Citing new quarterly revenue records as well as a new long-term collaboration, Universal Display reported excellent financial results for the fourth quarter and full year ended Dec. 31, 2020.
Total revenue in the fourth quarter of 2020 was $141.5 million compared to $101.7 million in 4Q 2019. Of that, material sales were $62.5 million in 4Q 2020 compared to $60.8 million in the previous year. Revenue from royalty and license fees was $75 million in 4Q 2020 compared to $37.8 million in the fourth quarter of 2019.
Operating income was $65.8 million in the fourth quarter of 2020 compared to $34.5 million in the fourth quarter of 2019. Net income was $53.9 million or $1.13 per diluted share in the fourth quarter of 2020 compared to $26.4 million or $0.56 per diluted share in the fourth quarter of 2019.
Total revenue for the full year of 2020 was $428.9 million compared to $405.2 million for the full year of 2019. That breaks down to material sales of $229.7 million for the full year of 2020 compared to $243.4 million for the full year ended 2019, and royalty and license fees of $185.1 million for the full year of 2020 compared to $150 million for the full year of 2019.
Operating income was $157.5 million for the full year of 2020 compared to $158.3 million for the full year of 2019. Net income was $133.4 million or $2.80 per diluted share for the full year of 2020 as compared to $138.3 million or $2.92 per diluted share for the full year of 2019.
“2020 was an unprecedented year,” said Sidney D. Rosenblatt, EVP and CFO of Universal Display. “During the year, we announced long-term agreements with China Star Optoelectronics, achieved record quarterly revenue of $141.5 million in the fourth quarter, celebrated the 20th anniversary of our strategic partnership with PPG, and established OVJP Corporation to advance the commercialization of our groundbreaking OLED TV manufacturing technology.
“In addition, we expanded our corporate social responsibility initiatives, and were recognized by Fortune as one of the world’s 100-Fastest Growing Companies and Newsweek as one of America’s Most Responsible Companies,” Rosenblatt added.
