DURHAM – Cree Inc. (CREE) on Wednesday reported a loss of $108.9 million in its fiscal third quarter but did better than had been forecast.

“We are building solid momentum and during our fiscal third quarter we continued to execute and drive our strategy, delivering strong top line performance as customers continue to realize the benefits of silicon carbide,” said Cree CEO, Gregg Lowe. “With the sale of our LED business now complete, we accomplished a critical milestone in our journey to becoming a pure-play semiconductor powerhouse and have an even greater focus on converting opportunities in our pipeline and expanding our manufacturing capacity.”

Cree reported that it recently “completed the previously announced sale of certain assets and subsidiaries comprising its former LED Products segment to SMART Global Holdings, Inc. (SGH) and its wholly owned acquisition subsidiary CreeLED, Inc. (CreeLED and collectively with SGH, SMART) for up to $300 million, including fixed upfront and deferred payments and contingent consideration.”

The Durham-based company said it had a loss of 96 cents per share. Losses, adjusted for one-time gains and costs, were 22 cents per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share.

The maker of energy-efficient lighting posted revenue of $137.3 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $129.7 million.

For the current quarter ending in June, Cree expects its results to range from a loss of 26 cents per share to a loss of 22 cents per share.

The company said it expects revenue in the range of $142 million to $148 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $136.4 million.

Cree shares have increased 7% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $113.55, more than doubling in the last 12 months.

Cree plans to change its name to Wolfspeed, the name of its semiconductor and power supply group.