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What is the performance of Cree's Q4 and full year results for FY 2019?
Yesterday (20th), Cree announced its fourth quarter of FY 2019 (as of June 30) and the full year of FY 2019.
In Q4, FY 2019, the company achieved revenue of US$251.2 million (approximately 1.773 billion yuan), a decrease of 5% over the same period of the previous year. According to US General Accounting Standards (GAAP), the net loss for the quarter was $34.6 million (or $0.33 per diluted share). Based on non-GAAP, net income for the quarter was $11.5 million, compared to net income of $14.5 million for the same period last year.
According to the business segment, LED products revenue was $117 million (about 826 million yuan), accounting for 47%, down 25% from the same period of last year; Wolfspeed realized revenue of 134.2 million US dollars (about 947 million yuan), accounting for 41%, an increase of 22% over the same period last year.
For the full year of FY 2019, the company's revenue was $1.1 billion (approximately $7.766 billion), an increase of 17% compared to $900 million in revenue in FY2018. According to US General Accounting Standards (GAAP), the net loss for the year was $57.9 million, while the net loss for FY18 was $16.4 million. Based on non-GAAP, net income for the year was $76.9 million, compared with net income of $36.9 million for fiscal year 2018.
Cree CEO GreggLowe said, “Despite the challenging business environment, we are satisfied with the performance of the quarter.” “Although the Huawei ban and the weak LED market will continue to affect the field in the short term, our long-term vision remains unchanged. There is a great opportunity to help customers move from silicon to silicon carbide solutions to meet the needs of their next-generation applications."
Business outlook
Looking ahead to the first quarter of fiscal 2020, Cree plans to achieve a revenue target of $237 million to $243 million. According to US General Accounting Standards (GAAP), the net loss target is $4.2 million to $4.6 million, or $0.39 to $0.43 per diluted. Based on non-GAAP, the net loss target is $3 million to $7 million, or $0.03 to $0.07 per diluted.
In Q4, FY 2019, the company achieved revenue of US$251.2 million (approximately 1.773 billion yuan), a decrease of 5% over the same period of the previous year. According to US General Accounting Standards (GAAP), the net loss for the quarter was $34.6 million (or $0.33 per diluted share). Based on non-GAAP, net income for the quarter was $11.5 million, compared to net income of $14.5 million for the same period last year.
According to the business segment, LED products revenue was $117 million (about 826 million yuan), accounting for 47%, down 25% from the same period of last year; Wolfspeed realized revenue of 134.2 million US dollars (about 947 million yuan), accounting for 41%, an increase of 22% over the same period last year.
For the full year of FY 2019, the company's revenue was $1.1 billion (approximately $7.766 billion), an increase of 17% compared to $900 million in revenue in FY2018. According to US General Accounting Standards (GAAP), the net loss for the year was $57.9 million, while the net loss for FY18 was $16.4 million. Based on non-GAAP, net income for the year was $76.9 million, compared with net income of $36.9 million for fiscal year 2018.
Cree CEO GreggLowe said, “Despite the challenging business environment, we are satisfied with the performance of the quarter.” “Although the Huawei ban and the weak LED market will continue to affect the field in the short term, our long-term vision remains unchanged. There is a great opportunity to help customers move from silicon to silicon carbide solutions to meet the needs of their next-generation applications."
Business outlook
Looking ahead to the first quarter of fiscal 2020, Cree plans to achieve a revenue target of $237 million to $243 million. According to US General Accounting Standards (GAAP), the net loss target is $4.2 million to $4.6 million, or $0.39 to $0.43 per diluted. Based on non-GAAP, the net loss target is $3 million to $7 million, or $0.03 to $0.07 per diluted.