As a seasoned gamer with a keen eye for financial reports and a knack for deciphering market trends, I must say that the Q2 2024 earnings results from Universal Display (OLED) left me feeling a bit like a player who’s just been dealt a mediocre hand in a high-stakes game.
In a recent announcement, Universal Display Corporation revealed their second quarter earnings report for the year 2024. However, these financial figures fell short of the projected Earnings Per Share (EPS) and revenue estimates.
On August 1, 2024, Universal Display Corporation (OLED) announced its second quarter earnings for the year 2024. Analysts had predicted an Earnings Per Share (EPS) of $1.14 per share, with a tentative higher figure of $1.25 per share. The expected revenue was set at $159 million. However, Universal Display fell short of these expectations, reporting an EPS of $1.10 per share and generating revenue of approximately $158.5 million instead.
In contrast to initial forecasts, the company surpassed its earnings for the second quarter of 2023, raking in a total of $146.6 million. Notably, there were a few key points the company emphasized about this quarter as well.
- Revenue from material sales was $95.4 million in the second quarter of 2024 as compared to $77.1 million in the second quarter of 2023. The increase in material sales was primarily due to strengthened demand for our emitter materials.
- Revenue from royalty and license fees was $59.6 million in the second quarter of 2024 as compared to $64.4 million in the second quarter of 2023. The decrease in royalty and license fees was primarily the result of changes in customer mix between periods, partially offset by increased sales volume.
- Cost of material sales was $35.5 million in the second quarter of 2024 as compared to $28.6 million in the second quarter of 2023. The increase in cost of material sales was primarily due to an increase in the level of materials sales.
- Total gross margin was 76% in the second quarter of 2024 as compared to 78% in the second quarter of 2023. The decrease was primarily due to changes in customer and product mix.
- Operating income was $56.4 million in the second quarter of 2024 as compared to $58.6 million in the second quarter of 2023.
- The effective income tax rate was 19.3% and 22.4% in the second quarter of 2024 and 2023, respectively.
- Net income was $52.3 million or $1.10 per diluted share in the second quarter of 2024 as compared to $49.7 million or $1.04 per diluted share in the second quarter of 2023.
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2024-08-02 02:27