Can you say SPLAT!!!!
post #21 of 111
10/4/07 at 1:02am
|UPDATE 1-Cree quarterly profit tops estimates, shares rise
Tue Jan 19, 2010 4:47pm EST
* Q2 non-GAAP EPS 38 cents vs analyst view 30 cents
* Q2 revenue at $199.5 mln vs estimate $187.5 mln
* Shares up 8 pct in after-hours trading
LOS ANGELES, Jan 19 (Reuters) - Cree Inc (CREE.O) reported a record second-quarter profit on Tuesday, topping Wall Street estimates, as demand rose for LED lighting, sending the company's shares up 8.8 percent in extended trade.
The LED maker's quarterly net income was $33.8 million, or 32 cents earning per share, compared with $10.7 million, or 12 cents a share, a year ago.
Excluding one-time items, the company earned 38 cents a share, beating the 30 cents a share that analysts were expecting, according to Thomson Reuters I/B/E/S.
LED (light emitting diode) fixtures, which consume less energy and last longer than incandescent and fluorescent lights, are seeing more demand as costs for power generation and concerns about greenhouse gas emissions rise.
Cree shares rose 8.8 percent to $59 in after-hours trading after closing at $54.21 on Tuesday on the Nasdaq. (Reporting by Laura Isensee. Editing by Robert MacMillan)