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Investing.com — Shares for Universal Display (NASDAQ:OLED) rallied 22% on Thursday after the company announced its fourth-quarter earnings.
The manufacturer of light-emitting technologies reported revenue of $146.25 million for the fourth quarter, beating the consensus of $144.47 million. The revenue beat was driven by demand for OLED products. However, the company’s earnings per share were 96 cents, missing estimates by 5 cents and decreasing 15% year over year.
Full-year revenue was $553.5 million compared to $428.9 million for 2020. The improved revenue was helped by the extension of the company’s agreements with LG Display (NYSE:LPL), Visionox Technology and Tianma Micro-electronics.
“2021 was a year of growth, R&D milestone achievements, new customer agreements, continued market recognition, and diversification and expansion of our global manufacturing footprint with PPG,” said Sidney Rosenblatt, executive vice president and CFO of Universal Display.
The company also announced a first-quarter 2022 dividend payment of 30 cents per share, payable on March 31st.
The company’s 2022 revenue is predicted to be between $625 million and $650 million.
Following the report, Cowen lowered the company’s price target to $175 from $225.
