Cree earnings forecast falls short of estimates, shares plunge

Tue Oct 22, 2013 4:34pm EDT

Oct 22 (Reuters) - Cree Inc, a maker of light-emitting diodes (LEDs), reported lower-than-expected first-quarter revenue and forecast current-quarter earnings below analyst estimates, sending its shares down 13 percent in extended trading.

Net income rose to $30.5 million, or 25 cents per share, in the first quarter, from $16.1 million, or 14 cents per share, a year earlier.

Excluding items, the company earned 39 cents per share.

Revenue rose 24 percent to $391 million.

Analysts had expected a profit of 39 cents per share on revenue of $392.3 million, according to Thomson Reuters I/B/E/S.

Cree forecast a current-quarter adjusted profit of 36-41 cents per share, on revenue of $400-$420 million.

Analysts expected a profit of 44 cents per share on revenue of $414.3 million, according to Thomson Reuters I/B/E/S. (Reporting by Supantha Mukherjee in Bangalore; Editing by Ted Kerr)

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