Cree Reports Financial Results for the Second Quarter of Fiscal Year 2021

Cree logo 2 400

Feb 2, 2021

Cree, Inc. announced revenue from continuing operations of $127.0 million for its second quarter of fiscal 2021, ended December 27, 2020. This represents a 5% increase compared to revenue from continuing operations of $120.7 million reported for the second quarter of fiscal 2020, and a 10% increase compared to the first quarter of fiscal 2021. GAAP net loss from continuing operations for the second quarter of fiscal 2021 was $54.3 million, or $0.49 per diluted share, compared to GAAP net loss from continuing operations of $57.9 million, or $0.54 per diluted share, for the second quarter of fiscal 2020. On a nonGAAP basis, net loss from continuing operations for the second quarter of fiscal 2021 was $26.6 million, or $0.24 per diluted share, compared to non-GAAP net loss from continuing operations for the second quarter of fiscal 2020 of $21.8 million, or $0.20 per diluted share.

As previously announced, on October 18, 2020, Cree executed a definitive agreement to sell the LED Products business unit to SMART Global Holdings, Inc. (SMART) for up to $300 million, including fixed upfront and deferred payments and contingent consideration. The transaction is subject to satisfaction of customary closing conditions, and is targeted to close in the first calendar quarter of 2021.

Business Outlook:

For its third quarter of fiscal 2021, Cree targets revenue from continuing operations in a range of $127 million to $133 million. GAAP net loss from continuing operations is targeted at $66 million to $71 million, or $0.59 to $0.64 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $23 million to $28 million, or $0.21 to $0.25 per diluted share. Targeted non-GAAP net loss from continuing operations excludes $43 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, net accretion on convertible notes, and project, transformation, transaction and transition costs. The GAAP and non-GAAP targets from continuing operations do not include any estimated change in the fair value of Cree’s ENNOSTAR (formerly Lextar) investment.

Go HERE for more information

Related Articles


Changing Scene


Peers & Profiles

  • Taken from Graybar Canada Linkedin Post Enjoy a glimpse of the wonderful moments from Graybar Canada’s recent customer appreciation BBQs! The company was grateful for the smiles and connections made with our amazing customers and vendors. They are looking forward to the next gathering! Source Read More…

  • Article taken from Linkedin Post Electrozad is thrilled to spotlight their Chatham Branch and recognize their exceptional efforts in cleaning up their community. The team took time to coordinate a community clean-up around their branch. This is a commendable initiative that not only helps maintain the cleanliness and hygiene around the branch but also contributes… Read More…