Cree's financials reflect demand for LED
Durham, N.C.-based Cree, maker of LED technology and products, including a $10 LED bulb found at Home Depot, reported a 20% increase in second-quarter sales.
The company's revenues of $415.1 million were up from $346.3 million in the year-ago quarter. Net income for the second quarter, ended Dec. 29, was $35.7 million, up 75% from last year's second quarter.
CEO Chuck Swoboda pointed to strong growth in LED fixtures and LED bulbs as keys to a a record quarter. "Our strategy is working, the business is growing, and we've made great initial progress building the Cree brand," he said.
The company recently expanded its product line with the introduction of the new Cree LED 75-watt Replacement Bulb.
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.