Published on 3 May 2024 on Zacks via Yahoo Finance
Universal Display (OLED) Q1 Earnings Beat on High Material Sales
Universal Display Corporation OLED reported strong first-quarter 2024 results, with both the bottom and top lines surpassing the respective Zacks Consensus Estimate. The company reported a top-line expansion year over year, backed by solid demand for emitter materials and improvement in royalty and license fees. The company is witnessing strong OLED proliferation in smartphones and TVs. The growing usage of OLED displays among major device makers such as Samsung and Panasonic is a tailwind.
Net Income
Net income in the first quarter was $56.9 million or $1.19 per share compared with $39.8 million or 83 cents per share in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate by 14 cents. The improvement was primarily attributed to net sales growth year over year.