Revenue over 2 billion 800 million! Cree announces first quarter results for fiscal 2019

Yesterday (16), the US LED lighting giant CREE disclosed its first quarter results for the 2019 fiscal year ended September 23, 2018. In the first quarter of fiscal year 2019, revenue of 408 million US dollars (equivalent to RMB 2 billion 819 million yuan) was achieved, which was 13% higher than that in the first quarter of fiscal 2018.

According to us general accounting standards (GAAP), net loss in the first quarter of fiscal 2019 was US $11 million (or diluted 0.11 US dollars per share), while the net loss in the first quarter of fiscal 2019 was US $20 million (or 0.20 US dollars diluted). According to non US general accounting standards (Non-GAAP), net income in the first quarter of fiscal year 2019 was $22 million (or diluted to 0.22 US dollars per share). Compared with the first quarter of fiscal 2018, the net income was 4 million US dollars (or diluted 0.04 US dollars per share).

Gregg Lowe, chief executive of Cree, said, "there has been a good start in the 2019 fiscal year. In the first quarter, the non GAAP earnings per share surpassed the highest value of our target area, thanks to the strong growth of Wolfspeed and the improvement of LED products and lighting gross margins". "In view of tariff and Global trade tensions, business is facing resistance." The earnings report is a perfect result. Although these resistance may persist for some time, we are optimistic that we will have the opportunity to increase shareholder value in the long run by implementing our strategic plan. "

Business outlook

In the second quarter of fiscal year 2019 (up to December 30, 2018), Cree plans to achieve revenue targets of US $398 million to US $418 million. According to us general accounting standards (GAAP), net loss target is US $5 million to US $10 million, or diluted 0.05 to 0.10 US dollars per share. According to non US general accounting standards (Non-GAAP), net income target is US $15 million to US $19 million, or diluted earnings per share from US $0.15 to US $0.19. Neither the US general accounting standards (GAAP) nor the non US general accounting standards (Non-GAAP) goals do include any anticipated changes in the fair value of Cree's investment in Longda. (Editor: LED net James)

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