Universal Display Corporation (NASDAQ: OLED) gained ground following a big third-quarter beat. Universal Display also sees FY17 sales ahead of estimates at $310-320 million.
The company is headquartered in Ewing, New Jersey, and announced Thursday that total revenue increased 104% to $61.7 million in the third quarter, compared with $30.2 million in the third quarter of 2016, driven by higher material sales as well as royalty and license fees.
Net income increased by $15 million to $13.5 million or $0.28 per diluted share in the third quarter, compared with a net loss of $1.5 million or $0.03 per diluted share in the third quarter of 2016.
Universal Chief Financial Office Sidney Rosenblatt said, "We are pleased to report another outstanding quarter of solid results. During the quarter, momentum in the OLED industry continued to grow, from the launch of new flagship OLED smartphones, to increasing demand for OLED TVs, to announced launch plans for the world’s first foldable OLED display product.
"It is exciting to see the consumer market’s broadening embrace of OLEDs in a myriad of products, including wearables, smartphones, IT, automotive, TVs, as well as the emergence of OLED lighting."
Moreover, the Company will be paying out a fourth-quarter cash dividend of $0.03 per share on Universal’s common stock, on December 29, to all shareholders of record as of the close of business on December 15.
Universal Display Corporation is a leader in "developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries."
OLED stock sprang up Friday $14.33, or 9.9%, to $158.68.