Universal Display Announces 1Q 2021 Financial Results

Universal Display Corporation continues to grow in sales, with revenue growing from $112.3 million to $134 million during the first quarter ended March 31, 2021.

“As OLED momentum continues across the consumer electronics market, we are advancing our robust OLED materials and technology leadership,” said Sidney D. Rosenblatt, EVP and CFO of Universal Display. “Since our last earnings call, we announced new extended OLED Technology License and Material Purchase Agreements with LG Display and Visionox. We also announced that along with PPG, we are jointly establishing a new manufacturing site in Shannon, Ireland, for the production of our highly efficient, high-performing UniversalPHOLED materials. Additionally, Universal Display Corporation was named to Financial Times’ The Americas’ Fastest-Growing Companies 2021 list.”

Revenue from material sales was $79.8 million in the first quarter of 2021 compared to $66.6 million in the first quarter of 2020. Revenue from royalty and license fees was $50.9 million in the first quarter of 2021 as compared to $43.1 million in the first quarter of 2020.

Operating income was $63.6 million in the first quarter of 2021 compared to $44.5 million in the first quarter of 2020. Net income was $51.7 million or $1.08 per diluted share in the first quarter of 2021 compared to $38.2 million or $0.80 per diluted share in the first quarter of 2020.

The company continues to believe that its 2021 revenue will be approximately in the range of $530 million to $560 million.