Q2 2024 Universal Display Corp Earnings Call Transcript
Key Points
- Universal Display Corp (OLED) reported solid second-quarter results with revenue of $159 million, an 8% increase year-over-year.
- The company raised the low end of its annual revenue guidance range to $645 million to $675 million, reflecting confidence in future growth.
- OLED tablet panel shipments are expected to triple year-over-year, and OLED notebook panel shipments are expected to almost double year-over-year in 2024.
- The OLED smartphone market is growing, with OLED smartphone shipments surpassing LCD shipments for the first time in Q1 2024.
- Universal Display Corp (OLED) continues to make significant advances in its phosphorescent Blue development, nearing commercial entry specifications.
- The development of the commercial phosphorescent Blue emissive system will take more time than initially expected, extending beyond 2024.
- Second-quarter royalty and license fees decreased to $60 million from $64 million in the prior year's period.
- Adesis second-quarter revenue was $3.5 million, down from $5.1 million in the second quarter of 2023.
- Operating expenses increased year-over-year, primarily due to higher stock-based compensation and continued investments in infrastructure and innovation.
- The company's operating margin decreased to 36% in the second quarter, down from 40% in the prior year period.
Good day, ladies and gentlemen, and welcome to Universal Display Corporation's Second Quarter 2024 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 is being recorded for replay purposes. I would now like to turn the call over to Darice Liu, Senior Director of Investor Relations.
Please proceed.
Thank you, and good afternoon, everyone. Welcome to Universal Display's Second 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 expressed 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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