Cree Reports Financial Results for FY4Q20 with Declined Revenue and Profit

Cree announced financial results for the fourth quarter of fiscal 2020 ended June 28, 2020. The company posted revenues of US$205.7 million, representing an on-year drop of 18% compared to FY4Q19 and a 5% decrease compared to FY3Q20.

The company also reported GAAP net loss of $39.5 million, or $0.36 per diluted share. On a non-GAAP basis, net loss was $20.0 million, or $0.18 per diluted share.

For fiscal year 2020, Cree reported revenue of $903.9 million, down by 16%YoY and GAAP net loss of $191.7 million, or $1.78 per diluted share. On a non-GAAP basis, net loss of FY2020 was $49.1 million, or $0.45 per diluted share, compared to non-GAAP net income of $76.9 million, or $0.74 per diluted share, for fiscal 2019.

Cree’s LED products revenue came to $97.3 million for FY4Q20, down by 17%YoY. Wolfspeed revenue also decreased by 19%YoY to $108.4 million. Gross profit dropped by 43%YoY for Wolfspeed and 22% for LED products. For FY2020, Wolfspeed revenue was $470.7 million down by 13%YoY and LED products revenue was $433.2 million, declined by 20%. Gross profit for both business division also dropped by 29% and 39% respectively.

(Image: Cree)

Looking forward to FY1Q21, Cree targets revenue in a range of $203 million to $217 million. GAAP net loss is targeted at $83 million to $87 million, or $0.76 to $0.79 per diluted share. Non-GAAP net loss is targeted to be in a range of $22 million to $26 million, or $0.20 to $0.24 per diluted share.

Cree CEO, Gregg Lowe, commented, “Fiscal 2020 marked a transition year in our journey to become a global semiconductor powerhouse and we remain firmly committed to our capacity expansion plans to capitalize on what we believe to be a multi-decade growth opportunity for silicon carbide.”

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