Dow Jones Business News
Cree 4Q Revenue $64.1M
Tuesday July 29, 4:50 pm ET
DURHAM, N.C. (Dow Jones)--Cree Inc. swung to a fiscal fourth-quarter profit, as its top line increased 69.5% on higher product and contract revenue.
In a press release Tuesday, the semiconductor company said earnings for the fourth quarter were $11.4 million, or 15 cents a share, compared with a loss of $22.5 million, or 31 cents a share, a year earlier.
Fourth-quarter revenue rose to $64.1 million from $37.8 million, as product revenue increased 79.5% and contract revenue improved by 11.8%.
The latest fourth-quarter earnings missed the Thomson First Call (News - Websites) consensus estimate by a penny, but revenue topped the mean estimate of $63.4 million.
Shares of Cree - which is embroiled in a $3 billion lawsuit filed last month by its former chief executive and co-founder - fell 3.7% to $16 in after-hours trading, according to Island ECN (News - Websites), after closing Tuesday at $16.61, up 52 cents, or 3.2%. The shares hit a 52-week high of $26.88 on June 2 and a 52-week low of $8.99 on Oct. 8.
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