11.03.17
Universal Display reported financial results for the third quarter ended September 30, 2017.
Total revenue increased 104% to $61.7 million in the third quarter, compared with $30.2 million in the third quarter of 2016, driven by higher material sales as well as royalty and license fees.
“We are pleased to report another outstanding quarter of solid results,” said Sidney Rosenblatt, EVP and CFO of Universal Display. “During the quarter, momentum in the OLED industry continued to grow, from the launch of new flagship OLED smartphones, to increasing demand for OLED TVs, to announced launch plans for the world’s first foldable OLED display product. It is exciting to see the consumer market’s broadening embrace of OLEDs in a myriad of products, including wearables, smartphones, IT, automotive, TVs, as well as the emergence of OLED lighting.”
Rosenblatt continued, “We believe that OLEDs are fast becoming a requirement for the best consumer display products around the world. As a leading enabler in the ecosystem, we believe that our proprietary phosphorescent materials and technologies are key to unlocking the performance, value, and power efficiency of OLEDs.”
Revenue from material sales increased 100% to $47.0 million in the third quarter, compared with $23.5 million in the third quarter of 2016, due to an increase in phosphorescent emitter sales.
Revenue from royalty and license fees increased 131% to $12.0 million in the third quarter, compared with $5.2 million in the third quarter of 2016.
Operating income increased by $18.8 million to $15.8 million in the third quarter, compared with an operating loss of $3.0 million in the third quarter of 2016. Net income increased by $15.0 million to $13.5 million or $0.28 per diluted share in the third quarter, compared with a net loss of $1.5 million or $0.03 per diluted share in the third quarter of 2016.
Total revenue increased 77% to $219.8 million in the first nine months, compared with $124.3 million in the first nine months of 2016, driven by higher material sales as well as royalty and license fees.
Revenue from material sales increased 100% to $140.5 million in the first nine months, compared with $70.1 million in the first nine months of 2016, due to an increase in phosphorescent emitter sales. Revenue from royalty and license fees increased 38% to $72.7 million in the first nine months, compared with $52.6 million in the first nine months of 2016.
Operating income increased by $54.7 million to $88.4 million in the first nine months, compared with $33.7 million in the first nine months of 2016. Net income increased by $48.8 million to $71.1 million or $1.49 per diluted share in the first nine months, compared with $22.3 million or $0.47 per diluted share in the first nine months of 2016.
Total revenue increased 104% to $61.7 million in the third quarter, compared with $30.2 million in the third quarter of 2016, driven by higher material sales as well as royalty and license fees.
“We are pleased to report another outstanding quarter of solid results,” said Sidney Rosenblatt, EVP and CFO of Universal Display. “During the quarter, momentum in the OLED industry continued to grow, from the launch of new flagship OLED smartphones, to increasing demand for OLED TVs, to announced launch plans for the world’s first foldable OLED display product. It is exciting to see the consumer market’s broadening embrace of OLEDs in a myriad of products, including wearables, smartphones, IT, automotive, TVs, as well as the emergence of OLED lighting.”
Rosenblatt continued, “We believe that OLEDs are fast becoming a requirement for the best consumer display products around the world. As a leading enabler in the ecosystem, we believe that our proprietary phosphorescent materials and technologies are key to unlocking the performance, value, and power efficiency of OLEDs.”
Revenue from material sales increased 100% to $47.0 million in the third quarter, compared with $23.5 million in the third quarter of 2016, due to an increase in phosphorescent emitter sales.
Revenue from royalty and license fees increased 131% to $12.0 million in the third quarter, compared with $5.2 million in the third quarter of 2016.
Operating income increased by $18.8 million to $15.8 million in the third quarter, compared with an operating loss of $3.0 million in the third quarter of 2016. Net income increased by $15.0 million to $13.5 million or $0.28 per diluted share in the third quarter, compared with a net loss of $1.5 million or $0.03 per diluted share in the third quarter of 2016.
Total revenue increased 77% to $219.8 million in the first nine months, compared with $124.3 million in the first nine months of 2016, driven by higher material sales as well as royalty and license fees.
Revenue from material sales increased 100% to $140.5 million in the first nine months, compared with $70.1 million in the first nine months of 2016, due to an increase in phosphorescent emitter sales. Revenue from royalty and license fees increased 38% to $72.7 million in the first nine months, compared with $52.6 million in the first nine months of 2016.
Operating income increased by $54.7 million to $88.4 million in the first nine months, compared with $33.7 million in the first nine months of 2016. Net income increased by $48.8 million to $71.1 million or $1.49 per diluted share in the first nine months, compared with $22.3 million or $0.47 per diluted share in the first nine months of 2016.
