Universal Display Q4 Profit Rises, Beats Estimates

(RTTNews) - Universal Display Corp. (OLED) said Thursday its profit for the fourth quarter increased, with net income coming in at $57.9 million or $1.24 per share, compared to $5.4 million or $0.12 per share in the prior-year quarter of 2012.

Results for the quarter include a total deferred income tax benefit of $41.4 million, with $59.4 million for the release of income tax valuation allowances offset by the recording of a deferred income tax provision of $17.9 million subsequent to the release.

Excluding these items, adjusted net income for the fourth quarter was $16.5 million or $0.35 per share, compared to $5.4 million or $0.12 per share. On average, thirteen analysts polled by Thomson Reuters expected earnings of $0.34 per share for the quarter.

Revenues for the fourth quarter increased to $49.5 million from $28.1 million in the same quarter last year. Thirteen analysts had a consensus revenue estimate of $46.85 million for the quarter.

Looking ahead to the fiscal year 2014, Universal Display expects revenue in the range of $190 million to $205 million. Fourteen analysts on consensus currently estimate revenues of $198.93 million for the year.