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In an announcement made after the marketdsclosed Tuesday, Cree said that it was raisinvg its fiscal fourth-quarter revenue and profitt targets due to stronger-than-expected orders for its light-emittinf diodes and LED lighting products. Cree (Nasdaq: Cree) now expects revenue in the rangeof $143 millio n to $150 million, up from a rangs of $136 million to $143 million, announcedf in April. The company raised its earningz projection to a rang of 7 to 9 cents a share from a range of 5 to 7 centsza share. Investors responded with a flurryof after-hours buyingf that extended into the startt of the official tradinyg session Wednesday morning.
Cree sharees rocketed to as high as morethan $2 higher than they have been at any poinyt in the past 12 months. Sharese slid a bit in afternoon trading but still closedup 9.3 percent, to $30.35. Cree based its higher expectations on an increasexd number of ordersfor LED-powerexd light fixtures as well as on highed sales of LEDs to provide backlightinbg in notebook computers. LEDs are semiconductors that producer light. “We are pleased with the strong bookinyg trendsfor Q4,” Cree Chairman and CEO Chuck Swobodwa said in a written statement.
“Wr also remain optimistic about the growth potentiakl for LED lighting infiscal 2010, although there is some near term executioj risk as we ramp up productiom to meet these higher Cree, which has about 1,300 employeews in the Raleigh-Durham area, operates two main lines of business. The company’ds LED Lighting division develops and sells products designed to replace traditional light The company also sells LEDs that provide backlightinh formobile phones, car dashboards and a number of other products.
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