Cree announced fourth quarter 2018 fiscal year results, LED products revenue grew 9%

Yesterday, the US LED plant CREE disclosed the fourth quarter results for the 2018 fiscal year ended June 24, 2018. In the fourth quarter of fiscal year 2018, revenue of 409 million US dollars (equivalent to RMB 2 billion 814 million yuan) was increased by 14% compared with the 359 million quarter of the fourth quarter of fiscal year 2017.

According to us general accounting standards (GAAP), the net loss in the fourth quarter of fiscal 2018 was $33 million (or diluted 0.33 US dollars per share), while the net loss in the fourth quarter of fiscal 2017 was 6 million US dollars (or diluted 0.06 dollars per share). According to non US general accounting standards (Non-GAAP), net income in the fourth quarter of fiscal year 2018 was $12 million (or diluted $0.11 per share), compared with net income of fourth US dollars in the 2017 quarter of fiscal year (or 0.04 US dollars diluted).

Cree is currently divided into three major sections, including lighting products (Lighting Products, mainly including LED lighting systems and luminaries), LED products (LED Products, mainly including LED chips and LED components) and Wolfspeed business (mainly covering power devices, RF devices and silicon carbide materials). In the 2018 quarter of fiscal year fourth, the revenue of lighting products was 143 million 660 thousand US dollars, which accounted for 35.1%, which was 7% lower than that in the fourth quarter of fiscal year 2017. The LED product revenue was 155 million 784 thousand dollars, accounting for 38%, which was more than 2017 in the fourth quarter of 2017 fiscal year; Wolfspeed achieved revenues in the US dollar, accounting for more than that in the fiscal year.

Cree CEO Gregg Lowe said, "the performance in the 2018 fiscal year is good. In the fourth quarter, the non GAAP earnings per share exceeded the target area, driven by the growth of Wolfspeed and the improvement of gross margin". "The demand for silicon carbide and the continuous growth of GaN technology, our Wolfspeed business performance is excellent. We are expanding the scope of our manufacturing business and expanding our product mix, expanding our leadership in the market and driving growth. "

Business outlook

In the first quarter of fiscal year 2019 (as of September 23, 2018), Cree plans to achieve revenue targets of US $395 million to $415 million. According to us general accounting standards (GAAP), net loss target is US $9 million to US $14 million, or diluted 0.09 to 0.14 US dollars per share. According to non US general accounting standards (Non-GAAP), net income target is US $10 million to US $14 million, or diluted earnings per share from US $0.10 to US $0.14. Calculated by non US general accounting standards (Non-GAAP), target revenue does not include pre tax costs of $23 million, the restructuring cost of lighting products and the amortization of intangible assets related to mergers and acquisitions. 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. (compile: LEDinside James)

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