LOS ANGELES, Jan 19 (Reuters) - Cree Inc , which makes light emitting diode (LED) fixtures, reported a second-quarter profit on Tuesday that topped Wall Street estimates, sending the company's shares up 8.8 percent in extended trade.
LEDs, which consume less energy and last longer than incandescent and fluorescent lights, are seeing more demand in products like televisions as well as lighting fixtures as costs for power generation and concerns about greenhouse gas emissions rise.
Cree reported its 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.
Cree saw its shares rise by more than 250 percent in 2009 compared with a 34 percent rise in the Standard & Poor's MidCap 400 Index of which it is a component.
Its Chief Executive Chuck Swoboda said in a statement Cree's near-term focus remained on expanding capacity, given that LED lighting adoption continues to gain momentum.
Toward its manufacturing expansion, Cree bought a facility in Huizhou, China.
During the quarter, Wal-Mart chose Cree for an initial deployment of its LED light bulbs in about 650 of the giant retailer's stores.
Durham, North Carolina-based Cree said it expects revenue to continue to grow during its fiscal third quarter to between $215 million and $225 million, and forecast a net income in range of $37 million to $40 million, or 35 cents to 37 cents per diluted share.
Excluding one-time expenses, it expects earnings per share during the third quarter in the range of 41 cents to 44 cents.
Cree's competitors include Japan's Toyoda Gosei Co Ltd and privately held Nichia Corp, as well as Siemens AG unit Osram.
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) Keywords: CREE/RESULTS (laura.isensee@thomsonreuters.com; Los Angeles Bureau +213 955 6736) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LEDs, which consume less energy and last longer than incandescent and fluorescent lights, are seeing more demand in products like televisions as well as lighting fixtures as costs for power generation and concerns about greenhouse gas emissions rise.
Cree reported its 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.
Cree saw its shares rise by more than 250 percent in 2009 compared with a 34 percent rise in the Standard & Poor's MidCap 400 Index of which it is a component.
Its Chief Executive Chuck Swoboda said in a statement Cree's near-term focus remained on expanding capacity, given that LED lighting adoption continues to gain momentum.
Toward its manufacturing expansion, Cree bought a facility in Huizhou, China.
During the quarter, Wal-Mart chose Cree for an initial deployment of its LED light bulbs in about 650 of the giant retailer's stores.
Durham, North Carolina-based Cree said it expects revenue to continue to grow during its fiscal third quarter to between $215 million and $225 million, and forecast a net income in range of $37 million to $40 million, or 35 cents to 37 cents per diluted share.
Excluding one-time expenses, it expects earnings per share during the third quarter in the range of 41 cents to 44 cents.
Cree's competitors include Japan's Toyoda Gosei Co Ltd and privately held Nichia Corp, as well as Siemens AG unit Osram.
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) Keywords: CREE/RESULTS (laura.isensee@thomsonreuters.com; Los Angeles Bureau +213 955 6736) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.