Fiscal fourth quarter of 2020 earnings for American lighting company Cree (NASDAQ:CREE) have its stock heading lower after markets closed on Tuesday. That comes after reporting adjusted losses per share of 45 cents, a major miss of Wall Street’s estimate of 19 cents. However, revenue of $205.7 million does beat out analysts’ estimates of $198.7 million.
Let’s take a more thorough look at the most recent Cree earnings report below:
- Adjusted per-share losses are a big negative switch from adjusted earnings per share of 11 cents for the same period in the year prior.
- Revenue for the quarter is 18% lower than the $251.2 million reported in its fiscal fourth quarter of 2019.
- Operating losses of $64.3 million are 151.2% worse year-over-year from $25.6 million.
- The Cree earnings report also has it bringing in a net loss of $38.9 million.
- That’s a 70.9% improvement over the company’s net loss of $133.8 million from the same time last year.
Gregg Lowe, CEO of Cree, said this about the current earnings report:
“Our performance in the fourth quarter demonstrates solid execution despite the unprecedented challenges presented by the ongoing pandemic and geopolitical concerns. I would like to thank all our employees for their tremendous efforts in allowing us to safely operate our business and support our customers around the world.”
Cree provides guidance for fiscal Q1 2021 in its earnings report. It expects adjusted losses per share to range from 20 cents to 24 cents on revenue of $203 million to $217 million. For comparison, Wall Street is expecting adjusted losses per share of 13 cents on revenue of $210.39 million.
CREE stock was down 1.8% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.