UPDATE 1-Cree Q2 profit jumps; shares rise
* Q2 net profit rises 62 pct to $10.7 mln
* Revenue rises 24 pct to $147.6 mln; beats Street
* Sees Q3 EPS 10-13 cents; rev $128-$135 mln
* Shares rise 6 pct
Jan 20 (Reuters) - LED lighting products maker Cree Inc (CREE.O) posted a higher quarterly profit, driven by strong LED product sales, sending its shares up 6 percent.
The company said it expects third-quarter earnings of 10 cents to 13 cents a share on revenue of $128 million to $135 million.
Analysts on average were expecting earnings of 13 cents a share, before items, on revenue of $139.1 million, according to Reuters Estimates.
For the second quarter ended Dec. 28, net profit was $10.7 million, or 12 cents a share, compared with $6.6 million, or 8 cents a share, a year earlier.
Shares of the Durham, North Carolina-based company were trading at $17.50 after the bell. They closed at $16.49 Tuesday on Nasdaq.
For the company's press release, please double-click [ID:nGNW57971a] .
For the alerts, please double-click [ID:nWNAB1437] . (Reporting by Sandhya Menon in Bangalore; Editing by Pratish Narayanan)
- Tweet this
- Share this
- Digg this