Cree Inc. Beats 1Q Earnings, Revenue Estimates

DURHAM, N.C. (AP) — LED lighting manufacturer Cree Inc. posted first-quarter earnings and revenue well above Wall Street expectations Tuesday, and forecast strong second-quarter results.

Shares rose $1.24, or 3 percent to $42.45 in aftermarket electronic trading, having closed earlier up a nickel at $41.16.

The Durham, N.C., company reported net income of $21 million, or 23 cents per share, on $169.1 million in revenue for its fiscal 2010 first quarter, ended Sept. 27. That's up from net income of $5.9 million, or 7 cents per share, on $140.4 million in revenue in the same period a year ago.

Excluding special items, Cree earned 30 cents per share in the latest quarter, up from 15 cents a year earlier.

Wall Street on average had expected the company to earn 22 cents per share on $164.5 million in revenue for the period, according to analysts polled by Thomson Reuters.

"We are benefitting from continued LED lighting adoption and high factory utilization and are well positioned for solid growth in Q2," said Chairman and CEO Chuck Swoboda, in a statement.