Universal Display Corporation (NASDAQ:OLED) Q2 2024 Earnings Conference Call August 1, 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

Mehdi Hosseini - SIG
Chris Grenga - Needham & Company
Martin Yang - Oppenheimer & Company
Brian Lee - Goldman Sachs

Operator

Good day ladies and gentlemen and welcome to Universal Display Corporation's Second Quarter 2024 Earnings Conference Call. My name is Sherri 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 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, August 1st, 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. Our second quarter results were solid. Revenue was $159 million, operating profit was $56 million, and net income was $52 million or $1.10 per diluted share. The trajectory of OLEDs continues to be robust, fueled by broadening adoption across the consumer landscape.

With the strengthening growth trajectory, we are raising the low end of our annual guidance range. We now believe that our 2024 revenues will be in the range of $645 million to $675 million.