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Cree Reports Mixed Q2

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Company revenue was 8 percent down on Q2 2017 but 2 percent up compared to the previous quarter

US LED and power chip company Cree has announced mixed financial results for Q2 2018 (ended December 24, 2017).

Revenue for Q2 2018 was $368 million, which represents an 8 percent decrease compared to revenue of $401 million for Q2 2017 and a 2 percent increase compared to Q1 2018.

GAAP net income for Q2 2018 was $14 million, or $0.14 per diluted share. This compares to GAAP net income of $6 million, or $0.06 per diluted share, for Q2 2017. On a non-GAAP basis, net loss for Q2 2018 was $1 million, or $0.01 per diluted share, compared to non-GAAP net income for Q2 2017 of $30 million, or $0.30 per diluted share.

"The second quarter results were within our targeted range, and we have made significant progress in our strategic assessment process," stated Gregg Lowe, Cree CEO. "Over the last few months, I've travelled extensively to meet with customers, partners and employees, and I come away from that convinced there is meaningful upside for each of our businesses."

Business Outlook

For Q3 2018 ending March 25, 2018, Cree targets revenue in a range of $335 million to $355 million. GAAP net loss is targeted at $20 million to $26 million, or $0.20 to $0.26 per diluted share. Non-GAAP net income is targeted to be in a range of $3 million loss to a $3 million profit, or $0.03 loss per diluted share to $0.03 earnings per diluted share.

Targeted non-GAAP income excludes $23 million of expenses, net of tax, related to stock-based compensation expense and the amortisation 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.


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