Universal Display slashes 2022 revenue forecast to ~$600M, CFO retiring

UNIVERSAL DISPLAY CORP PA

2022-Q2 EPS reported $1.92 revenue$287,031,000

Q2 revenue $136.6M (+5% YoY); EPS $0.87 vs $0.85; material sales fell 7% to $71.9M.
FY2022 revenue guidance cut to ~$600M ±$10M citing macro uncertainty and lower customer forecasts.
CFO Sidney Rosenblatt retiring Dec 30; CFO duties cease Sep 6; Brian Millard hired as new CFO.
Q3 cash dividend maintained at $0.30/share, payable Sep 30, 2022, record Sep 16.
Royalty revenue included $8.8M cumulative catch-up adjustment due to reduced future volume estimates.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Brian Millard

Vice President of Finance, Chief Financial Officer and Treasurer

OLED · UNIVERSAL DISPLAY CORP PA

Effective: 2022-09-06
Filed: August 4, 2022, 7:59 PM ET

the Company also announced that it has hired Brian Millard, 39, to become the Company’s Vice President of Finance, Chief Financial Officer and Treasurer, effective September 6, 2022

Departed

Sidney D. Rosenblatt

Executive Vice President, Chief Financial Officer, Treasurer and Secretary

OLED · UNIVERSAL DISPLAY CORP PA

Effective: 2022-09-06
Successor: Brian Millard
Filed: August 4, 2022, 7:59 PM ET

he will cease to serve as the Company’s Chief Financial Officer, Treasurer and Secretary effective September 6, 2022

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Millard was appointed as Vice President of Finance, Chief Financial Officer and Treasurer at UNIVERSAL DISPLAY CORP PA.

Action: hired
Role: Vice President of Finance, Chief Financial Officer and Treasurer

Exact text from the filing

the Company also announced that it has hired Brian Millard, 39, to become the Company’s Vice President of Finance, Chief Financial Officer and Treasurer, effective September 6, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Sidney D. Rosenblatt retired as Executive Vice President, Chief Financial Officer, Treasurer and Secretary at UNIVERSAL DISPLAY CORP PA.

Action: retired
Role: Executive Vice President, Chief Financial Officer, Treasurer and Secretary

Exact text from the filing

he will cease to serve as the Company’s Chief Financial Officer, Treasurer and Secretary effective September 6, 2022

View on SEC.gov

UNIVERSAL DISPLAY CORP PA filing history →

Source: SEC EDGAR

accession 0000950170-22-014781

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