Universal Display posts surprise loss, shares plunge
Nov 7 (Reuters) - LED supplier Universal Display Corp posted a surprise quarterly loss and cut its full-year revenue forecast, sending its shares down 30 percent in extended trading.
The company now expects full-year revenue of $80 million to $82 million, below its earlier forecast of $90 million to $110 million.
Analysts were expecting $99.8 million, according to Thomson Reuters I/B/E/S.
Universal Display reported a third-quarter loss of $5.5 million, or 12 cents per share, compared with a profit of $6 million, or 12 cents per share, a year earlier.
Revenue fell about 43 percent to $12.5 million.
Analysts on average had expected a profit of 5 cents per share, excluding items, on revenue of $18.9 million.
The company said it didn't get any revenue from a unit of Samsung Electronics in the third quarter, which would have added $7.5 million to total revenue. The Samsung unit is obligated to pay $15 million in the second and the fourth quarters, Universal Display said on a conference call on Wednesday.
The company said in August last year it will license certain technologies and sell materials to a Samsung unit, which will help the Korean company to develop next generation flat-panel displays.
Shares of Ewing, New Jersey-based Universal Display fell $8.39 to $19.79 after the bell. They closed at $28.18 on Wednesday on the Nasdaq.
Universal Display has more than 1,000 patents for technologies and materials, which are vital for manufacturing organic light emitting device (OLED) panels used in smartphones and tablets.