|Cree to delay Wolfspeed IPO |
Jan 19, 2016, 5:59pm EST Updated Jan 20, 2016, 8:47am EST
Lab Support, a division of On Assignment
The business segment made up 6 percent of the overall revenue in the quarter, making up $27.5 million.
Perhaps more critical to Cree's core business, the company has, at long last, completed its LED business restructuring, a move that meant factory consolidation in Durham and “overhead costs reductions,” says Swoboda. The company has not been specific about how the move impacted the Durham headcount.
And the company is in a flexible enough cash position that acquisitions are a possibility in 2016, Swoboda says.
It's been a rocky year for Cree on the Nasdaq.
A year ago, shares were selling for $32.34. But in June, following the announcement that it would be restructuring its LED business, stock dropped to a three-year low. And it has yet to recover.
In Wednesday morning Wall Street action, the company's shares are expected to trade higher following the earnings report on Tuesday. Cree reported $435.8 million revenue for the December-ending quarter, slightly higher than what analysts had expected. The company also reported 30 cents in earnings-per-share, substantially higher than the analyst expectations of 24 cents EPS.
Revenue by segment:
Lighting products: $255 millionLED products: $153.4 millionPower and RF: $27.5 million