DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Tuesday reported a fiscal third-quarter loss of $99 million, after reporting a profit in the same period a year earlier.
The Durham, North Carolina-based company said it had a loss of $1.02 per share. Earnings, adjusted for one-time gains and costs, were 1 cent per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The maker of energy-efficient lighting posted revenue of $341.5 million in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $325 million.
For the current quarter ending in June, Cree expects its per-share earnings to range from 2 cents to 7 cents.
The company said it expects revenue in the range of $340 million to $360 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $349 million.
Cree shares have declined nearly 6 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $24.82, an increase of roughly 3 percent in the last 12 months.
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