Universal Display +17.9% AH following Q3 beat, strong guidance

|About: Universal Display Corporation (OLED)|By:, SA News Editor

In addition to soundly beating Q3 estimates, Universal Display (OLED) is now guiding for 2013 revenue of $142M-$144M, well above a $128.1M consensus.

Q3 materials sales totaled $30.3M, +12% Q/Q and +176% Y/Y. Green host and emitter sales, which were also up strongly in Q2, are said to be responsible for the growth. Samsung has been making heavy use of OLED's green host/emitter materials in its high-end smartphones.

With Samsung's license payments taking place in Q2 and Q4 ($20M in each quarter), royalty/license revenue was only $1.5M, up from $0.4M a year ago.

Materials gross margin (closely watched) was 67.7%, down from 69.4% in Q2 and 90% a year ago. R&D spend -4% Y/Y to $7.9M, SG&A +22% to $6.4M.