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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 Corporation (NYSE:UVV), based in Richmond, Virginia, has revised the schedule for its third quarter fiscal year 2023 earnings conference call. The call will now take place on February 8, 2023, at 5:00 p.m. Eastern Time, following the release of its quarterly results after market close on the same day. A live webcast will be available for listening, with a replay accessible until May 8, 2023. Universal Corporation continues to supply high-quality agri-products worldwide, primarily focusing on tobacco and plant-based ingredients, serving customers in over 30 countries.
Universal Corporation (UVV) reports strong demand for both tobacco and plant-based products. For the six months ended September 30, 2022, sales increased by 34% to $1,080.8 million, driven by robust tobacco shipments and a successful Ingredients Operations segment. Operating income rose 27% to $51.2 million. Despite inflationary costs, both segments showed profitability, with Ingredients Operations achieving a 44% revenue increase. The company plans to decrease debt over the next two quarters as seasonal sales improve. However, challenges in specific regions and lower-margin tobacco sales remain a concern.
Universal Corporation (NYSE: UVV) declared a quarterly dividend of $0.79 per share, payable on February 6, 2023, to shareholders on record as of January 9, 2023. Furthermore, the Board approved a $100 million share repurchase program, allowing purchases in the open market or through private transactions. With approximately 24.6 million shares outstanding, this buyback underscores the company's commitment to enhancing shareholder value. Universal Corporation operates globally in over 30 countries, primarily focusing on agri-products and being the leading supplier of leaf tobacco.
Universal Corporation (NYSE: UVV) reported a revenue increase of 23% to $429.8 million for the quarter ending June 30, 2022, driven by strong tobacco sales and the acquisition of Shank's Extracts. However, operating income for its Tobacco Operations segment declined by 9% to $8.1 million, largely due to unfavorable foreign currency rates. The Ingredients Operations segment showed growth, with sales up 46% to $81.8 million. Despite rising costs, including a 22% increase in cost of goods sold, the company maintained a gross profit margin of 18.5%.
Universal Corporation (NYSE: UVV) declared a quarterly dividend of $0.79 per share on August 3, 2022. This dividend is payable on November 7, 2022, to shareholders recorded by the close of business on October 10, 2022. The company, headquartered in Richmond, Virginia, operates as a global supplier of agri-products, primarily focusing on tobacco and plant-based ingredients. With over 100 years of experience, Universal aims to leverage its sustainable supply chain and farmer base to meet customer needs.
Universal Corporation (NYSE:UVV) reported fiscal year 2022 results showing a 6% revenue increase to $2.1 billion, driven by strong performance in its Ingredients Operations segment. The Ingredients segment rose 89% to $267.8 million, aided by the acquisition of Shank's Extracts. Conversely, Tobacco Operations faced challenges, with revenues declining slightly to $1.8 billion due to shipping constraints and lower African burley tobacco crops. Despite these hurdles, the company announced its 52nd annual dividend increase, emphasizing its commitment to shareholder value.
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