Cree Results Mark 'a Transition Year'
Q4 revenue down 5 percent on Q3 and full fiscal year down 16 percent
Cree has announced revenue of $205.7 million for Q4 of fiscal 2020, ended June 28, 2020. This represents an 18 percent decrease compared to revenue of $251.2 million reported for Q4 2019, and a 5 percent decrease compared to Q3l 2020.
“Our performance in the fourth quarter demonstrates solid execution despite the unprecedented challenges presented by the ongoing pandemic and geopolitical concerns. I would like to thank all our employees for their tremendous efforts in allowing us to safely operate our business and support our customers around the world,” said Cree CEO, Gregg Lowe.
“Fiscal 2020 marked a transition year in our journey to become a global semiconductor powerhouse and we remain firmly committed to our capacity expansion plans to capitalise on what we believe to be a multi-decade growth opportunity for SiC.”
GAAP net loss from continuing operations attributable to controlling interest for Q4 was $39.5 million, or $0.36 per diluted share, compared to GAAP net loss from continuing operations attributable to controlling interest of $34.5 million, or $0.33 per diluted share, for Q4 2019.
On a non-GAAP basis, net loss from continuing operations attributable to controlling interest for Q4 2020 was $20.0 million, or $0.18 per diluted share, compared to non-GAAP net income from continuing operations attributable to controlling interest for Q4 2019 of $11.6 million, or $0.11 per diluted share.
For fiscal year 2020, Cree reported revenue of $903.9 million, which represents a 16 percent decrease when compared to revenue of $1,080.0 million for fiscal 2019. GAAP net loss attributable to controlling interest from continuing operations was $191.7 million, or $1.78 per diluted share.
This compares to a GAAP net loss attributable to controlling interest from continuing operations of $57.9 million, or $0.56 per diluted share, for fiscal 2019. On a non-GAAP basis, net loss from continuing operations attributable to controlling interest for fiscal year 2020 was $49.1 million, or $0.45 per diluted share, compared to non-GAAP net income from continuing operations attributable to controlling interest of $76.9 million, or $0.74 per diluted share, for fiscal 2019.
Business Outlook
For Q1 2021, Cree targets revenue in a range of $203 million to $217 million. GAAP net loss is targeted at $83 million to $87 million, or $0.76 to $0.79 per diluted share. Non-GAAP net loss is targeted to be in a range of $22 million to $26 million, or $0.20 to $0.24 per diluted share.
