Universal Display Corporation (NASDAQ:OLED) Q4 2023 Earnings Conference Call February 22, 2024 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

Krish Sankar - TD Cowen

Atif Malik - Citi

Nam-Hyung Kim - Arete Research

Chris Grenga - Needham and Company

Mehdi Hosseini - SIG

Martin Yang - Oppenheimer and Company

Operator

Good day, ladies and gentlemen, and welcome to Universal Display Corporation's Fourth Quarter and Full Year 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 fourth 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 in 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, February 22, 2024.

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.

We'll begin with a recap of 2023 and then provide insights into the vast array of opportunities that are fueling our and the OLED markets' strong trajectory. 2023 revenue was $576 million, operating income was $217 million, and net income was $203 million or $4.24 per diluted share. Fourth quarter revenue was $158 million, operating income was $65 million, and net income was $62 million, or $1.29 per diluted share.