Welcome to our dedicated page for Universal news (Ticker: UVV), a resource for investors and traders seeking the latest updates and insights on Universal stock.
Universal Corporation (NYSE: UVV), headquartered in Richmond, Virginia, has established itself as a global leader in the leaf tobacco business with over 100 years of excellence. Founded by Jaquelin Taylor, Universal Corporation has grown to become a pivotal player in the global supply chain of leaf tobacco, responsibly sourced and processed. The company procures leaf tobacco from farmers, carefully processes it, and sells it to manufacturers of consumer tobacco products. Universal Corporation is segmented into two primary operations: Tobacco Operations and Ingredients Operations, generating the bulk of its revenue from the former.
The Tobacco Operations segment involves the purchasing, processing, packing, storing, and shipping of various types of tobacco, including flue-cured, burley, dark air-cured, and oriental tobaccos. These activities serve major multinational cigarette and cigar manufacturers worldwide. The segment also provides physical and chemical product testing and smoke testing, ensuring high standards for its customers.
In the Ingredients Operations segment, Universal Corporation offers an array of plant-based ingredients used in both human and pet food products. The segment transforms raw materials into fruit and vegetable juices, concentrates, dehydrated products, flavors, and botanical extracts. Through brands like FruitSmart, Silva, and Shank's, the company caters to large multinational food and beverage companies as well as smaller independent manufacturers.
Universal Corporation has shown resilience and adaptability in the ever-evolving market. As of the latest reports, the company has seen significant growth in its Tobacco Operations segment, with increased demand for leaf tobacco and higher operating income. The Ingredients Operations segment faced soft demand due to high customer inventory levels, but the company remains optimistic about future growth, driven by investments in research and development and expanded capabilities.
Universal Corporation is committed to sustainability and transparency. The company has made strides in reducing its environmental impact, including a virtual power purchase agreement with Clearway Energy Group to achieve 100% renewable electricity for its U.S. operations. The company's focus on sustainability is evident in its efforts to promote water stewardship, reduce greenhouse gas emissions, and engage in sustainable practices across its supply chain.
Financially, Universal Corporation has reported increased revenues and operating incomes despite challenges such as higher interest costs and elevated green leaf tobacco prices. The company continues to adapt to market dynamics, aiming to meet the demands of its customers while maintaining a robust and sustainable business model.
Universal (NYSE:UVV) reported preliminary Q3 FY2025 results, with sales revenue of $937.2 million and operating income of $100.7 million. Net income reached $57.1 million, with diluted EPS of $2.27.
The Tobacco Operations segment performed strongly with $854.8 million in revenue and $99.2 million in operating income, benefiting from increased customer demand and successful procurement efforts. The segment experienced higher quality crops in Africa and strong trading volumes in Asia.
The Ingredients Operations segment generated $83.3 million in revenue with $3.7 million in operating income, facing some margin pressure from high raw material costs. The company maintained low uncommitted tobacco inventory at 10% and had approximately $215 million in cash and $270 million available under its revolving credit facility.
The company disclosed an ongoing investigation into embezzlement at its Mozambique subsidiary, identifying unauthorized payments totaling $16.7 million from FY2016 through FY2025.
Universal (NYSE:UVV) has announced its latest quarterly dividend of $0.81 per share on common shares. The dividend will be payable on May 5, 2025, to shareholders of record as of April 14, 2025.
The company, which operates as a global business-to-business agriproducts enterprise, has established its presence across more than 30 countries on five continents. With over 100 years of experience, Universal specializes in providing high-quality, traceable products through its extensive network of farmers and partners. The company emphasizes its integrated processing capabilities, supply chain expertise, and commitment to sustainability in delivering value to customers.
Universal (NYSE:UVV) has released its 2024 Sustainability Report, highlighting significant progress in environmental and social initiatives from April 2023 to March 2024. The company has achieved notable environmental milestones, including planting over 14 million trees, reaching 71% traceability in timber supply, and reducing scope 1 and 2 emissions by 15% from 2020 baseline.
Key social achievements include training 175,000 farmers on good agricultural practices, contributing $800,000 through the Universal Leaf Foundation, and meeting important labor goals including 100% personal protective equipment distribution and zero child labor. The company has also enhanced workplace safety with over 21,000 health and safety inspections, a 40% increase from the previous year.
