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EWING, N.J. - Universal Display Corporation (NASDAQ:OLED) reported fourth-quarter 2024 results that exceeded revenue expectations but fell short on earnings, sending shares up 1.6% in after-hours trading.
The OLED technology and materials company posted revenue of $162.29 million, surpassing analyst estimates of $151.17 million and marking a 2.5% increase from $158.3 million in the same quarter last year. However, earnings per share came in at $0.96, missing the consensus forecast of $1.08.
Material sales rose 13.4% YoY to $93.3 million, driven by stronger demand for emitter materials. Royalty and license fees declined 11.6% to $64.4 million due to reduced cumulative catch-up adjustments and changes in customer mix.
"We are pleased to report that 2024 was a record-breaking year of solid financial performance," said Brian Millard, Vice President and CFO of Universal Display. "Across the OLED industry, product roadmaps are expanding, and leading panel makers are investing in new fabs to meet the increasing demand, particularly in the emerging IT and automotive markets."
For the full year 2024, Universal Display reported total revenue of $647.7 million, up 12.4% from $576.4 million in 2023. Net income rose to $222.1 million, or $4.65 per diluted share, compared to $203.0 million, or $4.24 per diluted share, in the previous year.
Looking ahead, the company provided 2025 revenue guidance of $640 million to $700 million. The midpoint of this range, $670 million, suggests potential growth of 3.4% from 2024 levels. The guidance is significantly lower than analyst expectations of $715.8 million.
Universal Display also declared a quarterly dividend of $0.45 per share, payable on March 31, 2025, to shareholders of record as of March 17, 2025.
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