Universal Display reports excellent quarterly results and increases its guidance for 2019

Universal Display reported its financial results for Q2 2019. Revenues were $118.2 million, the operating profit reached $48.7 million and net income was $43.4 million. UDC increased its 2019 revenue guidance to be in the range of $370 million to $390 million. The company ended Q2 with $553 million in cash and equivalents.

UDC PHOLED materials photo (2017)
The Q2 results include about $15-20 million of orders that UDC estimates were pulled-in from the second half of 2019 as Chinese customers build up inventory for trade-related reasons.

Universal Display to show new automotive OLED emitters and an OVJP device prototype

Universal Display announced that next week during SID DisplayWeek it will demonstrate, for the first time, a PHOLED display device that was produced using the company's OVJP process at its recently-installed pilot line system.

UDC emitter and host materials photo

The green OVJP device features a lifetime of over 50,000 hours (LT95) at 1,000 nits. At the tradeshow UDC will also show its latest commercial and development red, yellow, green and blue phosphorescent material systems in its "eco-friendly PHOLED Garden".

UDC reports its financial results for Q4 2018

Universal Display reported its financial results for Q4 2018 - with revenues of $70.1 million and a net income of $19.2 million. UDC increased its quarterly dividend to $0.1 per share, and expects its 2019 revenues to be in the range of $325 to $350 million.

UDC recently adopted a new accounting standard (ASC 606) which lowers its revenue and income in the early stage of each royalty and material sales contact.

UDC reports disappointing Q3 2018 financial results

Universal Display reported its financial results for Q3 2018. Revenues increased 26% from last year, to reach $77.6 million (material sales increased 9% to $51.2 million). Net income was $22.8 million (up from $13.5 million in Q3 2017).

UDC PHOLED materials photo (2017)

UDC lowered its 2018 revenue guidance to $240-250 million. Even though the market has picked up in the quarter for its major customers (SDC and LGD), UDC's revenues and guidance disappointed investors.

Universal Display reports its Q2 2018 financial results

Universal Display reported its financial results for Q2 2018 - with revenues of $56.1 million and a net profit of $10.8 million (without the impact of UDC's new accounting system, the revenues would have been $73.6 million and the net income $25.1 million).

UDC says that the first quarter was the bottom for material shipments for 2018, in Q2 materials sales improved and the company believes that the second half of 2018 will see more growth as it anticipates new OLED smartphones from leading brands - including Apple, Google, Samsung and more. UDC estimates that for 2019, the install base of OLED capacity by meters will increase by around 50% compared to 2017.

UDC reports an excellent Q4 2017, but guidance for 2018 is lower than expected

Universal Display reported its financial results for Q4 2017. Revenues reached a record $115.9 million, up 55% from $74.6 million in Q4 2016. Revenues from material sales were $59.8 million (up 105% from $29.2 million in Q4 2016). Net income was $57.9 million (up from $23.1 million in Q4 2016).

UDC emitter and host materials photo

UDC concluded a very successful 2017. Revenues were $335.6 million (up 68% from $198.9 in 2016) and net income was $103.9 million (up from $48.1 million in 2016). Net income included a onetime charge of $11.5 million from the Tax Cuts and Jobs Act. Net cash generated in 2017 was $133 million.

UDC reports another excellent quarter, raises 2017 guidance

Universal Display reported its financial results for Q3 2017. Revenues in the quarter reached $61.7 million, up 104% from Q3 2016 ($30.2 million) driven by strong material sales and also increased royalty and license fees. Net income in the quarter was $13.5 million (up $15 million from a $1.5 million loss in Q2 2016).

UDC emitter and host materials photo

UDC's material sales increased 100% from Q3 2016 to reach $12 million, while royalties and license fees increased 131% to reach $12 million. UDC increased its revenue guidance for the full year 2017 to $310 million to $320 million. Revenues in the first nine months were $219.8 million.

UDC accelerates its OVJP R&D, shows how the process works

Universal Display recently announced that it is accelerating OVJP R&D, and the company is looking to commercialize this technology with partners. UDC expects it to take a few years before OVJP can really be deployed in production. The company published the video below that shows off the technology and explains the basic principles and advantages.

OVJP stands for Organic Vapor Jet Printing, and the basic idea is to use a gas-stream based process that resembles ink-jet printing but one that uses evaporation OLED materials which outperform soluble ones. In an OVJP process, the OLED materials are evaporated into a carrier gas that delivers them to a jet engine for direct printing of patterned OLED layers. OVJP is intended for large-area OLED displays and can be scaled up to 10-Gen substrates according to UDC.

Universal Display reports strong Q4 2016 results

Universal Display reported its financial results Q4 2016: revenues were $74.6, up 20% from Q4 2015. Material sales were $29.2 million (emitter sales increase 25% over Q3 2016) and Samsung's licensing revenues were $37.5 million. The net income in Q4 2016 was $25.8 million. UDC PHOLED materials photo (2017)

UDC's revenues in 2016 reached $198.9 million, up slightly from 2015 ($191 million) - mostly driven by higher royalty and license fees (commercial material sales revenues were lower than in 2015). Net income in 2016 was $48.1 million, and operating cash flow was $80.3 million.

Q&A with Universal Display's Director of communications

Universal Display Corporation (UDC) is one of the most known OLED company, involved with OLED IP, OLED phopshorescent materials, innovations on flexible OLEDs, production processes and more. As the most prominent public OLED company, the company is interesting to many investors and analysts.

Last year UDC hired Darice Liu to handle communications and investor relations. Darice was kind enough to answer a few questions I had regarding UDC's technology and business. These are interesting times for UDC as the OLED market is growing quickly, OLED TVs and flexible OLEDs are finally appearing on the market, but on the other hand the company is being faced with patent litigation and criticism from some investors (whom I shall not name).

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