Universal Display Corporation reported financial results for the first quarter ended March 31, 2017.
 
Total revenue increased 87% to $55.6 million in the first quarter, compared with $29.7 million in the first quarter of 2016 driven by higher material sales as well as royalty and license fees. Revenue from material sales increased 92% to $46.6 million in the first quarter, compared with $24.3 million in the first quarter of 2016 and increased 60% sequentially from $29.2 million in the fourth quarter of 2016, due to an increase in phosphorescent emitter sales.
 
Revenue from royalty and license fees increased 32% to $7.0 million in the first quarter, compared with $5.3 million in the first quarter of 2016. Operating income increased by $9.6 million to $12.1 million in the first quarter, compared with $2.5 million in the first quarter of 2016. Net income increased by $8.5 million to $10.4 million or $0.22 per diluted share in the first quarter, compared with $1.9 million or $0.04 per diluted share in the first quarter of 2016.
 
“We are pleased to report excellent first quarter results across the board, including record emitter sales,” said Sidney Rosenblatt, EVP and CFO of Universal Display. “It is an exciting time for the OLED industry. We are encouraged by the momentum that we are seeing from our customers as well as from the supply chain that supports the OLED ecosystem. With customers’ mounting investments in new manufacturing capacity and the development of an array of new display and lighting products, we expect our growth trajectory to be positive for the foreseeable future.
 
“As we look forward, we believe that the OLED industry is poised to grow faster than earlier expectations this year,” Rosenblatt continued. “We are therefore raising our 2017 revenue guidance range to at least $260 million to $280 million, reflecting year-over-year growth of 30% to 40%. Additionally, we are pleased to announce that the Board of Directors approved a second quarter dividend of $0.03 per share.”