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Universal Display expands board with tech veteran April Walker

Published 12/17/2024, 04:20 PM
OLED
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EWING, N.J. - Universal Display (NASDAQ:OLED) Corporation (NASDAQ:OLED), a key player in developing and commercializing organic light emitting diode (OLED) technologies, has announced the appointment of April E. Walker to its Board of Directors, effective January 1, 2025. The addition of Walker will increase the size of the board to 11 members. The company, which InvestingPro data shows maintains strong financial health with a "GOOD" overall rating, currently trades near its 52-week low while holding more cash than debt on its balance sheet.

Steven V. Abramson, President and CEO of Universal Display, expressed confidence in Walker's appointment, citing her extensive experience in technology and leadership roles. Walker's background includes senior positions at Microsoft (NASDAQ:MSFT), MetLife (NYSE:MET), NBCUniversal, and Salesforce (NYSE:CRM), and she currently contributes as a strategic advisor and speaker on emerging technology.

With over three decades in the technology sector, Walker brings a comprehensive skill set to the board, including expertise in artificial intelligence (AI), cybersecurity, data center infrastructure, and digital innovation. Her educational credentials include an MBA from the MIT Sloan School of Management with specialized executive certifications in AI, as well as Data Science and Machine Learning from the MIT Schwarzman College of Computing. This appointment comes as Universal Display maintains impressive financial metrics, including a healthy 75.4% gross profit margin and consistent dividend growth, having raised its dividend for 8 consecutive years. For deeper insights into Universal Display's financial performance and growth potential, investors can access the comprehensive Pro Research Report available on InvestingPro.

Walker's addition to the board is seen as a strategic move to bolster UDC's commitment to innovation and leadership within the OLED ecosystem. Her vast knowledge and strategic insight are expected to support the company's ongoing growth and exploration of new opportunities in OLED technology.

Universal Display Corporation, founded in 1994, holds more than 6,000 patents worldwide for OLED technologies and materials. The company is renowned for its UniversalPHOLED® phosphorescent OLED technology, which contributes to the development of energy-efficient and eco-friendly displays and solid-state lighting. UDC provides a variety of services to its partners, including technology transfer and collaborative development. The company's strong market position is reflected in its financial performance, with revenue growing at 9.6% over the last twelve months to $643.7 million. InvestingPro subscribers can access over 30 additional financial metrics and insights about Universal Display's market position and growth trajectory.

This announcement is based on a press release statement from Universal Display Corporation. The company has disclaimed any obligation to update forward-looking statements contained in the document.

In other recent news, Universal Display Corporation has reported Q3 2024 earnings, with revenues reaching $162 million and a net income of $67 million. However, due to reduced customer forecasts for Q4, the company adjusted its full-year revenue forecast to between $625 million and $645 million. Investment firms TD Cowen and Needham revised their price targets for Universal Display, lowering them to $225 and $215 respectively, while maintaining a Buy rating. These adjustments were influenced by Universal Display's revised full-year revenue outlook and potential shifts in the mobile market product mix.

In other developments, Universal Display appointed Chandran Nair as the CEO of its new subsidiary, Universal Vapor Jet Corporation Pte. Ltd., which will be based in Singapore and focus on organic vapor jet printing operations. This is part of Universal Display's strategic shift, which also includes closing its Santa Clara, California location and consolidating its operations within the new Singapore subsidiary and the company's Tech and Innovation Center in New Jersey.

Lastly, Universal Display continues to innovate within the OLED ecosystem, investing in new production facilities and developing a commercial phosphorescent blue emissive system. Despite the near-term challenges, both TD Cowen and Needham expressed optimism about Universal Display's future, highlighting the growth of information technology displays and the anticipated commercial readiness of the company's Blue product in 2025 as potential drivers.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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