CREE ($12-$15)...PE=0...beats by 1 cent..rev's rose..
Archive Headline
17-Oct-02
16:06 ET Cree beats by a penny (CREE) 13.10 +1.24: Reports Q1 (Sep) earnings of $0.05 per share, $0.01 better than the Multex consensus of $0.04; revenues rose 13.1% year/year to $48.8 mln vs the $45.2 mln consensus. CEO says company is targeting LED sales to be above record levels set in Sep qtr.
18-Oct-02 12:00 -- 13:00 ET
Cree (CREE) 15.00 +1.90: Stock pops 14.5% following report of upside Q1 earnings, as well as saying it is targeting LED sales to be above record levels set in Sept quarter. Stock also getting support from a Morgan Keegan upgrade to OUTPERFORM from Mkt Perform, and Buy rating reiterations from both Prudential and Needham & Co. On a neutral note, UBS Warburg reiterated Hold rating and price target of $12, saying near-term outlook is strong, with Cree 75% booked for next quarter and capacity constrained; however, concern lies with 2003, when industry wide capacity addition come on line and handset seasonality kicks in.
Reuters Company News
Cree quarterly profits fall even as sales jump
Thursday October 17, 4:14 pm ET
DURHAM, N.C., Oct 17 (Reuters) - Cree Inc. (NasdaqNM:CREE - News) reported on Thursday a decline in earnings for its first fiscal quarter even as the maker of semiconductors saw overall sales jump on increased demand for its LED display products.
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In the first quarter ended Sept. 29, Cree said it earned $3.88 million, or 5 cents a share, compared to a year-ago profit of $6.46 million, or 9 cents a share. Revenue rose 13 percent to $48.8 million from $43.2 million in the same quarter last year.
Cree, whose devices are used to light up traffic lights, cell phones, billboards and other products, had forecast in June a first-quarter profit of 4 cents a share on revenue of $45 million.
The company said shipments of its LED products increased by more than 50 percent sequentially to record levels during the quarter, while average sales prices increased slightly over the fourth quarter of fiscal 2002.
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