UPDATE 1-Cree Q2 profit jumps; shares rise

Tue Jan 20, 2009 10:18pm GMT

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* 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)


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