Universal Display (NASDAQ:OLED) just reported results for the first quarter of 2014. Compared to the year-ago quarter, Universal Display swung from $0.10 GAAP loss per share to a $0.09 profit. Revenue surged 150% higher, landing at $37.8 million. Analysts were expecting earnings of $0.02 per share on $31 million in revenue; the company breezed past both targets.
Looking ahead, Universal Display pinned its full-year revenue guidance to the high end of its previous $190 million to $205 million range. Street firms are currently looking for full-year sales near $199 million.
First-quarter sales were driven by strong orders for red and green OLED emitters, as well as green host materials. Material sales jumped 177% year over year. License royalties were not a factor in this period, falling between two payments from largest customer Samsung Display. As a reminder, Samsung's license payments will increase from $40 million in 2013 to $50 million this year.
Universal Display CFO Sid Rosenblatt highlighted Universal's ability to deliver the right materials on demand, along with growing OLED manufacturing operations on a global level. "In recent months, we were very pleased to see new products, including flagship launches, showcasing our phosphorescent OLED materials and technologies," Rosenblatt said in a prepared statement. "Looking forward, we are excited about new growth opportunities in the mobile, wearable, TV and lighting markets."
Following the report, Universal Display shares jumped more than 10% higher in after-hours trading.
Anders Bylund owns shares of Universal Display. The Motley Fool recommends and owns shares of Universal Display. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.