Wed, May 29, 4:02 PM (291 days ago)
Universal Corporation reported strong financial performance for the fiscal year ended March 31, 2024. Consolidated revenues increased by $178.7 million to $2.7 billion, primarily driven by higher tobacco sales prices and favorable product mixes in the Tobacco Operations segment. Operating income rose by $40.9 million to $222.0 million, with adjusted operating income up by $49.2 million to $230.3 million. Net income was $119.6 million, or $4.78 per diluted share, compared to $124.1 million, or $4.97 per diluted share, in the previous fiscal year. Adjusted net income and adjusted diluted earnings per share saw significant increases. The Tobacco Operations segment experienced an 8% revenue increase to $2.4 billion and a 29% rise in operating income to $222.4 million. Conversely, the Ingredients Operations segment reported a slight revenue decline and a 63% drop in operating income. The company’s liquidity remains robust, with an increase in working capital requirements due to higher tobacco costs and accelerated purchases in Brazil. Universal plans to continue strategic investments, particularly in expanding its Universal Ingredients platform, while maintaining a strong focus on shareholder returns through dividends and share repurchases.