Cree Shares Up Nearly 5% On Company's Earnings, Sales Beat

Shares of Cree Inc. rose nearly 5% late Tuesday after the LED lighting maker reported fiscal second-quarter adjusted earnings and sales above expectations. Cree said it earned $6 million, or 6 cents a share, in the fiscal second quarter, compared with $13 million, or 13 cents a share, for the second quarter of fiscal 2016. Adjusted for one-time items, Cree earned $30 million, or 30 cents a share, in the quarter, compared with $28 million, or 28 cents a share, a year ago. Revenue from continuing operations reached $347 million in the quarter, down from $394 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 8 cents a share on sales of $325 million. Shares of Cree had ended the regular trading session down 0.3%.