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Cree profit misses consensus by 65.0% in fiscal Q2

Cree Inc. said its normalized net income for the fiscal second quarter ended Dec. 27, 2015, amounted to 8 cents per share, compared with the S&P Capital IQ consensus estimate of 24 cents per share.

EPS climbed 37.1% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $8.5 million, a gain of 21.3% from $7.0 million in the year-earlier period.

The normalized profit margin climbed to 2.6% from 1.7% in the year-earlier period.

Total revenue rose 5.5% year over year to $435.8 million from $413.2 million, and total operating expenses rose 5.2% on an annual basis to $423.2 million from $402.2 million.

Reported net income grew 23.9% from the prior-year period to $14.4 million, or 14 cents per share, from $11.6 million, or 10 cents per share.