News Article
Cree quarterly results shining bright
Revenues increased 14 percent year-over-year to a record $346 million. Net Income increased 69 percent year-over-year to $20.4 million
Cree has announced revenue of $346.3 million for its second quarter of fiscal 2013, ended December 30th, 2012.
This represents a 14 percent increase compared to revenue of $304.1 million reported for the second quarter of fiscal 2012 and a 10 percent increase compared to the first quarter of fiscal 2013.
GAAP net income for the second quarter was $20.4 million, or $0.18 per diluted share, an increase of 69 percent year-over-year compared to GAAP net income of $12.1 million, or $0.10 per diluted share, for the second quarter of fiscal 2012.
“Fiscal Q2 was another strong quarter with record revenue and earnings per share that were higher than our target range due to stronger sales in both LEDs and Lighting combined with improved gross margins,” said Chuck Swoboda, Cree Chairman and CEO.
“Overall company backlog is in line with seasonal trends for our fiscal Q3. Longer term, we remain focused on driving adoption through innovation, and with our broad understanding of the technology levers from materials through systems, we see opportunities to move the market even faster than what has been experienced to date.”
Q2 2013 (GAAP) Financial Metrics
Gross margin increased 170 basis points from Q1 of fiscal 2013 to 38.5 percent.
Cash and investments increased $69.5 million from Q1 of fiscal 2013 to $885.8 million.
Accounts receivable (net) decreased $17.7 million from Q1 of fiscal 2013 to $144.6 million, with days sales outstanding of 38.
Inventory increased $5.3 million from Q1 of fiscal 2013 to $185 million, with days of inventory declining to 78 days.
GAAP based Business Outlook:
For its third quarter of fiscal 2013 ending March 31st, 2013, Cree targets revenue in a range of $325 million to $345 million with GAAP gross margin targeted to be similar to Q2. The gross margin targets include stock-based compensation expense of approximately $2.4 million.
Operating expenses are targeted to be similar to Q2. The tax rate is targeted at 17.0 percent for fiscal Q3. Net income is targeted at $17 million to $23 million, or $0.15 to $0.20 per diluted share. This target is based on an estimated 116.7 million diluted weighted average shares.
This represents a 14 percent increase compared to revenue of $304.1 million reported for the second quarter of fiscal 2012 and a 10 percent increase compared to the first quarter of fiscal 2013.
GAAP net income for the second quarter was $20.4 million, or $0.18 per diluted share, an increase of 69 percent year-over-year compared to GAAP net income of $12.1 million, or $0.10 per diluted share, for the second quarter of fiscal 2012.
“Fiscal Q2 was another strong quarter with record revenue and earnings per share that were higher than our target range due to stronger sales in both LEDs and Lighting combined with improved gross margins,” said Chuck Swoboda, Cree Chairman and CEO.
“Overall company backlog is in line with seasonal trends for our fiscal Q3. Longer term, we remain focused on driving adoption through innovation, and with our broad understanding of the technology levers from materials through systems, we see opportunities to move the market even faster than what has been experienced to date.”
Q2 2013 (GAAP) Financial Metrics
Gross margin increased 170 basis points from Q1 of fiscal 2013 to 38.5 percent.
Cash and investments increased $69.5 million from Q1 of fiscal 2013 to $885.8 million.
Accounts receivable (net) decreased $17.7 million from Q1 of fiscal 2013 to $144.6 million, with days sales outstanding of 38.
Inventory increased $5.3 million from Q1 of fiscal 2013 to $185 million, with days of inventory declining to 78 days.
GAAP based Business Outlook:
For its third quarter of fiscal 2013 ending March 31st, 2013, Cree targets revenue in a range of $325 million to $345 million with GAAP gross margin targeted to be similar to Q2. The gross margin targets include stock-based compensation expense of approximately $2.4 million.
Operating expenses are targeted to be similar to Q2. The tax rate is targeted at 17.0 percent for fiscal Q3. Net income is targeted at $17 million to $23 million, or $0.15 to $0.20 per diluted share. This target is based on an estimated 116.7 million diluted weighted average shares.
