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DURHAM, N.C. (AP) — Cree Inc., a maker of light-emitting diode, or LED, products, said Tuesday that its fiscal fourth-quarter net income fell 49 percent because of higher expenses, but revenue grew and adjusted earnings topped Wall Street's expectations.
The company earned $10 million, or 9 cents per share, in the April-June period. That's down from $19.8 million, or 18 cents per share, in the same period a year earlier.
Revenue rose 26 percent to $306.8 million.
Adjusted earnings were 25 cents per share in the latest quarter.
Analysts, on average, expected earnings of 23 cents per share on revenue of $306.3 million, according to FactSet.
Cree's operating costs grew 35 percent to $98.2 million as research, sales and other expenses grew.
For all of fiscal 2012, Cree reported net income of $44.4 million, or 39 cents per share, compared with $146.5 million, or $1.33 per share in fiscal 2011. Total operating expenses for fiscal 2012 were up nearly 39 percent at $370.2 million.
Chairman and CEO Chuck Swoboda said LED lighting continues to grow, but he added that the economic environment is affecting the company's short-term growth outlook.
For the current quarter, Cree expects adjusted earnings of 23 to 28 cents per share on revenue of $305 million to $325 million.
Analysts predict 28 cents per share on revenue of $328.6 million.
Cree's shares rose 59 cents, or 2.3 percent, to close at $26.34.