UDC Q1 revenue down 13% to $130.5M; acquires Merck KGaA OLED patents for $66M

UNIVERSAL DISPLAY CORP PA

Q1 2023 revenue of $130.5M vs $150.5M YoY; net income $39.8M ($0.83 diluted EPS) vs $50.0M ($1.05).
Reaffirms FY 2023 revenue guidance of $550M to $600M; declares Q2 dividend of $0.35/share payable June 30.
Acquired Merck KGaA's phosphorescent OLED emitter patent portfolio for $66M cash; over 550 patents across 172 families.
Multi-year collaboration with Merck KGaA for advanced PHOLED stacks using UDC's green/yellow emitters and Merck's transport/host materials.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

UNIVERSAL DISPLAY CORP PA reported the first quarter ended March 31, 2023 results: revenue $130.5 million, net income $39.8 million, EPS $0.83 per diluted share. Guidance reaffirmed.

Period: the first quarter ended March 31, 2023
Revenue: $130.5 million
Net income: $39.8 million
EPS: $0.83 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

new multi-year collaboration agreement with Merck KGaA, Darmstadt, Germany.” Financial Highlights for the First Quarter of 2023 • Total revenue in the first quarter of 2023 was $130.5 million as compared to $150.5 million in the first quarter of 2022. As we have previously noted, the near-term weakness in the overall global market economy continues to have an impact

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Source: SEC EDGAR

accession 0000950170-23-017191

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