Universal Corporation Provides Second Quarter Fiscal Year 2025 Financial and Operational Update
Reports Preliminary Second Quarter Fiscal Year 2025 Results
Highlights Continued Strong Operational Performance
Files Form 12b-25, Delays Second Quarter 2025 Earnings Release and Conference Call
RICHMOND, Va., Nov. 12, 2024 /PRNewswire/ -- Universal Corporation (NYSE:UVV) ("Universal" or the "Company"), a global business-to-business agriproducts company, today is providing a financial and operational update for the second quarter of fiscal year 2025, including preliminary results for the quarter.
Preston D. Wigner, Chairman, President, and Chief Executive Officer of Universal Corporation, stated, "The Universal team delivered another quarter of solid results, driven by strong customer demand from our Tobacco Operations segment and larger, higher quality, and better yielding crops in Africa. We believe our Tobacco Operations segment will continue its strong performance in the second half of our fiscal year. We also continued to grow Universal Ingredients' market presence in the quarter and saw increased interest from new and existing customers, despite higher food costs creating pricing pressures. We expect our newly expanded ingredients facility to support increases in production and meaningfully contribute to our fiscal year 2026 results. Looking ahead, we are keenly focused on maximizing and optimizing our tobacco business and continuing to expand our ingredients business while identifying additional ways for the two businesses to work together. We will keep shareholders updated on our progress across these key initiatives aimed at creating enhanced value."
PRELIMINARY UNAUDITED FINANCIAL RESULTS
(in millions of dollars, except per share data)
Three Months Ended
September 30,
2024
Consolidated Results
Sales and other operating revenue
$ 710.8
Restructuring and impairment costs
10.6
Operating income
70.7
Net Income attributable to Universal Corporation
27.6
Basic earnings per share
1.11
Diluted earnings per share
1.10
Segment Results
Tobacco operations sales and other operating revenues
$ 630.2
Tobacco operations operating income
79.3
Ingredients operations sales and other operating revenues
80.6
Ingredients operations operating income
1.3
Highlights of the QuarterConsolidated Results
Revenues and operating income driven by strong tobacco sales volumes and prices.
Tobacco Operations Segment
Tobacco Operations segment results reflect continued strong customer demand; larger, higher quality, better yielding crops in Africa; accelerated shipment timing per certain customers' requests; sales of carryover crops.
Successful tobacco procurement and marketing efforts, despite negative impacts from adverse weather, mainly in South America and North America this fiscal year.
Uncommitted tobacco inventory levels remained low at about 10% at quarter end.
Ingredients Operations Segment
Increased sales volumes for the ...
