Universal Display stock rallies as China sales result in earnings beat

Universal Display Corp. shares rallied in the extended session Thursday after the display and lighting company said a surge in sales from China to head off tariffs resulted in a large earnings beat. Universal Display shares rose 5.3% after hours, following a 1% declined in the regular session to close at $208.92. The company reported second-quarter net income of $43.4 million, or 92 cents a share, compared with $10.8 million, or 23 cents a share, in the year-ago period. Revenue rose to $118.2 million from $56.1 million in the year-ago quarter. "Included in our second quarter results are approximately $15-$20 million of sales we estimate were pulled in from the second half of the year," the company said in a statement. "These sales were from our Chinese customers due to what we believe were trade-related issues." Analysts surveyed by FactSet had forecast earnings of 46 cents on revenue of $79.3 million. Universal Display expects full-year revenue of $370 million to $390 million, while analysts had forecast revenue of $361.9 million.

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