Strong return! Cree's second quarter results in the 2018 fiscal year
On January 24, Cree announced its second quarter results for FY 2018. The data shows that the company's second quarter of FY18 (as of December 24, 2017) had revenue of $368 million, including LED products (including LEDs). Revenues from three businesses, including chips, LED devices, Wolfspeed (including power devices and RF), and lighting products. Compared with the second quarter of FY2017, operating income increased by 2% in the second quarter of FY18.
Among them, LED product revenue reached US$152,682,000, an increase of 11% compared with the LED product operating income of US$138,038,000 in the second quarter of FY2017; Wolfspeed operating income reached US$70,572,000. Compared with the second quarter of FY2017, Wolfspeed operating income of $54,364,000, an increase of 30%.
According to US General Accounting Standards (GAAP), net income for the second quarter of FY 2018 was $14 million (or diluted earnings per share of $0.14). In comparison, net income for the second quarter of fiscal 2017 was $6 million (or diluted earnings per share of $0.06).
Gaogong LED found that, unlike the fiscal year of 2017, Cree changed its downward trend in the 2018 fiscal year, and its overall performance showed a “heads up†trend. According to the data, in the first quarter of fiscal year 2018 (as of September 24, 2017), operating income was 360 million US dollars, including LED products (including LED chips, LED devices, etc.), Wolfspeed (including power devices and RF, etc.) Income from three businesses such as lighting products.
Among them, LED products (including LED chips, LED devices, etc.) operating income of 144,520,000 US dollars, compared with the first quarter of 2017 fiscal year LED products operating income of 137,493,000 US dollars, an increase of 5%; Wolfspeed business Revenue was $66,154,000, which is a 33% increase from Wolfspeed's operating income of $49,902,000 in the first quarter of fiscal 2017.
In fact, behind the performance performance, Career has made several major adjustments in terms of personnel and product lines in FY2017 and FY18:
First, on September 25, 2017, CREE announced the appointment of Gregg Lowe as its president and chief executive officer. The appointment took effect on September 27 and Mr. Lowe succeeded Chuck Swoboda.
According to the information, Mr. Lowe has strong leadership and rich industry experience. From 2012 to 2015, he served as President and CEO of Freescale Semiconductor. Freescale Semiconductor has a market value of US$5 billion and has 17,000 employees. Employees serving the automotive, industrial, consumer and communications markets. Prior to joining Freescale Semiconductor, Mr. Lowe spent 28 years at Texas Instruments as a senior vice president and head of the analog business unit.
In addition, cree and Sanan reached a strategic cooperation. On April 25, 2017, Cree announced a joint venture with Sanan Optoelectronics Co., Ltd., which will operate high-performance, mid-power lighting-grade LED packaging products to serve the expanding North American and South American, European and Japanese markets. Serve China and the rest of the world on a non-exclusive basis.
This not only represents Cree's tendency to follow the trend of small and medium power LEDs because of the loss of market share of medium power LEDs, but also means that the LED patent licensing network of the world's five major international manufacturers has a new change situation, affecting the supply of LEDs in Asia. The development of the chain market.
The new joint venture (Cree Venture LED Company, Ltd.) brings together technology and brand leaders in the field of lighting-grade LEDs with world-class LED suppliers. With Cree's superior patent portfolio and global sales channel portfolio, the joint venture will launch a broad portfolio of high-performance mid-power products to serve the global $4 billion mid-power LED market.
In addition, the Wolfspeed, which performed well in FY 2018, also experienced major adjustments in FY2017. On February 16 last year, Cree and Infineon were unable to determine alternatives to national security concerns of the US Foreign Investment Committee (CFIUS), and cree announced the termination of the Wolfspeed Power and RF Division (“Wolfspeedâ€) sale, including silicon carbide. (FSE: IFX / OTCQX: IFNNY) for the power supply, RF and gemstone applications of the substrate business.
Wolfspeed's business performed well in FY2017. After the sale was blocked, Cree's former chairman and CEO Chuck Swoboda said that Cree will shift its focus to the growing Wolfspeed business.
Of course, Cree's series of adjustments are much more than that. Including the release of CLQ6A RGBW and CLQ6AF PC amber LED, ultra-high-density XD16 and other new products, and a series of actions such as LED lighting and a series of actions to achieve the development of Cree Play a positive role in promoting.
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