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Last Update: 10-May-13 07:39 ET
Universal Display shares little changed following miss on earnings
Universal Display (PANL $33.50 +0.15) reported first quarter GAAP loss of $0.10 per share, $0.02 worse than the GAAP Capital IQ consensus of ($0.08), while revenues rose 18.9% year/year to $14.98 million versus the $14.35 million consensus. The company reaffirmed guidance for fiscal year 2013 with revenues of $100-125 million versus the$117.81 million Capital IQ consensus. "Commercial material revenues were up 40% in the first quarter as we began shipping production quantities of both green emitter and host materials...With two different color materials shipping at production volumes, we now have more than twice as much content in commercial products than at any previous point in the company's history. As we build our organization to capitalize on this emerging market, we believe we can achieve attractive gross margins and leverage our fixed infrastructure to create excellent returns for shareholders." FY13 Guidance Details: The company's arrangement with SDC provides a substantial amount of visibility into its potential future financial performance. Although the OLED industry is still at a stage where many variables can have a material effect on growth, in an effort to increase our transparency, Universal Display is providing the following financial guidance. Again with the caveat that the OLED industry is still in an early stage, the company believes that its revenues will be in the range of $110 million to $125 million for fiscal 2013.
