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Universal Display (OLED) Q4 Earnings Beat, Revenues Up Y/Y

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Universal Display Corporation OLED reported fourth-quarter 2021 earnings of 96 cents per share, which beat the Zacks Consensus Estimate by 2.1% but decreased 15% year over year.

Fourth-quarter total revenues grew 3.3% year over year to $146.2 million, driven by solid demand for organic light-emitting diode (OLED) products. The top line surpassed the Zacks Consensus Estimate by 3.4%. In 2021, revenues increased 29.1% year over year to $553.5 million.

Universal Display Corporation Price, Consensus and EPS Surprise

Universal Display Corporation Price, Consensus and EPS Surprise
Universal Display Corporation Price, Consensus and EPS Surprise

Universal Display Corporation price-consensus-eps-surprise-chart | Universal Display Corporation Quote

Quarterly Segment Details

Material sales (58.6% of total revenues) surged 37.1% year over year to $85.8 million. Royalty and license fees (38.3%) were down 43.5% to $56 million. Contract research services (3.1%) were $4.5 million, up 13.3%.

Gross profit was $114 million, down from $114.5 million in the year-ago quarter. Operating expenses of $57.5 million climbed 18%. Universal Display reported operating income of $56.5 million, down 14.1%.

Liquidity

In 2021, the company generated $191.1 million of cash from operating activities compared with $148.8 million in 2020. As of Dec 31, 2021, it had cash and cash equivalents of $312 million and $120.9 million of current deferred revenues.

Guidance

For 2022, Universal Display expects revenues between $625 million and $650 million.

Zacks Rank & Other Stocks to Consider

Universal Display currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Vocera Communications, Inc. VCRA is another top-ranked stock in the broader Zacks Computer and Technology sector that sports a Zacks Rank #1. The Zacks Consensus Estimate for its current-year earnings has been revised upward by 4.9% over the past 60 days.

Vocera Communications pulled off a trailing four-quarter earnings surprise of 115.4%, on average. The stock has returned 85.8% in the past year.

SeaChange International, Inc. SEAC carries a Zacks Rank #2. The consensus estimate for current-year earnings has been revised upward by 10% over the past 60 days.

SeaChange International delivered a trailing four-quarter earnings surprise of 37.2%, on average. The stock has, however, declined 2.4% in the past year.

Qualcomm, Inc. QCOM, carrying a Zacks Rank #2, is also a solid pick for investors. The consensus estimate for current-year earnings has been revised 12.2% upward over the past 60 days.

Qualcomm delivered a trailing four-quarter earnings surprise of 12.2%, on average. It has appreciated 19.2% in the past year.


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