LED lighting company Cree has earned revenue of $405.3 million for its third quarter of fiscal 2014, ended March 30, 2014, a 16 percent increase compared to the revenue of $348.9 million reported for the third quarter of fiscal 2013.
“Fiscal Q3 was a solid quarter as revenue and operating income were in line with our target range and the business is well positioned to grow in fiscal Q4,” said Chuck Swoboda, Cree chairman and CEO. “These results once again demonstrate our ability to deliver strong operating results while continuing to make longer term investments in new technology and building the Cree brand.”
During the quarter, Cree introduced SmartCast Technology, the first self-programming wireless lighting-control system that reduces energy consumption by more than 70 percent at half the cost of traditional lighting controls.
Cree also launched the new ZR Series LED troffer starting at only $99; lowered the price of Cree LED Bulb product line by as much as 23 percent, and introduced the first 100-watt replacement LED bulb to look and light like a light bulb.
Additionally Cree introduced three new CXA high-density LED arrays which, by doubling the light output of existing CXA LED arrays, enable the complete replacement of ceramic-metal-halide (CMH) light sources.
Another notable product was the XLamp XB-H LED, the brightest discrete in Cree’s high-density (HD) class of LEDs, delivering a breakthrough combination of lumen output and efficacy in a small package.
For its fourth quarter of fiscal 2014 ending June 29, 2014, Cree targets revenue in a range of $430 million to $460 million.