Cree (Nasdaq:CREE) beat analysts’ forecasts in its fiscal year first quarter earnings, reporting revenue of $425.5 million and earnings of 21 cents a share, topping the Thomson Reuters consensus estimate of $418.67 million and 20 cents a share. The company says its restructuring plan, which includes its Durham manufacturing facilities, is “on track.”

Earnings for the LED lighting company were down from the 24 cents a share earnings in the same period last year.

The company says its recently announced restructuring is “on track” and will be completed in the second quarter. The plan includes consolidating its Durham manufacturing plants. The company employs more than 2,500 people in Durham.

Cree reported $15 million in costs associated with the restructuring plan.

The company says its commercial lighting business, not consumer bulb sales, drove the positive results in the quarter. It accounted for 58 percent of Cree revenue in the quarter compared with 52 percent in the same period last year.

Its power and radio frequency business, which is spinning out as a public company called Wolfspeed, accounted for 7 percent of the company’s revenue.

Cree shares were down 57 cents to $24.91 at the close of trading Tuesday.