Universal Display Corporation (NASDAQ:OLED) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET
Company Participants
Darice Liu - Director, Investor Relations
Steve Abramson - President & Chief Executive Officer
Brian Millard - Vice President & Chief Financial Officer
Conference Call Participants
Martin Yang - Oppenheimer & Company
Scott Searle - ROTH Capital Partners
Nam Kim - Arete Research
Operator
Good day, ladies and gentlemen, and welcome to Universal Display Corporation's Third Quarter Earnings Conference Call. My name is Sherry, and I will be your conference moderator for today's call. All participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference call is being recorded for replay purposes.
I would now like to turn the call over to Darice Liu, Director of Investor Relations. Please proceed.
Darice Liu
Thank you, and good afternoon, everyone. Welcome to Universal Display's third 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 that 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, October 30, 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 periodical 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.
Steve Abramson
Thanks, Darice, and welcome to everyone on today's call.
Our third quarter revenue was $162 million, operating profit and net income were $67 million, and earnings per diluted share was $1.40.
2024 is another year of growth. Growth that positions us for record revenues and record profits. The rate of growth though is expected to be more modest than previously projected. The first half of the year started off on a strong note, but as we approached the end of the third quarter, customers lowered their forecast for Q4. Given the downward trend of forecast revisions, we are revising our 2024 revenue forecast range to $625 million to $645 million.