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Cree swings to loss in fiscal Q3

Cree Inc. said its normalized net income for the fiscal third quarter ended March 27 was a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

The per-share result swung to a loss from the prior-year profit of 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.0 million, compared with income of $3.4 million in the year-earlier period.

The normalized profit margin declined to negative 0.5% from 0.8% in the year-earlier period.

Total revenue decreased 10.4% year over year to $366.9 million from $409.5 million, and total operating expenses declined 8.7% year over year to $371.6 million from $406.8 million.

Reported net income declined 68.1% year over year to $152,000, or 0 cents per share, from $476,000, or 0 cents per share.