Universal Display (OLED) Tops Q3 EPS by 1c; Guides
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Universal Display (NASDAQ: OLED) reported Q3 EPS of ($0.03), $0.01 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $30.2 million versus the consensus estimate of $32.95 million.
Universal Display sees FY2016 revenue of $190-200 million, versus the consensus of $195.2 million.
“Our third quarter 2016 results were in line with our expectations for the year. As we noted last quarter, while our revenue growth expectations have been delayed until 2017, this year has continued to be a meaningful year to build and prepare for that future growth. Leading panel makers are building capacity for the next wave of high volume OLED production to begin ramping next year, OEMs are building new OLED product roadmaps, and we are building our infrastructure to meet the growing needs of our expanding customer base,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display.
Rosenblatt continued, “As we anticipate resuming our growth trajectory in 2017, we continue to build up our core competencies. The display and lighting industries are evolving, and we believe we are well positioned to continue to play a pivotal role in the OLED market’s future. We have expanded our global footprint, increased our headcount to approximately 200 employees, bolstered our IP portfolio to over 4,200 issued and pending patents worldwide, and continue to broaden our rich portfolio of proprietary OLED technologies and phosphorescent materials. These investments, in addition to our other strategic initiatives, buttress our committed path of continuous innovation and next-generation solutions, our strong leadership position in the OLED ecosystem, and our confidence in the long-term growth path of OLEDs.”
For earnings history and earnings-related data on Universal Display (OLED) click here.
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