Universal Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
February 07, 2024 at 04:18 pm EST
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Universal Corporation reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported sales was USD 821.51 million compared to USD 795.04 million a year ago. Net income was USD 53.22 million compared to USD 41.66 million a year ago. Basic earnings per share from continuing operations was USD 2.14 compared to USD 1.68 a year ago. Diluted earnings per share from continuing operations was USD 2.12 compared to USD 1.67 a year ago.
For the nine months, sales was USD 1,977.71 million compared to USD 1,875.85 million a year ago. Net income was USD 79.28 million compared to USD 70.35 million a year ago. Basic earnings per share from continuing operations was USD 3.19 compared to USD 2.84 a year ago. Diluted earnings per share from continuing operations was USD 3.17 compared to USD 2.82 a year ago.
Universal Corporation is a global business-to-business agriproducts company. The Company is a global leaf tobacco supplier and provides plant-based ingredients to food and beverage end markets. The Company operates through two segments: Tobacco Operations and Ingredients Operations. The Tobacco Operations segment activities involve contracting, procuring, processing, packing, storing, and shipping leaf tobacco for sale to, or for the account of, manufacturers of consumer tobacco products throughout the world. Through its Ingredients Operations segment, the Company procures raw materials globally and processes the raw materials through a variety of value-added manufacturing processes to produce specialty plant-based ingredients, including fruits, vegetables, botanical extracts, and flavorings for consumer-packaged goods manufacturers, retailers, and food and beverage companies. The Company has operations in over 30 countries on five continents.