Universal Display (OLED) announces $0.30/share quarterly cash dividend

It was announced today by the Board of Directors for the Universal Display Corporation (OLED) that a second quarter cash dividend of $0.30 per share on the Company’s common stock has been approved. With this approval, the dividend will be payable starting June 30 to shareholders of record on June 16.

In the announcement, it’s also noted that, “The dividend reflects our expected continued cash flow generation, and commitment to return capital to our shareholders. Future dividends will be subject to Board approval.”

The quarterly cash dividend news for shareholders comes alongside “solid first quarter 2022 results” according to Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display Corporation (OLED).

In a summarization of the earnings report from Business Wire, Rosenblatt had a number of things to say regarding what the company has cooking for the future.

“As we look out, we believe that consumer electronic OEMs, panel makers and the ecosystem are setting the stage for a significant new wave of OLED capital investments and OLED market proliferation. Amid this growing OLED market momentum, we continue to make excellent progress in our ongoing development work for a commercial phosphorescent blue emissive system. We reaffirm our belief that we are on track to meet preliminary target specs with our phosphorescent blue by year-end, which should enable the introduction of our all-phosphorescent RGB stack into the commercial market in 2024,” Rosenblatt remarked.

“We believe that the trajectories of the OLED market and of the Company continue to be very bright. With more than two-and-a-half decades of experience and know-how, we are broadening our core competencies, bolstering our worldwide footprint and expanding our global team to fuel our strategic initiatives and increase our first-mover competitive edge. As a key OLED innovations partner, we believe we are well-positioned to continue to participate in a myriad of exciting opportunities that lie ahead in the near-term, mid-term and long-term.”

The Board of Directors for the Universal Display Corporation (OLED) approved a second quarter cash dividend of $0.30 per share.

The report from the Universal Display Corporation (OLED) also included a bulleted list of financial highlights for the end of the first quarter which are as follows:

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.

All in all, it’s exciting to hear that a second quarter cash dividend of $0.30 per share has been approved, and will be payable starting June 30. The earnings report is also full of good news for those invested in the success of the company, as it sounds like the Universal Display Corporation (OLED) is doing well, at least in terms of the first quarter 2022 results.

What are your thoughts on the cash dividend and earnings report? Are you excited about some of the company’s future plans? Let us know in Chatty, and for more finance news, also be sure to read up on how the Blockchain support website for GameStop (GME) is now live.