The following is a summary of the Universal Display Corporation (OLED) Q1 2024 Earnings Call Transcript:
Financial Performance:
Universal Display Corporation (OLED) reported Q1 2024 revenue of $165 million, marking a 27% year-over-year increase from Q1 2023.
Material sales were significant contributors, with green emitter sales contributing $71 million and red emitter sales contributing $21 million.
After a cost of sales amounting to $37 million, the resulting total gross margin was 78%, an improvement from the previous year's first-quarter total gross margins of 75%.
The company has raised annual revenue guidance for 2024, projecting a range between $635 million and $675 million.
Business Progress:
A key driver of growth appears to be an evident uptick in the OLED IT sector, with various device makers launching new OLED products.
Samsung's upcoming Gen 8.6 OLED IT production line set to commence mass production in 2026, is anticipated to scale-up OLED availability significantly.
The corporation is making promising progress in developing a commercially viable phosphorescent blue emissive system targeted to be market-ready by 2024.
Advancements are being made with Organic Vapor Jet Printing technology aimed at streamlining the OLED TV manufacturing process.
OEM partners are expected to increase OLED TV shipments by more than 30% YOY – from 5.3 million units in 2023 to 7.2 million units in 2024.
Investments are being made into personnel, global infrastructure, and innovation, with a projected increase in operating expenses between 10% and 15% for 2024.
More details: Universal Display IR
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