Universal Display (OLED), a key supplier of technology and materials for organic light-emitting diode, or OLED, displays and lighting, late Thursday beat Wall Street's targets for the second quarter, sending its stock higher in extended trading.
XThe Ewing, N.J.-based company earned 23 cents a share on sales of $56.1 million in the June quarter. Analysts expected it to earn 15 cents a share on sales of $49.6 million. In the year-earlier quarter, it earned 99 cents a share on sales of $102.5 million.
Universal Display stock popped 10% in after-hours trading on the stock market today. During the regular session, it dipped 0.8% to 101.15.
"In the second quarter, we saw material sales improving off what we believed to be a first quarter 'bottom' for material shipments," Chief Executive Sidney Rosenblatt said in a news release.
Pickup In Orders, Revenue Seen
Universal Display expects to see a pickup in orders and revenue in the second half of the year as device manufacturers launch new products with OLED displays, Rosenblatt said. For instance, Apple (AAPL) is expected to introduce two new OLED screen iPhones in September.
"As we look to 2019, we continue to anticipate it to be a meaningful year of growth," Rosenblatt said. "We believe that 2019 is poised to be a pivotal year for the OLED industry."
Display manufacturers are getting ready to open new OLED production lines. The resulting increase in OLED capacity should drive wider adoption of the technology in consumer electronics, Rosenblatt said.
Foldable-Screen Smartphone Coming?
"Additionally, we expect the long-awaited introduction of the world's first foldable OLED product next year to pave the cutting-edge and innovative form factor path," Rosenblatt said. Samsung reportedly is working on a smartphone with a folding OLED screen.
"From conformable, to foldable, to rollable, the disruptive and exciting force of OLEDs promises to enlarge the industry with new applications and new markets the imagination has yet to devise," Rosenblatt said.
Universal Display reiterated its full-year guidance of revenue in the range of $280 million to $310 million.
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The post OLED Kingpin Universal Display Rises On Second-Quarter Beat appeared first on Investor's Business Daily.
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