Cree Announces Fiscal 4Q19 and 2019 Financial Results with Increasing Wolfspeed Business

Cree posted financial results of its fourth quarter of fiscal 2019 and the whole fiscal year.

For fiscal 4Q19 which ends on June 30, 2019, Cree registered a revenue of US$251.2 million for its fourth quarter of fiscal 2019, down by 5% YoY and 8% QoQ. GAAP net loss from continuing operations for the fourth quarter was US$34.6 million, or US$0.33 per diluted share. On a non-GAAP basis, net income from continuing operations for the fourth quarter of fiscal 2019 was US$11.5 million, or US$0.11 per diluted share, compared to non-GAAP net income from continuing operations for the fourth quarter of fiscal 2018 of US$14.5 million, or US$0.14 per diluted share.

For fiscal year 2019, Cree reported revenue of US$1.1 billion, which represents a 17% increase when compared to revenue of US$0.9 billion for fiscal 2018. On a non-GAAP basis, net income from continuing operations for fiscal year 2019 was US$76.9 million, or US$0.74 per diluted share, compared to US$36.9 million, or US$0.37 per diluted share, for fiscal 2018.

Gregg Lowe, Cree CEO, said, "While the Huawei ban and softness in the LED market will continue to impact the sector in the short-term, our long-term outlook remains unchanged - there is a significant opportunity to help customers make the shift from silicon to silicon carbide solutions for their next generation applications.”

Cree has modified the forecast of fiscal 4Q19 due to Huawei ban in June. The final results of 4Q19 meet the expectation of the adjusted forecast. The company sees weak demands in the LED market and has been shifting focus to its Wolfspeed business for growing demand for silicon carbide technology.

Cree completed sale of its lighting product business to IDEAL Industry in May and increased capacity for silicon carbide. The company has become an exclusive partner of Volkswagen for accelerating innovative automotive technology and will supply SiC wafers to ON Semiconductor based on their multi-year agreement.

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