Last night, after the markets closed, Cree Inc. (NASDAQ: CREE), manufacturer of LED (light-emitting diodes) lighting technology, boosted its guidance for the fourth quarter, adjusting both earnings and revenue numbers.
The company expects to bank $143 million to $150 million in revenue for the current quarter, above the firm's earlier guidance of $137 million to $143 million. This translates to earnings per share of 15 to 17 cents, up from an earlier forecast of 13 to 15 cents (excluding items). Gross margins are expected at the high end of targeted levels (around 38% for the period).
Looking further down the horizon, CREE officials expect continued growth. CEO Chuck Swoboda said in a statement, "We . . . remain optimistic about the growth potential for LED lighting in fiscal 2010."
Beth works for The Options News Network (www.ONN.tv), which provides daily options commentary. The above comments are not intended as trading advice.
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