Cree LED product revenue reaches $790 million

Following a spectacular year of growth, Cree's net income increased 402%, and its LED revenue for the last quarter was a record $240 million.

LED maker Cree, Inc. (Nasdaq: CREE) has announced record revenue of $264.6 million for its fourth quarter of fiscal 2010, ended June 27, 2010. This represents a 13% sequential increase, and a 79% increase compared with the same quarter last year.

Cree's LED revenue accounted for $240.12 million of the total revenue for the quarter, compared with $136.70 million in the same quarter last year.

For the fiscal year ended June 27, 2010, Cree reported revenue of $867.3 million, which represents a 53% increase compared to revenue of $567.3 million for fiscal 2009. GAAP net income increased 402% to $152.3 million, or $1.45 per diluted share, compared to $30.3 million, or $0.34 per diluted share for fiscal 2009.

Cree's LED product revenue for fiscal 2010 was $789.95 million.

“Fiscal 2010 was a great year for Cree and the LED lighting revolution,” stated Chuck Swoboda, Cree chairman and CEO. “We made good progress building momentum in our business and delivering on our four key objectives for the fiscal year. Entering fiscal 2011, we are focused on extending our leadership position while we build the scale, cost structure and channels to win in the market.”

For its first quarter of fiscal 2011 ending September 26, 2010, Cree is targeting revenue in a range of $270 million to $280 million with GAAP net income of $52 million to $56 million, or $0.48 to $0.51 per diluted share.

Among its recent business highlights, Cree and Philips signed a comprehensive, worldwide patent cross-license agreement with Philips designed to further accelerate the growth of the LED lighting market.

The company also extended the warranty on its family of fixture products to five years, and announced the LR6-DR1000 six-inch downlight, as well as the Cree LR24HE troffer, a new LED-based troffer that is the first indoor fixture known to deliver more than 100 lm/W fixture efficacy.

More in Indoor Lighting