Loading...
•
Dec 31, 2019
Universal Corp Q3 2020 Earnings Report
Net income decreased slightly due to lower sales volumes and prices.
Key Takeaways
Universal Corporation reported a decrease in net income for the third quarter of fiscal year 2020, with net income at $26.0 million, or $1.04 per diluted share, compared to $28.1 million, or $1.11 per diluted share, for the prior year's third fiscal quarter. Consolidated revenues also decreased by $131.1 million to $505.0 million.
Net income for the quarter was $26.0 million, or $1.04 per diluted share, compared to $28.1 million, or $1.11 per diluted share, for the prior year’s third fiscal quarter.
Operating income for the quarter increased to $44.1 million compared with $37.7 million for the three months ended December 31, 2018.
Consolidated revenues decreased by $131.1 million to $505.0 million for the quarter, compared to the same period in fiscal year 2019.
The company completed its first non-tobacco acquisition, FruitSmart, Inc., in early January 2020.