LED lighting technology company Cree (NASDAQ:CREE) reported $415.1 million in revenue for the company’s fiscal 2014 second quarter, a 20 percent increase compared to a year ago and enough to beat Wall Street estimates.
Analysts polled by Thomson Reuters on average estimated the Durham company would generate $412.46 million in second quarter revenue.
Excluding certain items, Cree’s net income for the quarter ended Dec. 29 was $56.8 million, or 46 cents per diluted share. The average analyst earnings estimate was 39 cents per share. The profit figure is a 54 percent increase in non-GAAP net income compared to the fiscal second quarter of 2013.
“Fiscal Q2 was another strong quarter as revenue increased to a record $415 million driven by strong growth in LED fixtures and LED bulbs,” Cree CEO Chuck Swoboda said in a statement. “For the first half of fiscal 2014, revenue is up 22 percent from the first half of fiscal 2013 and non-GAAP operating profit is up 38 percent. Our strategy is working, the business is growing and we’ve made great initial progress building the Cree brand.”
