Equities research analysts predict that Cree, Inc. (NASDAQ:CREE) will report $346.65 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Cree’s earnings, with the highest sales estimate coming in at $350.32 million and the lowest estimate coming in at $342.50 million. Cree reported sales of $341.51 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.5%. The business is expected to issue its next earnings results on Tuesday, April 24th.
According to Zacks, analysts expect that Cree will report full year sales of $346.65 million for the current year, with estimates ranging from $1.42 billion to $1.45 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.53 billion per share, with estimates ranging from $1.49 billion to $1.60 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Cree.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, January 23rd. The LED producer reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.02). The firm had revenue of $367.87 million for the quarter, compared to the consensus estimate of $349.62 million. Cree had a negative net margin of 7.77% and a negative return on equity of 1.24%. The business’s revenue was down 8.3% on a year-over-year basis. During the same period last year, the company posted $0.30 earnings per share.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Cree by 26.8% in the second quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock worth $252,541,000 after buying an additional 2,164,847 shares in the last quarter. Vanguard Group Inc. raised its stake in Cree by 3.0% in the second quarter. Vanguard Group Inc. now owns 8,226,854 shares of the LED producer’s stock worth $202,792,000 after buying an additional 236,090 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Cree by 5.6% in the third quarter. Dimensional Fund Advisors LP now owns 8,220,052 shares of the LED producer’s stock worth $231,723,000 after buying an additional 435,401 shares in the last quarter. Fairpointe Capital LLC raised its stake in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock worth $149,631,000 after buying an additional 492,465 shares in the last quarter. Finally, State Street Corp raised its stake in Cree by 24.2% in the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after buying an additional 717,698 shares in the last quarter. 98.76% of the stock is owned by institutional investors.
Cree (NASDAQ CREE) opened at $35.20 on Friday. The company has a market cap of $3,500.00, a PE ratio of -30.88 and a beta of 1.26. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.61 and a current ratio of 4.59. Cree has a one year low of $20.50 and a one year high of $40.24.
TRADEMARK VIOLATION WARNING: “Cree, Inc. (CREE) Expected to Post Quarterly Sales of $346.65 Million” was first published by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another publication, it was copied illegally and reposted in violation of United States & international copyright and trademark laws. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2018/01/28/cree-inc-cree-expected-to-post-quarterly-sales-of-346-65-million.html.
Cree Company Profile
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.