Durham, N.C.-based Cree, maker of LED lighting products, reported strong gains in sales and net income as it carries the flag for the growth of LED lighting.
Cree announced revenue of $375.0 million in the fourth quarter, up 22% from revenue of $306.8 million in the same quarter last year. Net income for the fourth quarter was $28.2 million, up 182%.
"Our fiscal fourth quarter was a strong finish to a great year, with record revenue and good earnings growth in line with our targets," said Chuck Swoboda, Cree chairman and CEO. "Total company backlog is ahead of this point last quarter, and we are targeting solid growth in LED lighting in the first quarter.”
For the full year, Cree's revenue of $1.39 billion marked a 19% increase over the previous year. Net income for the fiscal year was $86.9 million, up 96%.
“Our new products have opened new applications, improved payback and fueled growth in LED lighting. We remain focused on driving mass adoption and our goal of 100% upgrade to LED lighting," Swoboda said.
Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices.