Universal Display Corporation Announces First Quarter 2021 Financial Results
Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for 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, Executive Vice President and Chief Financial Officer 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.”
Rosenblatt continued, “Last month, we celebrated our twenty-fifth year as a Nasdaq-listed company by virtually ringing the opening bell. It was an incredible milestone that we shared with our employees, customers, partners, and all of our stakeholders. Since our inception, Universal Display Corporation has stood for ‘Vision, Innovation and Reality’ and we have invested approximately
Financial Highlights for the First Quarter of 2021
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Total revenue in the first quarter of 2021 was
$134.0 million as compared to$112.3 million in the first quarter of 2020. -
Revenue from material sales was
$79.8 million in the first quarter of 2021 as 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. -
Cost of materials was
$21.0 million in the first quarter of 2021 as compared to$20.2 million in the first quarter of 2020. -
Operating income was
$63.6 million in the first quarter of 2021 as 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 as compared to$38.2 million or$0.80 per diluted share in the first quarter of 2020.
Revenue Comparison
($ in thousands) |
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Three Months Ended March 31, |
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2021 |
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2020 |
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Material sales |
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$ |
79,808 |
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$ |
66,575 |
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Royalty and license fees |
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50,886 |
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43,078 |
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Contract research services |
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3,306 |
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2,624 |
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Total revenue |
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$ |
134,000 |
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$ |
112,277 |
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Cost of Materials Comparison
($ in thousands) |
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Three Months Ended March 31, |
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2021 |
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2020 |
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Material sales |
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$ |
79,808 |
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$ |
66,575 |
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Cost of material sales |
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20,999 |
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20,211 |
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Gross margin on material sales |
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58,809 |
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46,364 |
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Gross margin as a % of material sales |
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2021 Guidance
The Company continues to believe that its 2021 revenue will be approximately in the range of
Dividend
The Company also announced a second quarter cash dividend of
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on May 6, 2021 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
Follow Universal Display Corporation
(OLED-C)
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) |
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March 31, 2021 |
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December 31, 2020 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
726,279 |
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$ |
630,012 |
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Short-term investments |
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720 |
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99,996 |
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Accounts receivable |
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91,327 |
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82,261 |
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Inventory |
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101,422 |
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91,591 |
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Other current assets |
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39,587 |
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20,746 |
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Total current assets |
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959,335 |
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924,606 |
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PROPERTY AND EQUIPMENT, net of accumulated depreciation of |
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107,815 |
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102,113 |
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ACQUIRED TECHNOLOGY, net of accumulated amortization of |
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65,106 |
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70,253 |
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OTHER INTANGIBLE ASSETS, net of accumulated amortization of |
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10,641 |
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10,685 |
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GOODWILL |
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15,535 |
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15,535 |
Universal Display Corporation
NASDAQ:OLEDOLED RankingsOLED Latest NewsOLED Stock Data
8.38B
43.76M
7.7%
82.14%
1.92%
Semiconductor and Related Device Manufacturing
Manufacturing
United States of America
EWING
About OLEDuniversal display corporation (nasdaq: oled) is lighting up the oled revolution with its proprietary oled technologies and proprietary phosphorescent materials. the company is a world-class ip innovator, technology developer, patent licensor and materials supplier for the rapidly growing oled markets. we are 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. founded in 1994, the company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 4,500 issued and pending patents worldwide. universal display licenses its proprietary technologies, including its breakthrough high-efficiency universalpholed® phosphorescent oled technology, that can enable the development of low power and eco-friendly displays and lighting. the company also develops and offers high-quality, state-of-the-art universalpholed materials that are recognized as ke
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