CREE ( $19-$16) PE 54 Cap 1Bil ...1Q earnings fell to 11 cents a share
NEW YORK, Oct 11 (Reuters) - Semiconductor maker Cree Inc. (NasdaqNM:CREE - news) said on Thursday that earnings for the first quarter ended Sept. 23 fell to 11 cents per share, excluding amortization, down from a year-ago's 17 cents a share and in line with expectations.
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The Durham, North Carolina, maker of semiconductor materials said that including intangible amortization related to its purchase of wireless chip company UltraRF, net income was $6.46 million, or 9 cents a share.
Analysts expected the company to report earnings of 10 cents a share in the first quarter in a range of 10 cents to 12 cents a share, according to Thomson Financial/First Call.
During its July conference call, Cree told investors to expect earnings of 10 cents to 12 cents a share, excluding intangibles.
Cree revenues rose 13 percent to $43.2 million from $37.6 million a year-ago and gross margins increased to 46 percent, a 7.5 percent rise from the fourth quarter, the company said.
Cree makes silicon-carbide based electronic devices, including high brightness blue, green and white light-emitting diodes, or LEDs, which are used in products like cell phones.
The semiconductor industry is suffering from weak sales related to poor demand for the products that have chips in them, such as cell phones, telecommunications networks, and personal computers.
On Wednesday, cell phone and chip maker Motorola Inc. (NYSE:MOT - news) lowered its industry-wide outlook, saying it expects chip sales to fall 25 percent to 30 percent in 2001.
Cree shares, which are off their lows but still far from their 52-week high of $64.13, closed on the New York Stock Exchange on Thursday at $19.37, up 8.45 percent, or $1.51. |
