What happened

Shares of Universal Display Corporation (NASDAQ:OLED) were up 24.1% as of 12:30 p.m. EDT on Friday after the OLED technologist announced stellar first-quarter 2017 results.

So what

Quarterly revenue climbed 87.2% year over year to $55.6 million, including 92% growth in material sales to $46.6 million, and a 32% increase in royalty and license fees to $7.0 million. Meanwhile, net income more than quintupled from the same year-ago period to $10.4 million, and earnings per share rose 450%, to $0.22.

Universal Display's OLED emitter materials

IMAGE SOURCE: UNIVERSAL DISPLAY.

CFO Sid Rosenblatt added:

We are pleased to report excellent first quarter results across the board, including record emitter sales. It is an exciting time for the OLED industry. We are encouraged by the momentum that we are seeing from our customers as well as from the supply chain that supports the OLED ecosystem.

Now what

Rosenblatt also noted that the company expects its "growth trajectory to be positive for the foreseeable future" given massive investments from customers in new manufacturing capacity, as well as accelerating development of electronic devices and lighting solutions that utilize its flagship OLED technology.

What's more, the OLED industry is growing faster than the company previously anticipated. So Universal Display now expects full-year 2017 revenue of $260 million to $280 million, representing year-over-year growth of 30% to 40%. That's also a significant increase from previous guidance for 2017 revenue of $230 million to $250 million.

This was a terrific performance from Universal Display, followed by guidance that leaves investors rightly excited for an earlier-than-expected ramp in its long-term growth story. So even with Universal Display shares trading at a fresh all-time high as of this writing, I think the stock has more room to run higher from here.

Steve Symington owns shares of Universal Display. The Motley Fool owns shares of and recommends Universal Display. The Motley Fool has a disclosure policy.