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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) 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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