UPDATE 2-Cree qtly profit, outlook top Street view

* Cree Q4 EPS before items $0.18 vs $0.16 view

* Q1 EPS view before items $0.21-$0.23 vs $0.17 estimate

* Shares up 4 percent in extended trade (Adds conference call comments, updates share movement)

LOS ANGELES/BANGALORE, Aug 11 (Reuters) - LED lighting maker Cree Inc (CREE.O) reported a quarterly profit that beat analysts' estimates, and forecast better-than-expected first-quarter results on strong demand for energy efficient lighting, sending its shares up 4 percent after hours.

"Cree's first-quarter backlog is at the highest level in the company's history due to increased demand across our LED product line. Most new orders are currently being booked into the fiscal second quarter," Chief Executive Chuck Swoboda said on a conference call with analysts.

Growth in LED demand has shifted Cree's near-term focus to factory utilization through increased capital spending at factories in the United States and Asia, Swoboda said.

For the first quarter, Cree targets capital additions in the range of $25 million to $30 million, primarily for LED component capacity increases in China and LED chip capacity in the United States.

Cree expects first-quarter net earnings of 14 cents to 16 cents a share and income before items of 21 cents to 23 cents a share.

The first quarter view is above analysts' average estimate of 17 cents a share for earnings before items.

Revenue is expected to be between $160 million to $166 million, compared with analysts' average view of $151.7 million, according to Reuters Estimates.

Net income for the fiscal fourth quarter was $9.7 million, or 9 cents per share, compared with $8.4 million, or 9 cents per share, a year ago.

Excluding one-time items, Cree, whose top customers include Seoul Semiconductor (046890.KQ) and Arrow Electronics (ARW.N), earned 18 cents a share.

Analysts on average were expecting earnings of 16 cents a share, before items, according to Reuters Estimates.

Revenue rose 9 percent to $148.1 million. Analysts had been expecting revenue of $147.44 million.

The strong results were partly due to better cost leverage from higher factory utilization and a stable pricing environment for LED chips, Swoboda said.

Cree shares rose to $33.18 in extended trade after closing at $31.83 on the Nasdaq. (Reporting by Nichola Groom and Bijoy Koyitty; Editing Bernard Orr, Anne Pallivathuckal)