Universal Display’s (NASDAQ:OLED) earnings for the third quarter of 2018 is hitting OLED stock hard today.
Universal Display reported earnings per share of 48 cents for the third quarter of 2018. This is better than the company’s earnings per share of 28 cents from the same period of the year prior. However, it was devastating news for OLED stock by coming in well below Wall Street’s earnings per share estimate of 66 cents for the quarter.
Net income reported by Universal Display for the third quarter of the year came in at $22.82 million. This is an increase over the company’s net income of $13.52 million from the third quarter of 2017.
Universal Display also reported operating income of $26.03 million for the third quarter of 2018. The display manufacturing company’s operating income reported during the same time last year was $15.79 million.
Universal Display’s earnings report for the third quarter of the year also includes revenue of $77.55 million. This is an increase over the company’s revenue of $61.68 million from the third quarter of the previous year. Despite this increase, it still easily missed analysts’ revenue estimate of $91.40 million for the period, making it bad news for OLED stock.
“The magnitude of the second-half pick-up in our material sales is not shaping up to the degree that we had earlier forecasted,” Sidney Rosenblatt, the Executive Vice President and CFO of Universal Display, said in a statement.
OLED stock was down 22% as of noon Friday and is down 25% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.