Universal presents results

| May 24, 2018

If the global leaf market remained stable, Universal Corporation expected to achieve higher total sales volumes for fiscal year 2019, said chairman, president and CEO George C. Freeman, III, in announcing the company’s annual results.

“The next crop cycle, which will be reflected in our fiscal year 2019 results, has begun with green tobacco purchases in Brazil,” said Freeman. “Farmer deliveries there are a little slower this year, but the crop quality is very good. We are also seeing the recovery of African Burley production volumes and improved North American shipments…”

Freeman reported net income for the fiscal year ended March 31 of $105.7 million, or $4.14 per diluted share, compared with $106.3 million, or $0.88 per diluted share for the same period of the prior fiscal year. Excluding one-off items, diluted earnings per share for fiscal year 2018 of $3.96 decreased by $0.01 from that of the same period of the previous year.

‘Operating income of $171.5 million for the year ended March 31, 2018, decreased by $6.9 million compared to the year ended March 31, 2017, the report said.

‘Segment operating income was $180.6 million for the year ended March 31, 2018, a decrease of $7.9 million, compared to the year ended March 31, 2017, as improved results in our Other Regions and Other Tobacco Operations segments were offset by declines in our North America segment.

‘Revenues of $2.0 billion for fiscal year 2018 were down only 1.8 percent compared to fiscal year 2017, as lower volumes, primarily in Africa, were largely offset by higher sales prices and processing revenues.’

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Category: Breaking News, Corporate, Financial, Leaf, Markets

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