NEW YORK (Thomson Financial) - Cree Inc. reported late Tuesday second-quarter adjusted earnings of $12.2 million, or 14 cents a share, exceeding the mean estimate of analysts polled by Thomson Financial of 6 cents a share.
In the same period a year earlier, the company posted adjusted earnings of $7.2 million, or 9 cents a share.
Revenue for the period ended Dec. 30 rose 34% to $119 million, topping analyst expectations of $116.4 million.
For the third quarter, the Durham, N.C.-based maker of semiconductor materials and devices forecasts adjusted earnings of 14 cents to 16 cents a share on revenue of $120 million to $125 million.
Analysts are looking for earnings of 9 cents a share on sales of $122.6 million for the third quarter.
The stock closed the regular session at $25.65. Wanfeng Zhou wz/gm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.