Cree Raises Guidance, Stock Soars After Hours

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LED lighting maker Cree Inc (CREE.O) raised its fourth-quarter earnings and revenue targets on Tuesday, citing stronger bookings for both lighting and laptop LED products and sending its shares up 8 per cent.

The company said it now expects revenue of $143 million to $150 million for the current quarter, up from a previous view of $137 million to $143 million it gave last month.

Earnings including one-time items are expected to be 7 cents to 9 cents a share, Cree said, more than the 5 cents to 7 cents a share the company had previously expected.

Excluding items, Cree expects to earn 15 cents to 17 cents a share. It had previously forecast a profit of 13 cents to 15 cents a share, excluding items.

Cree shares soared 8 per cent to $30 in after-hours trade following the announcement. The stock had closed at $27.77 on Nasdaq after rising $1.19, or 4.5 per cent, on the day.

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