Universal Display (OLED) Tops Q3 EPS by 40c, Guides FY Revs Higher
Universal Display (NASDAQ: OLED) reported Q3 EPS of $0.85, $0.40 better than the analyst estimate of $0.45. Revenue for the quarter came in at $117.1 million versus the consensus estimate of $90.03 million.
“We are pleased to report solid third quarter 2020 results,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “Beginning in July, we saw a pick-up in customer orders and UniversalPHOLED shipments and that strength has continued. Looking to the near-term, while ongoing uncertainties related to the COVID-19 pandemic persist, we believe OLED panel momentum will continue in the fourth quarter. Based on our current estimates, we believe 2020 revenues will be approximately in the range of $385 million to $400 million.”
Rosenblatt continued, “For 2021, we expect meaningful growth to resume as new OLED production comes online, new OLED consumer electronic models are launched, and customers continue to advance their OLED commercialization plans. The flexibility and versatility of OLEDs continue to broaden the imagination and transform the definition of what a consumer product can be. As the OLED industry continues to gain strong traction across the landscape of small, medium and large displays, we remain focused on expanding and deepening our leadership position and enabling our customers and the OLED ecosystem.”
Universal Display sees FY2020 revenue of $385-400 million, versus the consensus of $377.1 million.
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