Universal Display Swings To Profit, Lifts FY14 Outlook; Stock Up

(RTTNews) - Organic LED technology company Universal Display Corp. (OLED), Thursday reported a swing to profit in the first quarter, as revenues more-than-doubled. Both earnings and revenues trumped Wall Street estimates. The company also lifted its full-year revenue outlook. Universal Display shares surged 11 percent in after-hours trade.

Universal Display reported a first-quarter profit of $4.0 million or $0.09 per share, compared to a loss of $4.8 million or $0.10 per share last year. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Universal Display's first-quarter revenues increased to $37.8 million from $15.0 million last year. Analysts expected revenues of $31.01 million for the quarter. Revenue growth was driven by a 177 percent increase in material sales, reflecting robust volume growth in sales of red emitter, green emitter and green host materials.

CFO Sidney Rosenblatt said, "Our solid execution in delivering high performance, quality assured, proprietary phosphorescent emitters and hosts to our growing list of OLED customers, coupled with increasing production activity, resulted in strong revenues, operating income and earnings in the first quarter."

Moving ahead, the company now expects revenues to reach the high end of its $190 million to $205 million guidance range. Analysts currently expect full-year revenues of $199.20 million.

OLED closed Thursday's trading at $24.87, up $0.26 or 1.06%, on the Nasdaq. The stock further gained $2.68 or 10.78% in after-hours trade.