Cree (NASDAQ:CREE) shares were on the decline on Tuesday as the company reported its latest quarterly earnings figures, which were stronger than what analysts were calling for.
The lighting products manufacturer posted its results for its fourth quarter of fiscal 2018, as well as for the full year. The firm said that its earnings tallied up to 11 cents per share on an adjusted basis.
Analysts were calling for Cree to amass adjusted earnings of 8 cents per share, according to a survey conducted by SeekingAlpha. The company also impressed from the revenue front as its sales tallied up to $409 million, which was more than $9 million higher than what the Wall Street consensus estimate called for.
The figure also topped the company’s revenue from the year-ago quarter by 14%, while also marking a 15% increase from the previous quarter of this year. Cree ended its fiscal year on June 24 and its 2018 garnered it revenue of $1.49 billion, a 1% gain compared to its fiscal 2017.
The company’s net earnings for the year were at $50 million, or 19 cents per share, which was considerably lower than its year-ago net earnings of 50 cents per share.
CREE stock was down about 0.2% during regular trading hours on Tuesday in anticipation of the company’s quarterly earnings results. The company’s shares fell a further 2% after the bell despite its earnings beat.