Cree Aktie
WKN: 891466 ISIN: US2254471012
aktueller Kurs:
74,94 EUR
Veränderung:
-0,19 EUR
Veränderung in %:
-0,25 %
weitere Analysen einblenden

Cree Reports Financial Results for the Third Quarter of Fiscal Year 2020

Mittwoch, 29.04.20 22:01
Newsbild
Bildquelle: Fotolia

DURHAM, N.C. –

Cree, Inc. (Nasdaq: CREE) today announced revenue of $215.5 million for its third quarter of fiscal 2020, ended March 29, 2020. This represents a 21% decrease compared to revenue of $274.0 million reported for the third quarter of fiscal 2019, and a 10% decrease compared to the second quarter of fiscal 2020. GAAP net loss from continuing operations attributable to controlling interest for the third quarter was $61.6 million, or $0.57 per diluted share, compared to GAAP net loss from continuing operations attributable to controlling interest of $22.4 million, or $0.22 per diluted share, for the third quarter of fiscal 2019. On a non-GAAP basis, net loss from continuing operations attributable to controlling interest for the third quarter of fiscal 2020 was $15.5 million, or $0.14 per diluted share, compared to non-GAAP net income from continuing operations attributable to controlling interest for the third quarter of fiscal 2019 of $20.5 million, or $0.20 per diluted share.

"During these challenging times, I am very proud of our team’s efforts to ensure the health, safety and welfare of our people, while also executing on our business continuity plans in support of our customers around the world," said Cree CEO, Gregg Lowe. “An incredible amount of our energy and focus has been deployed to confront the short-term headwinds associated with the COVID-19 pandemic and position our business to capitalize on the expected long-term growth opportunity for silicon carbide and GaN solutions.”

Business Outlook:

For its fourth quarter of fiscal 2020, Cree targets revenue in a range of $185 million to $215 million. GAAP net loss is targeted at $61 million to $70 million, or $0.56 to $0.65 per diluted share. Non-GAAP net loss is targeted to be in a range of $16 million to $25 million, or $0.15 to $0.23 per diluted share. Targeted non-GAAP net loss excludes $45 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, gain on extinguishment of convertible notes, accretion on convertible notes, and project, transformation, transaction and transition costs. The GAAP and non-GAAP targets do not include any estimated change in the fair value of Cree’s Lextar investment.

Quarterly Conference Call:

Cree will host a conference call at 5:00 p.m. Eastern time today to review the highlights of the third quarter results and the fiscal fourth quarter 2020 business outlook, including significant factors and assumptions underlying the targets noted above.

The conference call will be available to the public through a live audio web broadcast via the Internet. For webcast details, visit Cree's website at investor.cree.com/events.cfm.

Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on Cree's website at investor.cree.com/results.cfm.

About Cree, Inc.

Cree is an innovator of Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs. Cree’s Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace. Cree’s LED product families include blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications.

For additional product and Company information, please refer to www.cree.com.

Non-GAAP Financial Measures:

This press release highlights the Company's financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain costs, charges and expenses that are excluded from non-GAAP results. By publishing the non-GAAP measures, management intends to provide investors with additional information to further analyze the Company's performance, core results and underlying trends. Cree's management evaluates results and makes operating decisions using both GAAP and non-GAAP measures included in this press release. Non-GAAP results are not prepared in accordance with GAAP and non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures attached to this press release.

Presentation:

The Company revised net cash provided by operating activities and total free cash flow for the nine months ended March 31, 2019 to correct the presentation of tax withholding on vested equity awards. The Company increased net cash provided by operations and total free cash flow by $12.4 million and decreased net cash provided by financing activities by the same amount. The Company concluded this error was not material individually or in the aggregate to any of the periods impacted.

Forward Looking Statements:

The schedules attached to this release are an integral part of the release. This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Cree’s actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our plans to grow the Wolfspeed business and our ability to achieve our targets for the fourth quarter of fiscal 2020. Actual results could differ materially due to a number of factors, including risks relating to the COVID-19 pandemic, including but not limited to, the risk of new and different government restrictions that limit our ability to do business, the risk of infection in our workforce and subsequent impact on our ability to conduct business, the risk that our supply chain or customer demand may continue to be negatively impacted, the risk that the current outbreak or continued spread will lead to a global recession and the potential for costs associated with our operations during the fourth quarter and future quarters to be greater than we anticipate as a result of all of these factors; the risk that the economic and political uncertainty caused by the tariffs imposed by the United States on Chinese goods, and corresponding Chinese tariffs and currency devaluation in response, may negatively impact demand for our products; risks related to international sales and purchases, including the risk that U.S. government actions with respect to Huawei Technologies Co. and its affiliates or other foreign customers or vendors may have a greater impact on our business and results of operations than our expectations; the risk that we may not obtain sufficient orders to achieve our targeted revenues; price competition in key markets; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; product mix; risks associated with the ramp-up of production of our new products, and our entry into new business channels different from those in which we have historically operated; risks associated with our factory optimization plan and construction of a new fabrication facility, including design and construction delays and cost overruns, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to our restructuring costs; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, which can result in increased inventory and reduced orders as we experience wide fluctuations in supply and demand; ongoing uncertainty in global economic conditions, infrastructure development or customer demand that could negatively affect product demand, collectability of receivables and other related matters as consumers and businesses may defer purchases or payments, or default on payments; risks resulting from the concentration of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that our investments may experience periods of significant stock price volatility causing us to recognize fair value losses on our investment; the risk posed by managing an increasingly complex supply chain that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; the risk we may be required to record a significant charge to earnings if our remaining goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization of products under development, such as our pipeline of Wolfspeed products, improved LED chips and LED components; the rapid development of new technology and competing products that may impair demand or render our products obsolete; the potential lack of customer acceptance for our products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of our brand and products, resulting in lower demand for our products; risks associated with integration or transition of the operations, systems and personnel of the Lighting Products business unit, each, as applicable, within the terms of the post-closing transition services agreement between IDEAL Industries, Inc. and Cree; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10-K for the fiscal year ended June 30, 2019, and subsequent reports filed with the SEC. These forward-looking statements represent Cree's judgment as of the date of this release. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Cree disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

