Cree Inc. reported earnings on Wednesday higher than expected by Wall Street due to improvement in all three of its businesses.

The American-based worldwide LED lighting company in Durham, North Carolina, announced its second-quarter earnings of fiscal 2019 with revenue of $413 million, a 12 percent increase from second-quarter of fiscal 2018.

The lighting company reported a GAAP net loss for the second quarter of fiscal 2019 was $2 million, or 2 cents per diluted share.

This compares to a GAAP net income of $14 million, or 14 cents per diluted share, for the second quarter of fiscal 2018.

On a non-GAAP basis, net income for the second quarter was $23 million, or 23 cents per diluted share, compared to non-GAAP net loss for the second quarter of fiscal 2018 of $1 million, or 1 cent per diluted share.

The results exceeded Wall Street expectations, as the average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

Cree is an innovator of Wolfspeed power, LEDs and lighting products. Cree’s Wolfspeed product families include material and devices targeted for various applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.

“We delivered excellent results in the second quarter, with non-GAAP earnings per share that exceeded the top end of our target range driven by another record quarter for Wolfspeed combined with gross margin improvement in all three businesses,” said CEO Gregg Lowe in a statement. “This performance is particularly gratifying when considering the current challenges associated with tariffs and global trade tensions. While we’re certainly not immune to the turmoil in our served markets, our business is demonstrating a resiliency that we believe shows we are on the right track with our strategy.”

For the current quarter, ending March 31, 2019, the company targets revenue in a range of $385 million to $405 million. The GAAP net loss is targeted at $5 million to $13 million, or 5 cents to 12 cents per diluted share.`

Non-GAAP net income for the quarter is targeted to be in a range of $13 million to $19 million, or 13 to 19 cents earnings per diluted share. Analysts currently expect the company to earn 17 cents per share in the quarter.

Cree has locations worldwide, from locations in the U.S. to Italy and Japan. Its shares are up Thursday morning at $49.77, or 35 cents.

The filing can be found here.