Universal Display Corporation (NASDAQ: OLED) shares rose $23.10, or 13.3% to $196.25 after the company reported its third quarter earnings at $0.78 per share, ahead of the Street expectations of $0.57.
Total revenue in the third quarter of 2019 was $97.5 million as compared to $77.6 million in the third quarter of 2018.
Operating income was $40.8 million in the third quarter of 2019 compared to $26.0 million in the third quarter of 2018. On an ASC Topic 605 basis, operating income in the third quarter of 2019 would have been $41.0 million, compared to $40.1 million in the third quarter of 2018.
Net income was $37.0 million in the third quarter of 2019 compared to $22.8 million in the third quarter of 2018.
Said CEO Sidney Rosenblatt "We are pleased to report another quarter of solid results. 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.”
In Thursday’s news release, the company said, that, although the OLED industry is still at an early state where many variables can have a material impact on its growth, and the company thus caveats its financial guidance accordingly, the company now believes that its 2019 revenue will be approximately in the range of $400 million to $410 million.
