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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) reported solid results for the nine months ended December 31, 2021, with consolidated sales increasing 7% to $1.46 billion. The acquisition of Shank's Extracts enhanced the Ingredients Operations segment, which saw a 116% revenue boost. However, tobacco shipment delays and higher operational costs due to inflation and logistical challenges impacted overall performance. Despite these hurdles, the company maintained strong customer demand and kept its uncommitted tobacco inventory within target ranges.
Universal Corporation (NYSE: UVV) has declared a quarterly dividend of $0.78 per share, scheduled for payment on May 2, 2022. Shareholders of record as of April 11, 2022 will be eligible for this dividend. Headquartered in Richmond, Virginia, Universal is a leading global leaf tobacco supplier and operates in over 30 countries. The company focuses on sustainable supply chains and high-quality agri-products, including plant-based ingredients for the food and beverage markets.
Universal Corporation (NYSE:UVV) reported strong performance for the first half of fiscal year 2022, with consolidated revenues reaching $804 million, a 16% increase compared to the previous year. Operating income rose by 62% to $40.4 million, and diluted earnings per share improved by 73% to $1.04.
The company's tobacco operations benefitted from a favorable product mix and reduced carryover sales of lower-margin tobaccos. However, challenges related to global supply chain disruptions and rising costs due to inflation were noted.
Universal Corporation (NYSE:UVV) has declared a quarterly dividend of $0.78 per share on common shares, payable on February 7, 2022. To qualify, shareholders must own shares by the close of business on January 10, 2022. Based in Richmond, Virginia, Universal Corporation operates in over 30 countries, specializing in agri-products, particularly as a leading supplier of leaf tobacco. The company emphasizes a commitment to a sustainable supply chain and high-quality value-added products for its customers, which include consumer product manufacturers.
Universal Corporation (NYSE: UVV) has completed the acquisition of Shank's Extracts, Inc., enhancing its plant-based ingredients platform. This acquisition is funded through cash on hand and existing borrowing, expanding Universal's offerings with over 2,400 extracts, distillates, and natural flavors, notably in vanilla. With a 191,000 square foot facility in Lancaster, Pennsylvania, Shank's employs over 200 people. Universal aims to leverage this acquisition to provide value-added services, benefiting its global B2B operations in the food and beverage sector.
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