Universal Display Corporation (UDC) reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 30, 2024. Total revenue for the third quarter reached $161.6 million, a 14.6% increase from $141.1 million in the same period of 2023. For the nine months, revenue rose to $485.4 million, up 16.1% from $418.1 million year-over-year. This growth was primarily driven by a 62% increase in revenue from royalty and license fees, which amounted to $74.6 million in Q3 2024, compared to $45.9 million in Q3 2023.
Operating income for the third quarter was $67.0 million, reflecting a substantial increase from $48.4 million in the prior year. For the nine-month period, operating income rose to $186.3 million from $152.4 million. Net income for Q3 2024 was $66.9 million, compared to $51.5 million in Q3 2023, while net income for the nine months increased to $176.1 million from $141.0 million. Basic net income per share for Q3 2024 was $1.40, up from $1.08 in Q3 2023.
Total operating expenses for the third quarter were $58.8 million, slightly higher than $58.4 million in the same quarter of 2023. Research and development expenses increased to $36.1 million from $33.1 million, reflecting UDC's commitment to innovation in OLED technology. Selling, general, and administrative expenses decreased to $15.7 million from $18.1 million, indicating improved cost management.
As of September 30, 2024, UDC's total assets were $1.81 billion, up from $1.67 billion at the end of 2023. Cash and cash equivalents decreased to $79.6 million from $92.0 million, while short-term investments increased to $472.0 million from $422.1 million. The company reported total shareholders' equity of $1.59 billion, compared to $1.45 billion at the end of 2023.
Strategically, UDC has continued to expand its licensing agreements, including new long-term agreements with Visionox Technology, Inc. for OLED display products. The company also completed the acquisition of over 550 OLED-related patents from Merck KGaA in April 2023, which will be amortized over ten years. UDC's focus on enhancing its OLED technology and expanding its market presence remains evident through these strategic initiatives.
Overall, UDC's financial performance reflects strong growth in revenue and profitability, driven by increased demand for OLED materials and effective cost management strategies.
About UNIVERSAL DISPLAY CORP \PA\
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