UPDATE 1-Cree Q1 profit beats estimates; shares up

* Q1 EPS 15 cents vs est 14 cents

* Revenue rises 24 pct to $140.4 mln vs est $139.5 mln

* Gross margin rises to 35 pct from 31 pct

* Sees Q2 EPS 15-16 cents; rev $142-$146 mln

* Shares rise 7 pct (Recasts, adds details from press release, share movement)

Oct 21 (Reuters) - LED lighting products maker Cree Inc CREE.O posted a better-than-expected quarterly profit, driven by strong LED revenue growth and better gross margins, and forecast solid second-quarter earnings, sending its shares up 7 percent.

Shares of the Durham, North Carolina-based company were trading at $19.90 after the bell. They closed at $18.57 Tuesday on Nasdaq.

For more details on the company’s first-quarter results and second-quarter outlook, please double click on [ID:nWNAB9342] . (Reporting by Sandhya Menon in Bangalore)