11.05.19
Universal Display reported financial results for the third quarter ended Sept. 30, 2019.
“We are pleased to report another quarter of solid results,” said Sidney D. Rosenblatt, EVP and CFO of Universal Display. “During the quarter, OLED activity continued to gain strength on a global scale. As a result, we are raising our 2019 revenue guidance and believe that we are well on track to deliver record revenues and earnings for the year, and expect this strength to continue into 2020.
“We believe that the proliferation of OLEDs across the consumer electronics spectrum is fueling a tremendous multi-year capex cycle,” Rosenblatt continued, “As panel makers continue to shift more of their focus to OLEDs as the future of displays, we are seeing a corresponding increase in OLED investment momentum. Based on our current forecasts and industry data, we believe market growth will continue and estimate that the installed capacity base of OLEDs at the end of 2021, as measured in square meters, will increase by approximately 50% over the installed capacity base at the end of 2019.”
Total revenue in the third quarter of 2019 was $97.5 million as compared to $77.6 million in the third quarter of 2018. On the basis of ASC Topic 605 (the applicable accounting standard prior to the adoption of ASC Topic 606), total revenue in the third quarter of 2019 would have been $97.7 million, compared to $91.6 million in 3Q 2018.
Revenue from material sales was $51.8 million in the third quarter of 2019 as compared to $51.2 million in the third quarter of 2018. Revenue from royalty and license fees was $43 million in the third quarter of 2019 compared to $23.3 million in 3Q 2018.
Operating income was $40.8 million in the third quarter of 2019 compared to $26 million in the third quarter of 2018. Net income was $37.0 million or $0.78 per diluted share in the third quarter of 2019 compared to $22.8 million or $0.48 per diluted share in 3Q 2018.
Total revenue in the first nine months of 2019 was $303.4 million as compared to $177.3 million in the first nine months of 2018. Revenue from material sales was $182.7 million in the first nine months of 2019 as compared to $113.3 million in the first nine months of 2018. Revenue from royalty and license fees was $112.2 million in the first nine months of 2019 as compared to $54.8 million in the first nine months of 2018.
Operating income was $123.9 million in the first nine months of 2019, compared to $41.5 million in the first nine months of 2018. Net income was $111.9 million or $2.36 per diluted share in the first nine months of 2019 compared to $39.6 million or $0.83 per diluted share in the first nine months of 2018.
“We are pleased to report another quarter of solid results,” said Sidney D. Rosenblatt, EVP and CFO of Universal Display. “During the quarter, OLED activity continued to gain strength on a global scale. As a result, we are raising our 2019 revenue guidance and believe that we are well on track to deliver record revenues and earnings for the year, and expect this strength to continue into 2020.
“We believe that the proliferation of OLEDs across the consumer electronics spectrum is fueling a tremendous multi-year capex cycle,” Rosenblatt continued, “As panel makers continue to shift more of their focus to OLEDs as the future of displays, we are seeing a corresponding increase in OLED investment momentum. Based on our current forecasts and industry data, we believe market growth will continue and estimate that the installed capacity base of OLEDs at the end of 2021, as measured in square meters, will increase by approximately 50% over the installed capacity base at the end of 2019.”
Total revenue in the third quarter of 2019 was $97.5 million as compared to $77.6 million in the third quarter of 2018. On the basis of ASC Topic 605 (the applicable accounting standard prior to the adoption of ASC Topic 606), total revenue in the third quarter of 2019 would have been $97.7 million, compared to $91.6 million in 3Q 2018.
Revenue from material sales was $51.8 million in the third quarter of 2019 as compared to $51.2 million in the third quarter of 2018. Revenue from royalty and license fees was $43 million in the third quarter of 2019 compared to $23.3 million in 3Q 2018.
Operating income was $40.8 million in the third quarter of 2019 compared to $26 million in the third quarter of 2018. Net income was $37.0 million or $0.78 per diluted share in the third quarter of 2019 compared to $22.8 million or $0.48 per diluted share in 3Q 2018.
Total revenue in the first nine months of 2019 was $303.4 million as compared to $177.3 million in the first nine months of 2018. Revenue from material sales was $182.7 million in the first nine months of 2019 as compared to $113.3 million in the first nine months of 2018. Revenue from royalty and license fees was $112.2 million in the first nine months of 2019 as compared to $54.8 million in the first nine months of 2018.
Operating income was $123.9 million in the first nine months of 2019, compared to $41.5 million in the first nine months of 2018. Net income was $111.9 million or $2.36 per diluted share in the first nine months of 2019 compared to $39.6 million or $0.83 per diluted share in the first nine months of 2018.