Cree has announced revenues of $436 million for the fourth quarter of 2014. This is a 16 per cent increase on the fourth quarter in 2013 when it announced revenue of $375 million and an 8 per cent increase on the third quarter of 2014.
The US firm, whose financial year begins in July, reported revenue of $1.65 billion, which represents a 19 per cent increase compared to revenue of $1.39 billion for the 2013 financial year. GAAP net income (income according to generally accepted accounting principles) was $124 million, an increase of 43 per cent compared to $87 million in 2013. Non-GAAP net income for 2014 was $203 million, an increase of 31 per cent compared to $155 million in 2013.
“Fiscal 2014 was another great year, as we achieved record revenue and grew our non-GAAP net income by over 30 per cent,” said Chuck Swoboda, Cree Chairman and CEO. “The strength of our operating model gives us the flexibility to make investments to support our goal to grow the business and increase operating margin. Our new product pipeline, brand momentum and strong balance sheet put us in a great position to enable our long-term customer goal of 100 per cent upgrade to LED lighting.”
