Universal Display Reports Strong Q4 and FY2022 Results, Exceeding Expectations
EWING, N.J. – Universal Display Corporation (OLED) announced its fourth-quarter and full-year 2022 financial results, surpassing Wall Street analysts' estimates.
Fourth Quarter Highlights:
* Net income: $46 million, or $0.96 per share
* Adjusted earnings per share: $1.22
* Revenue: $162.3 million
Full-Year 2022 Highlights:
* Net income: $222.1 million, or $4.65 per share
* Revenue: $647.7 million
Analysts had projected earnings of $1.07 per share and revenue of $148.7 million for the fourth quarter.
Universal Display attributed its strong results to the growing demand for its organic light-emitting diode (OLED) technology, which is used in displays for smartphones, televisions, and other electronic devices.
The company provided guidance for fiscal 2023, expecting full-year revenue in the range of $640 million to $700 million.