Categories Earnings, Technology

Universal Display Q2 revenue more than doubles; earnings beat

Universal Display Corp. (NASDAQ: OLED) reported sharp increase in second-quarter earnings and revenues, which also beat the market’s expectations by wide margins. The company’s stock gained about 5% during Thursday’s extended trading session, following the announcement.

The Top-line

Revenues more than doubled to $118.2 million in the second quarter and surpassed analysts’ forecast. The company attributed the strong top-line growth to heavy advance purchases by a Chinese customer to ease the potential impact of the ongoing US-China trade war.

Universal Display (OLED) Q2 revenue more than doubles
Picture Courtesy: Universal Display Corporation

During the quarter, material sales revenue surged to $76.3 million, while revenue from royalty and license fees more than doubled to $38.9 million.

Earnings Beat

Net profit surged to $4.34 million or $0.92 per share from $10.8 million $0.23 per share in the second quarter of 2018, far exceeding the estimates.

“As a key player in the OLED ecosystem, we are continuing to develop new OLED technologies and next-generation red, green, yellow and blue phosphorescent emissive materials to stay ahead of the curve, and to leverage our first-mover leadership position. At SID Display Week in May, for the first-time, we showcased printed panels from our OVJP pilot system,” said CFO Sidney Rosenblatt.

Also read: Pinterest stock surges as strong user growth lifts Q2 revenue

The company also revised up its full-year 2019 revenue guidance to the range of $370 million to $390 million. Under the earlier accounting standard, the top-line outlook is between $425 million and $435 million.

Dividend

Separately, the management announced a cash dividend of $0.10 per share for the third quarter, which will be paid on September 30, 2019, to shareholders of record on September 16, 2019.

Related: Universal Display Q1 2019 Earnings Call Transcript

Shares of Universal Display opened Thursday’s session higher and hit a peak, but pared the gains as trading progressed. The stock has gained 77% since the beginning of the year and more than doubled in the past twelve months.

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