|Cree slips 5.4% as profits miss, guidance disappoints|
Aug 16 2016, 16:42 ET | By: Jason Aycock, SA News Editor
Cree ( CREE -2%) is off 5.4% after hours after a fiscal Q4 miss on profits and out-quarter guidance that fell short of consensus in a quarter where it began its transition to a more focused LED company.
In fiscal 2016, “We successfully restructured the LED business, improved commercial lighting fundamentals, refocused our consumer business on premium LED bulbs, and unlocked significant value with the agreement to sell Wolfspeed," says CEO Chuck Swoboda.
The company swung to a profit of $19M on a non-GAAP basis, vs. a year-ago loss of $21M. Gross margin rose to 30.8% from a year-ago 20.9%.
It's guiding to fiscal Q1 revenue (both continued and discontinued operations) of $356M-$378M, below consensus for $387.2M, and non-GAAP EPS of $0.10-$0.16, well light of an expected $0.21.
Cash and investments fell to $605M.
Conference call to come at 5 p.m. ET.