05.06.24
Universal Display reported financial results for the first quarter ended March 31, 2024.
Total revenue in the first quarter of 2024 was $165.3 million as compared to $130.5 million in the first quarter of 2023. Revenue from material sales was $93.3 million in the first quarter of 2024 as compared to $70.2 million in the first quarter of 2023. The increase in material sales was primarily due to strengthened demand for our emitter materials.
Revenue from royalty and license fees was $68.3 million in the first quarter of 2024 as compared to $55.2 million in the first quarter of 2023. The increase in royalty and license fees was primarily the result of higher unit material volume, partially offset by a reduced cumulative catch-up adjustment.
“We began the year on a strong note with solid first quarter results across the board,” said Brian Millard, VP and CFO of Universal Display Corporation. “With the OLED IT market poised for significant growth, continued OLED proliferation in smartphones and TVs, and projected expansion of foldables, we see meaningful opportunities across multiple market verticals.
"As we approach UDC’s 30th anniversary next month, we reflect on our amazing journey that has been marked by relentless innovation, exponential growth, and the materialization of products that were once distant dreams," added Millard. "As we look forward, we are excited to reach even greater heights in the future and continue to make a lasting impact on the OLED industry.”
Cost of material sales was $34.1 million in the first quarter of 2024 as compared to $29.5 million in the first quarter of 2023. The increase in cost of material sales was primarily due to an increase in the level of materials sales, partially offset by a $3.3 million decrease in inventory reserve expense.
Total gross margin was 78% in the first quarter of 2024 as compared to 75% in the first quarter of 2023. Operating income was $62.9 million in the first quarter of 2024 as compared to $45.4 million in the first quarter of 2023.
Total revenue in the first quarter of 2024 was $165.3 million as compared to $130.5 million in the first quarter of 2023. Revenue from material sales was $93.3 million in the first quarter of 2024 as compared to $70.2 million in the first quarter of 2023. The increase in material sales was primarily due to strengthened demand for our emitter materials.
Revenue from royalty and license fees was $68.3 million in the first quarter of 2024 as compared to $55.2 million in the first quarter of 2023. The increase in royalty and license fees was primarily the result of higher unit material volume, partially offset by a reduced cumulative catch-up adjustment.
“We began the year on a strong note with solid first quarter results across the board,” said Brian Millard, VP and CFO of Universal Display Corporation. “With the OLED IT market poised for significant growth, continued OLED proliferation in smartphones and TVs, and projected expansion of foldables, we see meaningful opportunities across multiple market verticals.
"As we approach UDC’s 30th anniversary next month, we reflect on our amazing journey that has been marked by relentless innovation, exponential growth, and the materialization of products that were once distant dreams," added Millard. "As we look forward, we are excited to reach even greater heights in the future and continue to make a lasting impact on the OLED industry.”
Cost of material sales was $34.1 million in the first quarter of 2024 as compared to $29.5 million in the first quarter of 2023. The increase in cost of material sales was primarily due to an increase in the level of materials sales, partially offset by a $3.3 million decrease in inventory reserve expense.
Total gross margin was 78% in the first quarter of 2024 as compared to 75% in the first quarter of 2023. Operating income was $62.9 million in the first quarter of 2024 as compared to $45.4 million in the first quarter of 2023.