Cree Reports Initial Financial Outcomes for First Quarter of 2015

Cree, a leader in LED lighting, has announced preliminary financial results for its first fiscal quarter ending September 28, 2014, projected to be around $428 million in revenue, falling short of its earlier target of $440 million to $465 million. The decline is largely attributed to a 20% year-over-year drop in LED Products revenue, expected to reach $174 million, while total Lighting Products revenue rose 51% to $223 million, exceeding targets. Power and RF Products revenue also grew by 24% to $31 million. Gross margins across segments are anticipated to be lower due to shifts in product mix. Operating expenses are slightly reduced, and the company repurchased 1.2 million shares at an average price of $45.22. A conference call is scheduled for October 21, 2014, to discuss final results and the outlook for the second quarter, amid limited order visibility.

Cree Reports Initial Financial Outcomes for First Quarter of 2015

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