Universal Display reported its latest financial results, for Q2 2022, with revenues of $136.6 million, an operating profit of $53.3 million and a net income of $41.5 million. These results were less than expected by analysts. The company ended the quarter with $834 million in cash and equivalents.
UDC's 2021 revenues were a record high of $554 million, with a net profit of $184 million. UDC expects the OLED industry to continue to grow in 2022, and the company believes its revenues in 2022 will be between $625 million to $650 million (an increase of 12% - 17%).
UDC says that 2024 is shaping up to be a pivotal year for the OLED industry, with a new wave of 6-Gen and 8.5-Gen production lines in the works, and increased production of medium and large-area OLED panels. Many leading display makers, such as Samsung, LGD, BOE, Tianma, CSoT and Visionox are reviewing new investment plans.
Regarding its blue PHOLED project, UDC continues to beklieve it is on track to meet preliminary target specs by the end of 2022, and introduce a commercial blue PHOLED in 2024.
UDC is revising its 2022 revenue forecast to $600 million, plus or minus $10 million, due to increasing macro uncertainty and volatility. This is down from its estimate at the end of 2021 of $625 million to $650 million. The company's 2021 revenues were $554 million, so the company expects a growth of 6% to 10%.