Cree Q1 Sales, Profit Beat, Forecasts Profit in Line

This evening, $1.64 billion (market cap) light-emitting diode chipmaker Cree (CREE) reported sales and profit for its fiscal first quarter ending Sept. 28 ahead of expectations. The company forecast sales slightly light of expectations but profit in line for the fiscal second quarter.

Sales in Q1 rose 24 percent to $140.4 million, the company said, ahead of an average estimate of $139.6 million, while profit of 15 cents per share, excluding some costs, was ahead of the average 14 cent consensus estimate.

For the December-ending second quarter, Cree is looking for sales in a range of $142 million to $146 million, with profit, excluding some costs, in a range of 15 cents to 16 cents per share, it said.

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