Universal Display blows past 3Q expectations
NEWS: Universal Display Corp. shares soared in extended trading Thursday after the LED company reported that it moved to a profit for its third quarter on improved sales and issued a strong revenue forecast.
DETAILS: The company, which makes components for organic light-emitting diode technology, said that commercial adoption of some materials used in its products helped boost sales to record levels. The quarter's results far exceeded market forecasts.
NUMBERS: Universal Display earned $5.5 million, or 12 cents per share, for the quarter that ended Sept. 30. That is compared with a loss of $5.5 million, or 12 cents per share, last year. Its total revenue more than doubled to $32.8 million from $12.5 million. Analysts polled by FactSet were anticipating a loss of 3 cents per share on revenue of $21.8 million.
FUTURE: Universal Display said it expects 2013 revenue to be approximately $142 million to $144 million, compared to the prior guidance of reaching the high end of its $110 million to $125 million range. The company's guidance is far ahead of analyst forecasts for the year, which were at $127.4 million.
STOCK: Shares of the Ewing, N.J., company jumped nearly 18 percent to $34.36 in after-hours trading. Its shares fell 84 cents to close regular trading at $29.15.