Universal Display Down 10.5% on Weak Q1 Results

Universal Display Corporation

is trading lower on the session followings its Q1 earnings announcement. The company reported an EPS of EPS $(0.03) vs $0.04 estimates and revenues of $12.6 million vs $16.4 million estimates. Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display said: "Results in the quarter continue to reflect the growing demand for our proprietary materials and technology consistent with the steady growth in the OLED market. Not surprising, given the growth in the OLED market, material sales under commercial agreements more than doubled this quarter compared to the first quarter of 2011, reflecting the strong correlation between material sales under commercial agreements and the size of the OLED market. Universal Display is currently trading at $35.02, a loss of $4.14 or 10.57%.