Universal Display reports strong results for Q1 2014

Universal Display reported their financial results for Q1 2014 - and the company had another great quarter. Revenues were $37.8 million (compared to $15 million in Q1 2013) and net income was $4.0 million. This does not include Samsung's license fees which will be $50 million in 2014, and will be paid in Q2 and Q4.

Green emitter sales were $17.2 million (up from $11.6 in Q4 2013, and 4.6 a year ago). Green host sales were $12.4 million (up from $9.3 million in Q4 2013 and 3.1 a year ago). Red emitter sales were $3.9 million (up from $2.8 million in Q4 2013 and Q1 2013). UDC now expects 2014 revenues to reach the high end of its $190 million to $205 million guidance range.

A couple of weeks ago it was reported that Samsung's Cheil Industries says will start supplying Samsung Display with phosphorescent green host, replacing UDC's materials, and it was even speculated that the GS5 already uses the new host. Obviously UDC still supplies Samsung with green host materials, and the company is committed to aggressively pursue this business as they believe they can make the best host materials. UDC expects to continue and sell their green host.

Finally UDC announced they signed a new customer agreement with BOE Display in China. This is an evaluation agreement. BOE is expected to start producing AMOLED panels in its 5.5-Gen LTPS fab in Ordos towards the end of 2014. The company is also developing plastic-based flexible OLED panels at the same fab.



Disclosure: the author of this post holds some shares in Universal Display

Posted: May 09,2014 by Ron Mertens