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.
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.
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.
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.
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.
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.
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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