Q3 2024 Universal Display Corp Earnings Call Transcript
Key Points
- Universal Display Corp (OLED) reported third-quarter revenue of $162 million, with operating profit and net income reaching $67 million.
- The company is on track for record revenue and earnings in 2024, with year-to-date revenue up 16% from the previous year.
- Significant investments in new OLED facilities are being made, with a total of approximately $20 billion in new Gen 8.6 OLED facilities.
- The OLED market is expanding with new applications in AR/VR devices, smartwatches, smartphones, IT, automotive, and TVs.
- Universal Display Corp (OLED) is making excellent progress on developing a commercial phosphorescent blue emissions system, which is expected to bring significant benefits to the industry.
- The company revised its 2024 revenue forecast range to $625 million to $645 million due to lower-than-expected fourth-quarter sales.
- Customers lowered their forecasts for Q4, impacting the growth rate, which is expected to be more modest than previously projected.
- Material sales in the third quarter decreased compared to the same period last year, with green emitter sales dropping from $68.9 million to $62.6 million.
- The company faces challenges with customer order cuts and inventory adjustments, affecting near-term visibility and growth.
- Material gross margins were lighter compared to previous quarters, influenced by customer and product mix.
Good day, ladies and gentlemen, and welcome to Universal Display Corporation's third-quarter earnings conference call. My name is Sherry, and I will be your conference moderator for today's call. (Operator Instructions)
As a reminder, this conference call is being recorded for replay purposes. I would now like to turn the call over to Darice Liu, Director of Investor Relations. Please proceed.
Thank you and good afternoon, everyone. Welcome to Universal Display's third-quarter earnings conference call. Joining me on the call today are Steve Abramson, President and Chief Executive Officer; and Brian Millard, Vice President and Chief Financial Officer.
Before Steve begins, let me remind you today's call is a property of Universal Display. Any redistribution, retransmission or rebroadcast of any portion of this call in any form without the express written consent of Universal Display is strictly prohibited.
Further, this call is being webcast live and will be made available for a
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