Cree, Inc. (CREE) Tuesday said third-quarter profit more-than-doubled, helped mainly by higher revenues.
Net income for the quarter surged to $22.2 million or $0.19 per share from $9.5 million or $0.08 per share in the same period last year.
Adjusted earnings for the quarter was $40.8 million or $0.34 per share. On average, 25 analysts polled by Thomson Reuters expected the company to earn $0.34 per share or the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $348.9 million, up 23 percent from $284.8 million last year. Analysts expected revenues of $342.76 million.
Gross margin improved to 38.1 percent from 34.9 percent last year.
Looking ahead to the fourth quarter, the company has forecast earnings in the range of $0.20 to $0.26 per share, with adjusted earnings in the order of $0.34 to $0.40 per share.
Revenues are expected to range between $365 million and $385 million. Analysts currently expect the company to report fourth-quarter earnings of $0.37 per share on revenues of $367.58 million.
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