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When Universal Display Corp. (NASDAQ: OLED) reported its most recent quarterly results late on Thursday, the company said that it had $0.93 in earnings per share on $115.9 million in revenue. Consensus estimates had called for $0.85 in EPS and revenue of $100.0 million. The fourth quarter of last year reportedly had EPS of $0.55 on $74.58 million in revenue.

During the quarter, revenue from royalty and license fees increased 23% to $53.8 million, up from $43.6 million at the same time last year. In that time, revenues from royalty and license fees increased 23% to $53.8 million.

Looking ahead, the company expects to see its revenues in the range of $350 million to $380 million for the 2018 fiscal year. The consensus estimates call for $3.10 in EPS on $398.24 million in revenue.

The board of directors approved a first-quarter cash dividend of $0.06 per share, which is an increase of 100% from the previous dividend. It will be payable March 30, to shareholders on record at the close on March 15.

Cash and cash equivalents totaled $132.84 million at the end of the period, down from $139.37 million in the same period from last year.

Sidney D. Rosenblatt, executive vice president and chief financial officer of Universal Display, commented:

We are pleased to report stellar fourth quarter and full-year results. From record-high revenues, to a multitude of new agreements and new OLED consumer electronic products, to approximately doubling our production capabilities at PPG Industries, 2017 was filled with tremendous growth. The dynamic OLED market is growing, and as a key innovation partner to the world’s leading OLED display and lighting manufacturers, we believe that we are well-positioned to participate in the vast opportunities ahead.

Shares of Universal Display were last seen down more than 15% at $131.12 on Friday, with a consensus analyst price target of $187.33 and a 52-week trading range of $73.40 to $209.00.