Cree® and Wolfspeed® are registered trademarks of Cree, Inc.

 

CREE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

Three months ended

 

Nine months ended

(in millions of U.S. Dollars, except per share data)

March 29, 2020

 

March 31, 2019

 

March 29, 2020

 

March 31, 2019

Revenue, net

$215.5

 

 

$274.0

 

 

$698.2

 

 

$828.7

 

Cost of revenue, net

154.1

 

 

173.5

 

 

500.7

 

 

526.4

 

Gross profit

61.4

 

 

100.5

 

 

197.5

 

 

302.3

 

Gross margin percentage

28

%

 

37

%

 

28

%

 

36

%

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

46.7

 

 

40.7

 

 

137.7

 

 

117.2

 

Sales, general and administrative

49.7

 

 

50.6

 

 

160.1

 

 

143.7

 

Amortization or impairment of acquisition-related intangibles

3.7

 

 

3.9

 

 

10.9

 

 

11.7

 

Loss on disposal or impairment of other assets

0.3

 

 

5.3

 

 

2.1

 

 

5.7

 

Other operating expense

10.8

 

 

11.1

 

 

31.8

 

 

14.3

 

Operating (loss) income

(49.8)

 

 

(11.1)

 

 

(145.1)

 

 

9.7

 

Operating (loss) income percentage

(23)

%

 

(4)

%

 

(21)

%

 

1

%

 

 

 

 

 

 

 

 

Non-operating expense, net

14.5

 

 

8.4

 

 

7.8

 

 

23.7

 

Loss before income taxes

(64.3)

 

 

(19.5)

 

 

(152.9)

 

 

(14.0)

 

Income tax (benefit) expense

(2.9)

 

 

2.8

 

 

(1.2)

 

 

9.3

 

Net loss from continuing operations

(61.4)

 

 

(22.3)

 

 

(151.7)

 

 

(23.3)

 

Net loss from discontinued operations

 

 

(205.4)

 

 

 

 

(218.0)

 

Net loss

(61.4)

 

 

(227.7)

 

 

(151.7)

 

 

(241.3)

 

Net income attributable to noncontrolling interest

0.2

 

 

0.1

 

 

0.5

 

 

0.1

 

Net loss attributable to controlling interest

($61.6)

 

 

($227.8)

 

 

($152.2)

 

 

($241.4)

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

 

 

 

 

 

 

 

Continuing operations attributable to controlling interest

($0.57)

 

 

($0.22)

 

 

($1.41)

 

 

($0.23)

 

Net loss attributable to controlling interest

($0.57)

 

 

($2.20)

 

 

($1.41)

 

 

($2.35)

 

 

 

 

 

 

 

 

 

Weighted average shares - basic and diluted (in thousands)

108,115

 

 

103,659

 

 

107,718

 

 

102,807

 

 

CREE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

(in millions of U.S. Dollars)

March 29, 2020

 

June 30, 2019

Assets

 

 

 

Current assets:

 

 

 

Cash, cash equivalents, and short-term investments

$852.9

 

 

$1,051.4

 

Accounts receivable, net

161.0

 

 

128.9

 

Inventories

170.1

 

 

187.4

 

Income taxes receivable

6.1

 

 

0.2

 

Prepaid expenses

27.7

 

 

23.3

 

Other current assets

12.2

 

 

19.7

 

Current assets held for sale

0.2

 

 

1.9

 

Total current assets

1,230.2

 

 

1,412.8

 

Property and equipment, net

737.6

 

 

625.2

 

Goodwill

530.0

 

 

530.0

 

Intangible assets, net

183.6

 

 

197.9

 

Other long-term investments

31.5

 

 

39.5

 

Deferred tax assets

6.7

 

 

5.6

 

Other assets

18.3

 

 

5.9

 

Total assets

$2,737.9

 

 

$2,816.9

 

NEU: Börsenkalender 2021 (Poster-Format) jetzt gratis per Post zuschicken lassen ...

Heute im Fokus

Bayer: Ist die Aktie jetzt ein Schnäppchen? Bis zu acht neue Mitglieder im SDax erwartet Deutlicher Sprung beim Spritpreis zum Jahreswechsel - keine Entlastung für Autofahrer
Bayer: Ist die Aktie jetzt ein Schnäppchen?
Bayer: Ist die Aktie jetzt ein Schnäppchen?
Die Bayer-Aktie befindet sich aktuell massiv auf Talfahrt und kracht deutlich unter die Kursmarke von 50 Euro. Doch lohnt sich der Einstieg jetzt?...
© 1994-2020 by boerse.de - Quelle für Kurse und Daten: ARIVA.DE AG - boerse.de übernimmt keine Gewähr