05.09.22
Universal Display Corporation reported financial results for the first quarter ended March 31, 2022.
Total revenue in the first quarter of 2022 was $150.5 million as compared to $134.0 million in the first quarter of 2021.
Revenue from material sales was $86.7 million in the first quarter of 2022 as compared to $79.8 million in the first quarter of 2021. Revenue from royalty and license fees was $59.8 million in the first quarter of 2022 as compared to $50.9 million in the first quarter of 2021.
Operating income was $62.3 million in the first quarter of 2022 as compared to $63.6 million in the first quarter of 2021. Net income was $50.0 million or $1.05 per diluted share in the first quarter of 2022 as compared to $51.7 million or $1.08 per diluted share in the first quarter of 2021.
“We are pleased to report solid first quarter 2022 results,” said Sidney D. Rosenblatt, EVP and CFO of Universal Display Corporation. “As we look out, we believe that consumer electronic OEMs, panel makers and the ecosystem are setting the stage for a significant new wave of OLED capital investments and OLED market proliferation. Amid this growing OLED market momentum, we continue to make excellent progress in our ongoing development work for a commercial phosphorescent blue emissive system. We reaffirm our belief that we are on track to meet preliminary target specs with our phosphorescent blue by year-end, which should enable the introduction of our all-phosphorescent RGB stack into the commercial market in 2024.”
Rosenblatt continued, “We believe that the trajectories of the OLED market and of the company continue to be very bright. With more than two-and-a-half decades of experience and know-how, we are broadening our core competencies, bolstering our worldwide footprint and expanding our global team to fuel our strategic initiatives and increase our first-mover competitive edge. As a key OLED innovations partner, we believe we are well-positioned to continue to participate in a myriad of exciting opportunities that lie ahead in the near-term, mid-term and long-term.”
Total revenue in the first quarter of 2022 was $150.5 million as compared to $134.0 million in the first quarter of 2021.
Revenue from material sales was $86.7 million in the first quarter of 2022 as compared to $79.8 million in the first quarter of 2021. Revenue from royalty and license fees was $59.8 million in the first quarter of 2022 as compared to $50.9 million in the first quarter of 2021.
Operating income was $62.3 million in the first quarter of 2022 as compared to $63.6 million in the first quarter of 2021. Net income was $50.0 million or $1.05 per diluted share in the first quarter of 2022 as compared to $51.7 million or $1.08 per diluted share in the first quarter of 2021.
“We are pleased to report solid first quarter 2022 results,” said Sidney D. Rosenblatt, EVP and CFO of Universal Display Corporation. “As we look out, we believe that consumer electronic OEMs, panel makers and the ecosystem are setting the stage for a significant new wave of OLED capital investments and OLED market proliferation. Amid this growing OLED market momentum, we continue to make excellent progress in our ongoing development work for a commercial phosphorescent blue emissive system. We reaffirm our belief that we are on track to meet preliminary target specs with our phosphorescent blue by year-end, which should enable the introduction of our all-phosphorescent RGB stack into the commercial market in 2024.”
Rosenblatt continued, “We believe that the trajectories of the OLED market and of the company continue to be very bright. With more than two-and-a-half decades of experience and know-how, we are broadening our core competencies, bolstering our worldwide footprint and expanding our global team to fuel our strategic initiatives and increase our first-mover competitive edge. As a key OLED innovations partner, we believe we are well-positioned to continue to participate in a myriad of exciting opportunities that lie ahead in the near-term, mid-term and long-term.”