Thu, Feb. 26, 5:09 PM
- Though it beat Q4 revenue estimates (while missing on EPS), Universal Display (NASDAQ:OLED) is setting a 2015 "base revenue forecast" of $200M, below a $211.4M consensus. The company believes the forecast has a "downside range" of 5%, and "upside potential" of 15%.
- The outlook is attributed to uncertain timing for OLED TV and flexible OLED production ramps, as well as for new mobile products featuring OLED displays. It assumes $60M in Samsung license revenue, and a one-quarter lag in LG Display royalty payments.
- CFO Sidney Rosenblatt: "The key takeaway is that we believe this transitional year of strategic capacity investment and product expansion in the OLED industry will set the framework for the next wave of market growth, which we anticipate to more fully materialize in 2016 and beyond."
- Materials sales rose 10% Y/Y in Q4 to $28.1M, after declining 9% in Q3 (believed to be due to a lack of host materials sales for the Galaxy Note 4). Royalty/license fees rose 21% to $28M, with Samsung making a $25M payment (up from $20M a year ago).
- Hurting EPS: Materials gross margin fell to 57% from 73% in Q3 and 70% a year ago; Universal notes materials costs rose thanks to a $3.9M inventory write-down, as well as mix changes and higher shipments. Operating expenses (including materials costs) rose 30% Y/Y to $39.1M.
- Shares have fallen to $35.25 AH.
- Q4 results, PR
Thu, Feb. 26, 4:09 PM| Comment!
Wed, Feb. 25, 5:35 PM
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Wed, Jan. 28, 8:20 PM
- Samsung (OTC:SSNLF) had Q4 revenue of KRW52.73T ($48.6B, -11% Y/Y) and operating profit of KRW5.29T ($4.9B, -36%); the latter was slightly above guidance of KRW5.2T. Net profit fell 28% to KRW5.35T.
- With competition from Apple and Chinese OEMs taking a toll, mobile revenue fell 23% to KRW25T. On the other hand, strong DRAM demand/pricing and NAND growth led memory sales to rise 25% to KRW8.18T. Growing TV panel and mobile OLED panel demand helped display sales rise 9% to KRW7.05T. Consumer electronics sales were flat at KRW14.3T.
- Smartphone/tablet and TV sales are expected to fall in Q1 due to seasonality. TV sales for the whole of 2015 are expected to rise, aided by strong 4K TV demand. Tablet sales are also expected to grow, but no similar forecast is made for phones.
- Mobile and server DRAM demand is expected to remain strong in 2015, with the former boosted by the adoption of high-res phone displays. NAND flash sales are expected to benefit from server/SSD demand, and LSI (logic/foundry) sales by the 14nm process ramp.
- OLED panel shipments are expected to rise in seasonally weak Q1 due to new products (the Galaxy S6?), and grow over the whole of 2015 via the expansion of Samsung's customer base - Universal Display (NASDAQ:OLED) should be pleased to hear that. A healthy supply/demand balance is expected to remain for LCD panels.
- Samsung ended Q4 with over KRW50T ($46B) in net cash, and KRW17.9T ($16.4B) in investments. Shares are up 0.9% in Seoul.
- Q4 earnings slides (.pdf)
Nov. 6, 2014, 5:07 PM
- Universal Display (NASDAQ:OLED) now expects 2014 revenue of $183M-$185M, below a $203.6M consensus. The company previously forecast revenue would be at the high end of an initial $190M-$205M guidance range.
- Universal attributes its Q3 revenue miss to weaker-than-expected high-end phone sales - top customer Samsung's high-end sales have come under pressure - and (notably) to "lower host material sales as the result of our host materials not being used in certain new product offerings."
- On Monday, Canaccord declared it believes Universal is losing green host material share within Samsung's phone lineup to Samsung affiliate Cheil Industries.
- Materials sales fell 9% Y/Y in Q3 to $27.5M; royalty/license fee revenue rose 260% to $5.4M. Opex fell 6% to $26.8M. $22.5M was spent on buybacks.
- Q3 results, PR
Nov. 6, 2014, 4:16 PM| Comment!
