Universal Display Corporation (NASDAQ:OLED) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET

Company Participants

Darice Liu - Senior Director-IR

Steven Abramson - President and CEO

Brian Millard - VP and CFO

Conference Call Participants

Brian Lee - Goldman Sachs

Chris Grenga - Needham and Company

Operator

Good day, ladies and gentlemen, and welcome to Universal Display Corporation's Second Quarter 2023 Earnings Conference Call. My name is Sherry and I will be your conference moderator for today's call. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the call over to Darice Liu, Senior Director of Investor Relations. Please proceed.

Darice Liu

Thank you, and good afternoon, everyone. Welcome to Universal Display's second quarter earnings conference call. Joining me on the call today are Steve Abramson, President and Chief Executive Officer; and Brian Millard, Vice President and Chief Financial Officer.

Before Steve begins, let me remind you today's call is a property of Universal Display. Any redistribution, retransmission or rebroadcast of any portion of this call in any form without the expressed written consent of Universal Display is strictly prohibited.

Further, this call is being webcast live and will be made available for a period of time on Universal Display's website. This call contains time-sensitive information that is accurate only as of the date of the live webcast of this call, August 3rd, 2023.

During this call, we may make forward-looking statements based on current expectations. These statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. These risks and uncertainties are discussed in the company's periodic reports filed with the SEC and should be referenced by anyone considering making any investments in the company's securities. Universal Display disclaims any obligation to update any of these statements.

Now I'd like to turn the call over to Steve Abramson.

Steven Abramson

Thanks, Darice and welcome to everyone on today's call.

For the second quarter of 2023, we reported revenue of $147 million, operating profit of $59 million and net income was $50 million or $1.4 per diluted share. As we move into the second half of the year, we expect this solid momentum to continue. For the year, we are narrowing our revenue guidance range to $560 million to $600 million. The OLED industry continues to lay the groundwork for promising growth in 2024 and beyond as a significant new OLED adoption cycle for the IT market is poised to commence.