Cree, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 29, 2013; Provides Earnings Guidance for the Third Quarter Ending March 30, 2014
January 22, 2014 at 02:31 am IST
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Cree, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 29, 2013. The company announced revenue of $415.1 million for its second quarter of fiscal 2014, ended December 29, 2013. This represents a 20% increase compared to revenue of $346.3 million reported for the second quarter of fiscal 2013. GAAP net income for the second quarter was $35.7 million or $0.29 per diluted share, an increase of 75% year-over-year compared to GAAP net income of $20.4 million, or $0.18 per diluted share, for the second quarter of fiscal 2013. Operating income was $35.4 million against $25.1 million and income before income taxes was $38.8 million against $27.6 million reported last year. On a non-GAAP basis, net income for the second quarter of fiscal 2014 was $56.8 million, or $0.46 per diluted share, an increase of 54% year-over-year compared to non-GAAP net income for the second quarter of fiscal 2013 of $36.9 million, or $0.32 per diluted share. Non-GAAP operating income was $58.3 million against $47.4 million reported last year.
For the six months, the company reported net income of $66.2 million or $0.54 per diluted share on net revenue of $806.1 million compared to net income of $36.5 million or $0.31 per diluted share on net revenue of $662.04 million reported in the same period last year. Operating income was $72.2 million against $42.4 million and income before income taxes was $78.4 million against $48.25 million reported last year. Non-GAAP net income was $104 million or $0.85 per diluted share against $68.6 million or $0.59 per diluted share reported last year. Non-GAAP operating income was $117 million against $84.8 million reported last year. Cash flow from operations was $168 million against $178.3 million reported last year. Spending on property, plant and equipment was $83.5 million against $30.4 million reported last year.
For its third quarter of fiscal 2014 ending March 30, 2014, Cree targets revenue in a range of $390 million to $420 million with GAAP gross margin targeted to be 37.7%+/- and non-GAAP gross margin targeted to be 38.5%+/-. Operating expenses are targeted to be similar to second quarter. The tax rate is targeted at 21.0%+/- for the third quarter of fiscal 2014. GAAP net income is targeted at $24 million to $32 million, or $0.19 to $0.26 per diluted share. Non-GAAP net income is targeted in a range of $42 million to $51 million, or $0.34 to $0.41 per diluted share.
Wolfspeed, Inc. is a semiconductor company focused on silicon carbide technologies. The Company provides solutions for efficient energy consumption and a sustainable future. Its product families include silicon carbide material and power devices targeted for various applications such as electric vehicles, fast charging, and renewable energy and storage. Its products include Discrete MOSFETs, Discrete Schottky Diodes, Bare Die MOSFETs, Bare Die Schottky Diodes, Power Modules, Gate Driver Boards, Evaluation Kits, Reference Designs and Materials Products. The Companyâs silicon carbide fabrication facility is located in Marcy, New York.
Cree, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 29, 2013; Provides Earnings Guidance for the Third Quarter Ending March 30, 2014