The report aligns with Global Reporting Initiative Standards and UN Sustainable Development Goals, demonstrating Universal's commitment to transparent sustainability reporting and environmental stewardship.
Universal (NYSE:UVV) received a notice from NYSE on November 19, 2024, regarding non-compliance with listing standards due to delayed filing of its Q2 FY2025 Form 10-Q. The delay stems from an ongoing internal investigation. While the notice doesn't immediately affect UVV's NYSE listing, the company has six months until May 18, 2025, to file the Form 10-Q and regain compliance. NYSE may grant an additional six-month extension or initiate delisting proceedings at its discretion. Universal expects to file within the initial six-month period but cannot guarantee this timeline.
Universal (NYSE: UVV) reported preliminary Q2 FY2025 results with sales revenue of $710.8 million and operating income of $70.7 million. The company's Tobacco Operations segment showed strong performance with $630.2 million in revenue, driven by robust customer demand and improved crop yields in Africa. The Ingredients Operations segment generated $80.6 million in revenue despite pricing pressures. The company disclosed an ongoing internal investigation regarding embezzlement by a former senior finance employee in Mozambique, involving approximately $7 million in unauthorized payments during FY2022-2025, leading to a delay in filing Form 10-Q.
Universal (NYSE:UVV) has announced two significant shareholder actions. The Board of Directors declared a quarterly dividend of $0.81 per share, payable February 3, 2025, to shareholders of record as of January 13, 2025. Additionally, the Board approved a $100 million share repurchase program, allowing purchases on the open market or through private negotiations at prevailing market rates. The company currently has approximately 24.7 million common shares outstanding.
Universal (NYSE:UVV) has opened its enhanced Universal Ingredients Shank's manufacturing campus in Lancaster, Pennsylvania, following a $30 million expansion project. The upgrade adds new state-of-the-art beverage-focused extraction and aseptic processing technology, significantly increasing production capacity and service capabilities. The enhanced campus will expand product offerings, service additional markets, and provide operational efficiencies.
Key features include:
- Aseptic packaging capabilities, eliminating the need for refrigeration
- Expanded tea, coffee, and botanical extracts production
- Enhanced customized blending capabilities
- Automated ingredient blending and extraction systems
- Improved Research and Development capabilities
The project was supported by the Commonwealth of Pennsylvania's Department of Community and Economic Development and Lancaster County.
Universal (NYSE: UVV) has announced a leadership succession plan. Preston D. Wigner, currently Senior Vice President, will become Chairman, President, and CEO effective October 1, 2024. He will succeed George C. Freeman, III, who will retire from these roles and the Board. To ensure a smooth transition, Freeman will serve as Vice Chair until December 31, 2024, and then as a Senior Advisor through the fiscal year-end on March 31, 2025.
Wigner, with over 20 years at Universal, has been chosen after a thorough succession planning process. The Board expressed confidence in Wigner's ability to drive the company forward, citing his extensive tobacco industry experience and involvement in the ingredients business strategy. Freeman, who has been with Universal for 27 years, expressed confidence in Wigner's leadership and the company's future prospects.
Universal (NYSE:UVV) reported strong Q1 FY2025 results, with revenue up 15% to $597.1 million and operating income increasing 56% to $17.2 million. The Tobacco Operations segment saw a 15% revenue increase to $512.0 million, driven by higher sales volumes and prices. The Ingredients Operations segment also experienced a 15% revenue growth to $85.1 million. Net income improved to $0.1 million ($0.01 per diluted share) compared to a net loss of $2.1 million in Q1 FY2024.
Key highlights include:
- Low uncommitted tobacco inventory at 13%
- Lancaster, Pennsylvania expansion project on track
- Third-party verification of scope 1, 2, and 3 emissions data
- Plan to consolidate European sheet tobacco operations
The company expects continued strong demand and solid results for FY2025, with tobacco shipments weighted towards the second half of the year.
Universal (NYSE: UVV) has announced a quarterly dividend of $0.81 per share on its common stock. The dividend is payable on November 4, 2024, to shareholders of record as of October 14, 2024. This announcement was made by George C. Freeman, III, the company's Chairman, President, and CEO.
Universal is a global agricultural company with over a century of experience in supplying products and innovative solutions to meet customer needs. The company operates in more than 30 countries across five continents, providing high-quality, traceable products through its diverse network of farmers and partners. Universal focuses on leveraging its extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to deliver value to its customers.
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