Net income jumped 84 percent, to more than $20 million, in its most recent quarter, LED manufacturer Cree (Nasdaq: CREE) said Tuesday after the markets closed.

Cree stock surged 11 percent during the day, climbing $1.97, to close at $20.25.

The company also issued guidance for the current quarter of $95-97 million, at least $4 million higher than other estimates, including First Call.

Chuck Swoboda, Cree’s CEO, cited increased sales and lower unit costs for the record surge in revenue and earnings.

Cree posted revenues of $90 million for the quarter, a 42 percent increase from a year ago. Earnings hit 28 cents a share.

For the year, Cree had revenues of $306 million, a 34 percent jump from fiscal ’03. Net income climbed 66 percent to $58 million, or 77 cents a share.