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'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 also announced another cash dividend of $0.03 per share that will be paid in Q4 2017.
UDC says that the company is making "excellent headway" in its ongoing development work towards a commercial phosphorescent blue emissive system. UDC also continues to advances its work in OVJP process.