North Carolina-based LED maker Cree, Inc. (Nasdaq: CREE), announced record revenue of $268.4 million for 1Q11, ending September 26, 2010.
This represents a 59% increase compared to revenue of $169.1 million reported for 1Q10 and a 1.5% increase compared to 4Q10.
GAAP net income for the first quarter increased 176% year-over-year to $58.0 million, or $0.53 per diluted share, compared to GAAP net income of $21.0 million, or $0.23 per diluted share, for 1Q10.
“Q1 was another record quarter for Cree as revenue grew in lighting, LED components and power products,” stated Chuck Swoboda, Cree chairman and CEO. “Although total revenue was on the low end of our target range of $270-280 million due to a decline in LED chips, LED lighting adoption continues to gain momentum and the growth drivers for the company remain on track.”
Other financial metrics:
- Cash and investments increased $32.4 million from 4Q10 to $1,098.8 million.
- Cash flow from operations was $88.5 million. Free cash flow (cash flow from operations less capital expenditures) was $26.9 million as the company spent $61.6 million on capital expenditures.
During 1Q11, Cree announced that The Home Depot customers can now purchase high-performance, affordable six-inch LED downlights powered with Cree TrueWhite® Technology.
For 2Q11 ending December 26, 2010, Cree targets revenue in a range of $270 million to $280 million with GAAP net income of $51 million to $55 million, or $0.46 to $0.50 per diluted share.
Cree’s product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and radio-frequency/wireless devices.