Aug. 7, 2014, 5:38 PM
- Universal Display (NASDAQ:OLED) reiterates it expects 2014 revenue to "reach the high end" of a $190M-$205M guidance range (consensus is at $205.7M). The reiteration comes in spite of top customer Samsung's recent struggles.
- Q2 materials sales +32% Y/Y to $35.9M; they grew 38% in Q1. Royalty/license fees +33% Y/Y to $28.1M; Samsung made a $25M payment.
- Materials gross margin was 66.6%, down from 72% in Q1 and 69.3% a year ago. GAAP costs/expenses +28% to $35.3M, with R&D spend totaling $10.5M.
- $7M was spent on buybacks, following the June launch of a $50M buyback program.
- Shares +0.8% AH. Q2 results, PR
Aug. 7, 2014, 4:10 PM| 1 Comment
Jul. 18, 2014, 2:51 PM
- "We believe Skyworks’ (SWKS +13.5%) diverse analog portfolio is enabling content share gains in its handset customer base," writes Canaccord after taking in the RF component giant's FQ3 beat and very strong FQ4 guidance.
- Canaccord thinks the FQ4 outlook is due to a mixture of strong iPhone 6 content share, growing sales of higher dollar-content integrated solutions to Chinese/emerging markets OEMs (gaining Android share), and "growing traction" for the company's non-phone analog IC business.
- 802.11ac Wi-Fi, mobile infrastructure, and embedded products (the proverbial "Internet of Things") are some of the non-mobile RF markets Canaccord sees Skyworks growing its sales to. Needham, for its part, also sees the smart grid, automotive, and medical markets providing a boost.
- On the CC (transcript), CEO David Aldrich declared broader mobile RF demand is benefiting from the need to support a larger number of spectrum bands - Avago (AVGO +4.3%) also benefits from this - as well as growing system complexity (driving a shift towards integrated solutions) and OEM efforts to improve signal performance.
- RF component peers Avago, RF Micro (RFMD +6.7%), TriQuint (TQNT +6.8%), and Resonant (RESN +7%) are outperforming amid a tech rally, as are several other mobile suppliers. INVN +3.9%. HIMX +2.9%. OLED +5.3%. CRUS +2.9%.
May. 8, 2014, 4:59 PM
- Universal Display (OLED) now expects 2014 revenue to "reach the high end" of a prior guidance range of $190M-$205M; the consensus is at $199.2M.
- Materials sales (93% of revenue, given Samsunng licensing payments arrive in Q2 and Q4) rose 38% Q/Q and 176% Y/Y to $35.3M. Materials gross margin (closely watched) rose 220 bps Q/Q and fell 370 bps Y/Y to 72%.
- R&D spend rose 14% Y/Y to $10.2M, and SG&A spend 24% to $6.4M.
- Shares had fallen over the last six weeks due to a tech stock selloff and Samsung-related concerns.
- Q1 results, PR
May. 8, 2014, 4:14 PM| 6 Comments
Feb. 27, 2014, 6:30 PM
- Universal Display (OLED) expects 2014 revenue of $190M-$205M, in-line with a $198.9M consensus. At the midpoint, the guidance range implies 35% Y/Y revenue growth.
- Materials sales totaled $25.5M in Q4, -16% Q/Q and +153% Y/Y; green host and emitter sales once more lead the way. Royalty/license fees +50% to $23.1M; Samsung licensing revenue rose to $20M from $15M a year earlier.
- Materials gross margin rose 210 bps Q/Q and fell 2290 bps Y/Y to 69.8%. Opex rose 52% Y/Y to $30.1M.
- OLED +0.9% AH. Q4 results, PR
Feb. 27, 2014, 4:55 PM
Feb. 27, 2014, 12:10 AM
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Feb. 26, 2014, 5:35 PM
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Nov. 7, 2013, 5:53 PM
- 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.
OLED vs. ETF Alternatives
Universal Display Corp is engaged in the research, development & commercialization of organic light emitting diode or OLED, technologies & materialsfor use in displays for wearables, smartphones, tablets & televisions & solid-state lighting applications.
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