Cree Announced Fourth Quarter 2018 Fiscal Year Results, LED Products Revenue Grew 9%

- Aug 15, 2018-

Yesterday, the US LED plant Cree disclosed the fourth quarter results for the 2018 fiscal year ended June 24, 2018. Revenue in the fourth quarter of fiscal year 2018 was $409 million (equivalent to about 2.814 billion yuan), up 14% from $359 million in the fourth quarter of fiscal year 2017 and 15% from $356 million in the third quarter of fiscal year 2018.——LED chip


According to the General Accounting Standards (GAAP), a net loss of $33 million (or $0.33 per diluted share) was recorded in the fourth quarter of fiscal year 2018, while a net loss of $6 million (or $0.06 per diluted share) was recorded in the fourth quarter of fiscal year 2017. Net income in the fourth quarter of fiscal year 2018 was $12 million (or $0.11 per diluted share), compared with $4 million (or $0.04 per diluted share) in the fourth quarter of fiscal year 2017.——LED chip


Cree's current business is divided into three major sections, including lighting products (mainly covering LED lighting systems and lamps), LED products (mainly covering LED chips and LED components), and Wolfspeed services (mainly covering power devices, radio frequency devices and silicon carbide materials). In the fourth quarter of fiscal year 2018, lighting products accounted for 35.1%, up 7% from the fourth quarter of fiscal year 2017; LED products accounted for 38%, up 9% from the fourth quarter of fiscal year 2017; Wolfspeed achieved revenue of $1101.1 million, 26.9%, up 81% from the fourth quarter of fiscal year 2017.——LED chip


Gregg Lowe, Cree's chief executive, said, "The fiscal year 2018 was good, with non-GAAP earnings per share exceeding target in the fourth quarter, driven by Wolfspeed growth and improved gross margins." The continued growth in demand for silicon carbide and GaN technology is evidenced by our Wolfspeed business. We are expanding our manufacturing business and our product portfolio, expanding our market leadership and driving growth.——LED chip


Business outlook


Cree plans to achieve revenue targets of $395 million to $415 million in the first quarter of fiscal year 2009 (as of September 23, 2018). According to the United States General Accounting Standards (GAAP), the net loss target is $9 million to $14 million, or diluted loss of $0.09 to $0.14 per share. According to non-GAAP, the net income target is $10 million to $14 million, or diluted earnings per share of $0.10 to $0.14. Target income does not include $23 million in pretax fees, lighting product restructuring costs and amortization of intangible assets associated with mergers and acquisitions, as calculated by non-GAAP. Neither the United States General Accounting Standards (GAAP) nor the non-United States General Accounting Standards (non-GAAP) objectives include any projected change in the fair value of Cree's investment in Lunda.——LED chip



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