Orlando, FL 11/9/11 (StreetBeat) --Lighting products maker Universal Display Corp. (Nasdaq: PANL) said Tuesday it turned a profit in the third quarter on a sharp upturn in revenue. The results topped Wall Street expectations and Universal Display's shares were up more than 8 percent in extended trading.Universal Display reported a profit of $6 million, or 12 cents per share. A year earlier it took a loss of $7.2 million, or 19 cents per share. Its results from the third quarter of 2010 included a $3.4 million non-cash loss on stock warrant liability. Revenue more than tripled to $21.8 million from $7.1 million.
Analysts expected the company to post a loss of a penny per share and $12 million in revenue, according to FactSet.
Universal Display said its development revenue rose to $11.9 million from $4.2 million and commercial revenue increased to $9.9 million from $2.8 million. The company said most of the growth came from an increase in chemical revenue.
The company develops organic light-emitting device technologies, materials and services to the display and lighting industries.
The big revenue gains in the quarter "may signal the dawning of the OLED era," said Sidney Rosenblatt, Universal Display's chief financial officer.
Universal Display's shares climbed $4.06 to $53.50 in aftermarket trading following the release of the earnings report. Currently, shares are trading up 11% at $55.05.
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