Cree's quarterly results disappoint investors

LED lighting company Cree today reported quarterly results that failed to hit the mark projected by Wall Street analysts.

The Durham-based company reported after the markets closed this afternoon that revenue for the fiscal second quarter, which ended in December, totaled $304.1 million, up 18 percent from a year ago. Although many companies long for that kind of growth, analysts had projected that revenue would total $310 million.

Net income also fell short of projections. The company reported net income of $28.7 million, 25 cents per share, after excluding stock-based compensation and amortized goodwill. Not only was that down 53 percent from a year ago, but analysts were anticipating a penny per share higher.

Cree's projections for its fiscal third quarter also came in below Wall Street's forecasts.

Cree is one of the Triangle's largest home-grown company with about 2,000 workers in Durham and more than 5,800 worldwide.

The company produces its own LED light fixtures as well as making components that other companies use in their lighting products. Its LEDs also are used for illuminating car dashboards, cellphones, televisions and signs.

Earlier today, Cree shares rose 43 cents to close at $23.33. A year ago the company's shares fetched more than $60.