LED financial results: Cree; Hubbell; Cirrus Logic; and Rambus report

Cree continues its string of positive financial reports with a primary focus on the LED sector, while more-broadly focused Hubbell, Cirrus Logic, and Rambus all reported growth in the SSL sector.

LED-manufacturer Cree reports 10% quarter-over-quarter revenue growth and a 14% increase over the same quarter from the prior year. Hubbell, Cirrus Logic, and Rambus reported mixed results, but all highlighted solid-state lighting (SSL) as a growth segment.

Cree results impress

Cree reported revenue of $346.3 million for its most recent quarter – the second quarter of fiscal 2013. The results show a significant increase in both quarter-over-quarter and year-over-year revenue and income.

"Fiscal Q2 was another strong quarter with record revenue and earnings per share that were higher than our target range due to stronger sales in both LEDs and lighting combined with improved gross margins," stated Chuck Swoboda, Cree chairman and CEO. "Overall company backlog is in line with seasonal trends for our fiscal Q3. Longer term, we remain focused on driving adoption through innovation, and with our broad understanding of the technology levers from materials through systems, we see opportunities to move the market even faster than what has been experienced to date."

Generally accepted accounting principles (GAAP) net income for the quarter was $20.4 million. That result is a 69% improvement over Q2 2012. The revenue numbers represented a 10% increase relative to the prior quarter and a 14% increase relative to Q2 2012.

Hubbell cites LED strength

Hubbell, meanwhile, reported 2% revenue growth for its fourth quarter of 2012 relative to the same quarter in 2011. Net income increased from $70 million to $71.9 million.

Lighting is one of three core market sectors for Hubbell, and apparently the Hubbell Lighting business outperformed the other sector although the company doesn't detail the sectors. Chairman Timothy Powers said, "Relight projects and demand for LED fixtures were areas of strength in the quarter."

Cirrus gains in driver ICs

LED driver IC manufacturer Cirrus Logic reported a 153% gain in revenue measured year over year. The $310 million in revenue for the third quarter of fiscal 2013 went alongside reported gross margin of 51%.

Cirrus is another company with a broad product line that covers many areas unrelated to LEDs and SSL. But the company made a major push into LED-based lighting starting in 2011. Jason Rhode, president and CEO, said, "During the quarter, we gained traction with our portable audio and LED lighting products, where we began shipping in additional SKUs and customers. Our outlook for the year remains on track, and we are positioned well for further growth in FY14."

Rambus quarter and annual results

Rambus, meanwhile, reported both quarterly and full-year results, and is yet another company with a business base that extends beyond the lighting sector. But in its report, the company highlighted the LED retrofit lamp design that it announced a few weeks ago at the Consumer Electronics Show.

The company reported quarterly revenue of $57.4 million and annual revenue of $234.1 million. The results were flat quarter over quarter and down 25% relative to the final quarter of 2011.

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