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.
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.
UDC updates that it has, for the first time, demonstrated panels produced using its OVJP pilot system. The panels achieved lifetime of over 50,000 ours (LT95 @ 1,000 nits) for a green PHOLED which is very encouraging for very early data. UDC received the third and last chamber in its pilot OVJP system, which will enable the company to make full-color panels.
Universal Display also updates that it has established a network of OLED materials partnerships, and will announce some of these in the coming months. The company is developing new host materials and has been working on a new host commercialization roadmap. Some of its new partners will commercialize UDC's hosts that will complement UDC's phosphorescent emitters.