NEW YORK (TheStreet) -- Shares of Universal Display Corp. (OLED) are up 1.34% to $31.65 in after-hours trading on Thursday, after the company reported an increase in net income to $20.4 million, or 44 cents per diluted share for the 2014 second quarter, compared to $15.4 million, or 33 cents per diluted share for the year ago quarter.
The organic light emitting diode (OLED) research, development, and commercialization company said revenue grew to $64.1 million, from $49.4 million for the 2013 second quarter.
The company said its second quarter profit was driven by the "continued broadening array of OLED consumer products such as smartphones, tablets, and [wearable devices], coupled with Universal Displays leadership in phosphorescent OLED materials and technologies."
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TheStreet Ratings team rates UNIVERSAL DISPLAY CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate UNIVERSAL DISPLAY CORP (OLED) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."