Stock Monitor: Lam Research Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 26, 2018 / Active-Investors.com has just released a free earnings report on Cree, Inc. (NASDAQ: CREE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CREE. Cree reported its second quarter fiscal 2018 operating and financial results on January 23, 2018. The maker of energy-efficient lighting surpassed revenue estimates and provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Lam Research Corporation (NASDAQ: LRCX), which also belongs to the Technology sector as the Company Cree. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cree most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=CREE
Earnings Highlights and Summary
For its second quarter of fiscal 2018 ended December 24, 2017, Cree's revenue totaled $367.87 million, which represents a decline of 8% compared to revenue of $401.33 million for Q2 FY17. The Company's revenue numbers topped analysts' estimates of $349.9 million.
For Q2 FY18, Cree's gross profit totaled $92.60 million compared to $140.57 million for Q2 FY17. The Company's gross margin for the reported quarter came in at 25.2% versus 35.0% in the year earlier same quarter.
Cree's GAAP net income was $13.72 million, or $0.14 per diluted share, for Q2 FY18 compared to GAAP net income of $6.22 million, or $0.06 per diluted share, for Q2 FY17. On a non-GAAP basis, the Company's net loss was $1 million, or $0.01 per diluted share, compared to non-GAAP net income of $30 million, or $0.30 per diluted share, for the prior year's same quarter. Cree's non-GAAP earnings fell short of Wall Street's estimates of $0.02 per share.
Cree's Segment Results
During Q2 FY18, the Lightning products unit reported revenues of $144.62 million, representing 39% of overall revenue compared to segment revenue of $208.92 million in Q2 FY17, representing 52% of overall revenue.
For Q2 FY18, the LED products segment's revenue advanced 11% to $152.68 million compared to $138.04 million in Q2 FY17. The segment reflected 42% of the Company's total revenue in the reported quarter versus 34% in the prior year's same quarter.
The Wolfspeed segment's revenue surged 30% to $70.57 million on a y-o-y basis in Q2 FY18 compared to $54.36 million in Q2 FY17.
Cash Matters
As of December 24, 2017, Cree's cash, cash equivalents, and short-term investment totaled $649.91 million compared to $610.94 million as of June 25, 2017. For H1 FY18, the Company's net cash provided by operating activities came in at $105.81 million compared to $119.72 million for H1 FY17.
Business Outlook
For its third quarter of fiscal 2018 ending March 25, 2018, Cree is forecasting revenue in a range of $335 million to $355 million. The Company is expecting GAAP net loss in the band of $20 million to $26 million, or $0.20 to $0.26 per diluted share, while non-GAAP net income is projected to be in a range of $3 million loss to a $3 million profit, or $0.03 loss per diluted share to $0.03 earnings per diluted share.
Stock Performance Snapshot
January 25, 2018 - At Thursday's closing bell, Cree's stock dropped 3.50%, ending the trading session at $34.72.
Volume traded for the day: 2.30 million shares, which was above the 3-month average volume of 1.52 million shares.
Stock performance in the last three-month - up 3.12%; previous six-month period - up 30.97%; and past twelve-month period - up 20.43%
After yesterday's close, Cree's market cap was at $3.40 billion.
The stock is part of the Technology sector, categorized under the Semiconductor Equipment & Materials industry. This sector was flat at the end of the session.
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