RTTNews | Aug 18, 2020 04:40PM EDT

16:40 Tuesday, August 18, 2020 (RTTNews.com) - Cree Inc. (CREE) Tuesday reported fourth-quarter net loss of $39.5 million or $0.36 per share, narrower than last year's loss $133.7 million or $1.26 per share.

Adjusted loss for the quarter were $0.18 per share compared to adjusted earnings of $0.11 per share. Analysts polled by Thomson Reuters had expected a loss of $0.19 per share.

The electronics component company's fourth-quarter revenues dropped to $205.7 million from $251.2 million in the year-ago quarter. Analysts had a consensus revenue estimate of $198.7 million.

Looking forward to the first quarter, Cree expects an adjusted loss of $0.24 to $0.20 per share on revenues of $203 million to $217 million. Analysts currently forecast a loss of $0.13 per share on revenue of $210.39 million.

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