6 million, or $0.05 to $0.06 per diluted share. Consolidated non-GAAP net income is targeted in a range of $10 million to $16 million, or $0.10 to $0.16 per diluted share. Targeted consolidated non-GAAP earnings exclude $23 million of expenses related to stock-based compensation expense, the amortization or impairment of acquisition-related intangibles and transaction costs associated with the sale of the Wolfspeed business. The GAAP and non-GAAP targets do not include any estimated change in the fair value of Cree’s Lextar investment.

*** The Street sees Q1 revenue of $397.6 million and EPS of $0.22.

For continuing operations, revenue is targeted in a range of $310 million to $330 million. GAAP net income from continuing operations is targeted at $2 million to $3 million, or $0.02 to $0.03 per diluted share. Non-GAAP net income from continued operations is targeted in a range of $6 million to $11 million, or $0.06 to $0.11 per diluted share. Targeted non-GAAP earnings from continuing operations exclude $20 million of expenses related to stock-based compensation expense and the amortization or impairment of acquisition-related intangibles. The GAAP and non-GAAP targets do not include any estimated change in the fair value of Cree’s Lextar investment.

For discontinued operations, revenue is targeted in a range of $46 million to $48 million. GAAP net income from discontinued operations is targeted at $2 million to $3 million, or $0.02 to $0.03 per diluted share. Non-GAAP net income from discontinued operations is targeted in a range of $4 million to $5 million, or $0.04 to $0.05 per diluted share. Targeted non-GAAP earnings from continuing discontinued operations exclude $3 million of expenses related to stock-based compensation expense, the amortization or impairment of acquisition-related intangibles and transaction costs associated with the sale of the Wolfspeed business.

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