Press release
Universal Display Corporation Announces Second Quarter 2023 Financial Results
EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED®
About this update from Universal Display Corporation
[{"type":"text","content":" EWING, N.J.--(BUSINESS WIRE)--\nUniversal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the second quarter ended June 30, 2023.\n\n\n“We are pleased with our solid performance and results in the second quarter. Our full year revenue projections are aligning closely to prior expectations, and we have narrowed our guidance accordingly,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “The OLED industry continues to lay the groundwork for promising growth in 2024 and beyond as the OLED IT adoption wave is poised to commence. As a key enabler in the ecosystem, we continue to support the market's growth by leveraging our nearly three decades of innovation and know-how, investing in new and next-generation OLED solutions, and delivering increasing value to our customers.”\n\n\nFinancial Highlights for the Second Quarter of 2023\n\n\n\nTotal revenue in the second quarter of 2023 was $146.6 million as compared to $136.6 million in the second quarter of 2022.\n\n\n\nRevenue from material sales was $77.1 million in the second quarter of 2023 as compared to $71.9 million in the second quarter of 2022. This increase was primarily due to greater sales volumes of our emitter material.\n\n\n\nRevenue from royalty and license fees was $64.4 million in the second quarter of 2023 as compared to $60.3 million in the second quarter of 2022. This increase was primarily the result of higher sales volume of material.\n\n\n\nCost of material sales was $28.6 million in the second quarter of 2023 as compared to $25.0 million in the second quarter of 2022.\n\n\n\nTotal gross margin was 78% in the second quarter of 2023 as compared to 80% in the second quarter of 2022. Shannon facility costs of $3.9 million during the second quarter of 2023 contributed to a 2% decrease in total gross margin between periods.\n\n\n\nOperating income was $58.6 million in the second quarter of 2023 as compared to $53.3 million in the second quarter of 2022.\n\n\n\nNet income was $49.7 million or $1.04 per diluted share in the second quarter of 2023 as compared to $41.5 million or $0.87 per diluted share in the second quarter of 2022.\n\n\n\nRevenue Comparison\n\n\n\n\n($ in thousands)\n\n\n\n\n\n\n \n\n...