Cree reports record LED product revenue of $186 million

LED maker Cree, Inc. has announced record revenue of $199.5 million for its second quarter of fiscal 2010, ended December 27, 2009. This represents a 35% increase compared to revenue of $147.6 million reported for the same period last year, and an 18% increase sequentially.

"LED lighting adoption continues to gain momentum and our near-term focus is on factory execution and capacity expansion," said Chuck Swoboda, Cree chairman and CEO.

The company's revenue from LED products was just under $182 million for the quarter, easily a record. LED revenue was $133 million in the same period last year, and $156 million in the previous quarter.

GAAP net income for the second quarter increased 216% year-over-year to $33.8 million, or $0.32 per diluted share, compared to GAAP net income of $10.7 million, or $0.12 per diluted share, for the same period last year.

For its third quarter of fiscal 2010 ending March 28, 2010, Cree targets revenue in a range of $215 million to $225 million with GAAP net income of $37 million to $40 million, or $0.35 to $0.37 per diluted share.