Universal Display Cor. (OLED) announced FY16 Q3 sales of $30.2 mn with a net loss of $1.5 mn. These results were negative given last year’s Q3 sales of $39.4 mn and a net income of $7.0 mn, however the management indicated that they were in line with FY16 expectations.
The net sales for first 9 months of FY16 were $124.3 mn, slightly down from last year’s figure of $128.7 mn. The net income for the same period in FY16 was $22.3 mn as compared to a net loss of $3.4 mn in FY15.
The management has clearly indicated that they expect revenue improvement from 2017 onwards and have attributed the current scenario to decrease in host materials sales and emitter sales. The company is currently building its infrastructure by bolstering its IP portfolio to over 4,200 issued and pending patents worldwide and building its portfolio of proprietary OLED technologies and phosphorescent materials.
The company expects its FY16 sales in range of $190-$200 mn.
