Welcome to our dedicated page for Universal Corporation news (Ticker: UVV), a resource for investors and traders seeking the latest updates and insights on Universal Corporation 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 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.
Universal (NYSE:UVV) has announced a conference call scheduled for August 7, 2024, following the release of its first quarter fiscal year 2025 results. The call will begin at 5:00 p.m. Eastern Time and will be webcast live on the company's website. A replay will be available online through November 7, 2024, with a taped replay accessible via phone until August 20, 2024.
The company emphasizes that all remarks during the call will reflect current information and will not be updated for subsequent developments. Media representatives can listen but cannot ask questions. Universal , a global agricultural company with over 100 years of experience, supplies products and innovative solutions across more than 30 countries on five continents.
Universal (NYSE: UVV) reported its annual results for fiscal year 2024, ending March 31. The company saw a 7% increase in consolidated revenues, reaching $2.75 billion, driven mainly by higher tobacco sales prices. Tobacco operations yielded $2.44 billion in revenues, an 8% increase. However, the ingredients business saw a slight decline in revenues to $309.8 million.
Operating income improved by 23% to $222 million, with adjusted operating income up by 27% to $230.3 million. Despite the higher revenues, diluted earnings per share dropped 4% to $4.78. The company faced higher costs due to increased green tobacco prices and other operational expenses.
Universal's sustainability initiatives made progress, including significant steps towards emissions targets and a renewable energy agreement. The company is optimistic about future growth, particularly in its ingredients business, supported by new product sales and an ongoing expansion project at the Lancaster facility.
Universal (NYSE: UVV) announced a quarterly dividend increase to $0.81 per share, reflecting an annualized rate of $3.24 per share and a yield of approximately 6.08% based on the May 20, 2024, closing price of $53.29. The dividend is payable on August 5, 2024, to shareholders of record at the close of business on July 8, 2024. This marks the 54th annual dividend increase for the company, signaling the Board's confidence in its business strategy and investment decisions.
The annual meeting of shareholders is set for August 6, 2024, at the company's headquarters. The record date for the meeting is June 6, 2024. Universal , a global agricultural company with over 100 years of experience, operates in over 30 countries and focuses on providing high-quality, traceable products through a diverse network of farmers and partners.
Universal (NYSE: UVV) will host a webcast conference call on May 22, 2024, at 5:00 p.m. Eastern Time to discuss its fiscal year 2024 results, which will be released after market close the same day.
The live webcast and a replay will be available at www.universalcorp.com. A taped replay can also be accessed from 8:30 p.m. Eastern Time on May 22nd through June 5, 2024, at (888) 225-1626.
Universal , headquartered in Richmond, Virginia, operates globally as a supplier of agri-products, with a primary focus on leaf tobacco. The company also provides plant-based ingredients for the food and beverage industry.
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