Universal Display announced its FY17 Q1 result which showed revenue at $55.6 million and net income at $10.4 million, resulting in a healthy net margin of 18%. The revenue increased by an impressive 87% on a yearly basis, primarily driven by higher material sales as well as royalty and license fees while the net income multiplied by more than five times.
The company attributed the excellent quarterly results to increased momentum in consumer demand linked to their mounting investments in new manufacturing capacity and the development of an array of new display and lighting products. The company believes that the OLED industry is poised to grow faster than earlier expectations this year and has thus increased the 2017 revenue guidance range to at least $260-$280 million, reflecting yearly growth of 30%-40%.
