Universal Display (OLED) announced their Q1 2022 earnings results today. The company beat both revenue and EPS expectations while also announcing a cash dividend.
Universal Display expectations were for 95 cents per share but came in at $1.05 per share. Revenue was expected to be $144.46 million and came in at $150.5 million. Below are some of the standout points from the Universal Display release:
Total revenue in the first quarter of 2022 was $150.5 million as compared to $134.0 million in the first quarter of 2021
Revenue from material sales was $86.7 million in the first quarter of 2022 as compared to $79.8 million in the first quarter of 2021
Revenue from royalty and license fees was $59.8 million in the first quarter of 2022 as compared to $50.9 million in the first quarter of 2021
Cost of materials was $29.9 million in the first quarter of 2022 as compared to $21.0 million in the first quarter of 2021
Operating income was $62.3 million in the first quarter of 2022 as compared to $63.6 million in the first quarter of 2021
Net income was $50.0 million or $1.05 per diluted share in the first quarter of 2022 as compared to $51.7 million or $1.08 per diluted share in the first quarter of 2021
Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display Corporation had this to say regarding the Q1 2022 results:
Worth noting is that the Universal Display Corporation stock is up in afterhours. They company also announced a cash dividend, which could be an indication that the company is confident in their cash flow going forward. You can read more about their Q1 2022 results using the Universal Display Corporation topic on Shacknews, or you can check out our earnings report topic for more coverage on technology and gaming companies in general.