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Mar 31, 2024
Universal Corp Q4 2024 Earnings Report
Reported positive financial and operational performance in both the fiscal year and quarter.
Key Takeaways
Universal Corporation reported a strong fiscal year 2024, driven by favorable product mix, strong customer demand, and larger crops in Africa. The company is managing tight tobacco supply and elevated green tobacco prices by leveraging its global footprint and financial flexibility. The ingredients business is progressing with its expansion project and investing in commercial sales and research and development.
Consolidated revenues increased by $76.9 million to $770.9 million for the quarter ended March 31, 2024, compared to $694.0 million for the quarter ended March 31, 2023, on higher tobacco sales prices.
Net income for the quarter ended March 31, 2024, was $40.3 million, or $1.61 per diluted share, compared with $53.7 million, or $2.15 per diluted share, for the quarter ended March 31, 2023.
Operating income for the quarter ended March 31, 2024, was $68.2 million, an increase of $15.8 million, compared to operating income of $52.4 million for the quarter ended March 31, 2023.
Revenues for the Tobacco Operations segment were $696.3 million for the quarter ended March 31, 2024, up $80.7 million compared to the quarter ended March 31, 2023, mainly on higher tobacco sales prices.
Revenue by Segment
Forward Guidance
Going into fiscal year 2025, Universal remains steadfast in executing its strategy of maximizing tobacco opportunities while growing the ingredients business. The company believes its leading market position, global footprint, and proven sustainability practices will continue to enable it to generate stable cash flow from its tobacco business. Universal Ingredients is also well positioned with its fully built platform to deliver high-quality, innovative products that drive top line growth, margin expansion, and earnings stability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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