On April 24, Cree announced its third quarter of fiscal year 2018 (as of March 25, 2018), with total operating income for the third quarter of fiscal year 2018 of $356 million, compared to $342 million in the third quarter of fiscal 2017. The dollar increased by 4%.
According to US General Accounting Standards (GAAP), the net loss for the third quarter of FY18 was $241 million, and the diluted earnings per share was $2.40 per share, including a loss of $247.5 million for Cree's lighting products. In comparison, the net loss for the third quarter of fiscal 2017 was $99 million, and the diluted loss per share was $1.02.
According to non-GAAP, net income for the third quarter of fiscal year 2018 was $3.8 million, or $0.04 per diluted share. In contrast, net income for the third quarter of fiscal 2017 was $0.7 million, and diluted earnings per share were $0.01.
Cree's current business is divided into three major sections, including lighting products (Lighting Products, which mainly cover LED lighting systems and lamps), LED products (LED Products, which mainly cover LED chips and LED components) and Wolfspeed business (mainly covering power devices, RF devices). And silicon carbide materials).
Among them, in the third quarter of FY18, Wolfspeed realized operating income of US$819.02 million, accounting for 23%, up 46% from the third quarter of FY2017; LED products achieved revenue of US$14.298 million, accounting for 40%, compared with FY2017. In the third quarter, the company grew by 9%; lighting products achieved revenue of $13.758 million, accounting for 37%, down 15% from the third quarter of fiscal 2017.
In terms of gross profit, Wolfspeed achieved gross profit of 39.285 million US dollars in the third quarter of FY18, with a gross profit margin of 48%, compared with 47% in the same period of the previous fiscal year; LED products achieved gross profit of 37.764 million US dollars, with a gross profit margin of 26.4%. In the same period of the previous fiscal year, it was 24.7%; the lighting products realized gross profit of US$24.956 million, and the gross profit margin was 19.1%, compared with 23% in the same period of the previous fiscal year.
“The third quarter revenue and gross margin are at the high end of the target range, and non-GAAP earnings per share are also above the target range. Every business has progressed.†CEO of Cree Gregg Lowe said, “Although we still have a lot of work to do, the third quarter is a good start and we are committed to implementing our new strategic direction.â€
For the fourth quarter of FY 2018 (as of June 24, 2018), Cree's target revenue ranged from $390 million to $410 million.
According to US General Accounting Standards (GAAP), the net loss target is $34 million to $38 million, or $0.38 to $0.38 per share. According to non-GAAP, the net income target is between $5 million and $9 million, or $0.05 to $0.09 per diluted share.
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