LED lighting and semiconductor producer Cree Inc. reported fourth-quarter earnings and revenue on Tuesday that easily beat analyst estimates due to strong demand for its business.

The Durham-based company reported net income of $12 million, or 11 cents per share, compared to net income of $4 million, or 4 cents per share, in the fourth quarter a year ago. Analysts were expecting earnings of 8 cents per share.

Revenue for the quarter was $409 million, up 14 percent from revenue of $359 million in the fourth quarter of 2017. Analysts were expecting revenue of $399.7 million.

“The demand for silicon carbide and GaN technologies continues to grow, as evidenced by the excellent results of our Wolfspeed business,” said Chief Executive Officer Gregg Lowe in a statement. “We are expanding our manufacturing footprint and broadening our product portfolio to extend our leadership position in this market.”

Cree’s shares fell 12 cents to $50.16 on Tuesday.

The company said it expects to produce revenue between $395 million and $415 million in the first quarter of fiscal year 2019. Analysts are currently expecting revenue of $414.62 million.

Cree also said it expected net income between $10 million to $14 million, or 10 cents to 14 cents per share, in the first quarter. Analysts are currently expecting earnings of 12 cents per share.

The wireless business unit Wolfspeed reported revenue of $110 million in the fourth quarter, up 81 percent from fourth quarter 2017 revenue of $60.8 million.

Revenue in lighting products fell 7 percent to $143.7 million from $154.7 million in the same quarter a year ago.