Universal Corporation Reports First Quarter Results
"Our revenue increase in the Tobacco Operations segment was driven by higher sales volumes and prices. Coming out of an exceptional fiscal year 2024, we benefited from continued strong demand from our tobacco customers. We believe this demand will continue to support solid results for the segment for fiscal year 2025. Our strategic decisions to accelerate tobacco crop purchasing allowed us to secure our contracted tobacco in certain dynamic markets, which has positioned us well to meet customer demand. As in previous fiscal years, we expect that tobacco shipment timing and related revenue recognition will be more heavily weighted towards the second half of our fiscal year 2025.
"Our uncommitted tobacco inventory levels at
"During the quarter ended
"Test runs and certifications of the processing lines for our
"As expected, our debt level remained elevated at
"Reducing our environmental impacts remains a key business goal for Universal. Setting scope 1, 2 and 3 greenhouse gas emissions targets with the Science Based Target initiative (SBTi) in 2021 and committing to publicly disclosing our progress towards meeting those targets by 2030 are some of the ways we demonstrate our commitment to sustainability. The credibility of our disclosures is contingent on the accuracy of our emissions data and the methods we use to calculate them. We are pleased to announce that we received independent third-party verification of our scope 1 and 2 emissions data, as well as our scope 3 emissions data associated with tobacco purchased through our supply chain, and the methods we use to calculate our emissions. These important milestones reinforce our dedication to the public and transparent disclosure of our progress towards our goals, and the importance of sustainability to Universal.
"For over 100 years, Universal has successfully managed our business and generated strong cash flows over time under a wide range of market conditions. We continue to leverage our global footprint to alleviate the impact of localized disruptions, such as adverse weather. Our proactive approach to understanding and responding to the changing world in which we operate and our deep understanding of our customers' needs will serve us well as we continue our endeavor to deliver consistent results year-over-year."
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
||||||||||||||||
|
Three Months Ended |
|
Change |
||||||||||||||||||||
(in millions of dollars, except per share data) |
2024 |
|
2023 |
|
$ |
|
% |
||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated Results |
|
|
|
|
|
|
|
||||||||||||||||
Sales and other operating revenue |
$ |
597.1 |
|
|
$ |
517.7 |
|
|
$ |
79.3 |
|
|
15 |
% |
|||||||||
Cost of goods sold |
$ |
501.1 |
|
|
$ |
431.2 |
|
|
$ |
69.9 |
|
|
16 |
% |
|||||||||
Gross profit margin percentage |
16.1 |
% |
|
16.7 |
% |
|
|
|
-60 bps |
||||||||||||||
Selling, general and administrative expenses |
$ |
78.7 |
|
|
$ |
75.5 |
|
|
$ |
3.2 |
|
|
4 |
% |
|||||||||
Operating income |
$ |
17.2 |
|
|
$ |
11.0 |
|
|
$ |
6.2 |
|
|
56 |
% |
|||||||||
Diluted earnings (loss) per share |
$ |
0.01 |
|
|
$ |
(0.08) |
|
|
$ |
0.09 |
|
|
113 |
% |
|||||||||
Segment Results |
|
|
|
|
|
|
|
||||||||||||||||
Tobacco operations sales and other operating revenues |
$ |
512.0 |
|
|
$ |
443.9 |
|
|
$ |
68.0 |
|
|
15 |
% |
|||||||||
Tobacco operations operating income |
$ |
14.5 |
|
|
$ |
8.9 |
|
|
$ |
5.6 |
|
|
63 |
% |
|||||||||
Ingredients operations sales and other operating revenues |
$ |
85.1 |
|
|
$ |
73.8 |
|
|
$ |
11.3 |
|
|
15 |
% |
|||||||||
Ingredients operations operating income (loss) |
$ |
2.9 |
|
|
$ |
(2.0) |
|
|
$ |
4.9 |
|
|
245 |
% |
Net income for the quarter ended
TOBACCO OPERATIONS
The first fiscal quarter is historically a slow quarter for our tobacco businesses. Revenues for the Tobacco Operations segment were
INGREDIENTS OPERATIONS
For the Ingredients Operations segment, revenues of
OTHER ITEMS
Cost of goods sold in the quarter ended
For the three months ended
As part of our ongoing efforts to promote efficiency in our operations, we initiated a plan in the second quarter of fiscal year 2025 to consolidate our European sheet tobacco operations into our facility in
SUSTAINABILITY
In 2019, Universal committed to setting science-based goals for reducing our global greenhouse gas (GHG) emissions. Our target of reducing scope 1, 2, and 3 emissions by 30% by 2030 was approved by the Science Based Target initiative (SBTi) in 2021. GHG emissions are inherently difficult to calculate, particularly scope 3 emissions because they are indirect emissions by our supply chain partners that require collection and analysis of data from third parties. We previously received independent third-party verification of our scope 1 and 2 emissions data and how we calculate such data. We are proud to have recently received independent third-party verification related to our scope 3 emissions as well. These important milestones reinforce the credibility of our commitment to reducing our scope 1, 2 and 3 emissions, as well as ensuring the methods and data we use to calculate emissions are accurate and comply with established standards. The need for companies to accurately calculate and disclose their environmental impacts has never been greater, which is why we continue to publicly and transparently share our progress towards meeting our GHG emissions goals each year in our annual Sustainability Report, which is available on our website.
Additional information
Amounts described as net income (loss) and earnings (loss) per diluted share in the previous discussion are attributable to
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding financial condition, results of operation, and future business plans, operations, opportunities, and prospects for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; product purchased not meeting quality and quantity requirements; our reliance on a few large customers; our ability to maintain effective information technology systems and safeguard confidential information; anticipated levels of demand for and supply of our products and services; costs incurred in providing these products and services including increased transportation costs and delays attributed to global supply chain challenges; timing of shipments to customers; higher inflation rates; changes in market structure; government regulation and other stakeholder expectations; economic and political conditions in the countries in which we and our customers operate, including the ongoing impacts from international conflicts; product taxation; industry consolidation and evolution; changes in exchange rates and interest rates; impacts of regulation and litigation on its customers; industry-specific risks related to its plant-based ingredient businesses; exposure to certain regulatory and financial risks related to climate change; changes in estimates and assumptions underlying our critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended
At
CONSOLIDATED STATEMENTS OF INCOME (in thousands of dollars, except per share data) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||
|
|
2024 |
|
2023 |
||||||||||
|
|
(Unaudited) |
||||||||||||
Sales and other operating revenues |
|
$ |
597,050 |
|
|
$ |
517,722 |
|
||||||
Costs and expenses |
|
|
|
|
||||||||||
Cost of goods sold |
|
501,129 |
|
|
431,210 |
|
||||||||
Selling, general and administrative expenses |
|
78,696 |
|
|
75,477 |
|
||||||||
Operating income |
|
17,225 |
|
|
11,035 |
|
||||||||
Equity in pretax earnings (loss) of unconsolidated affiliates |
|
140 |
|
|
(4,166) |
|
||||||||
Other non-operating income (expense) |
|
464 |
|
|
725 |
|
||||||||
Interest income |
|
808 |
|
|
1,365 |
|
||||||||
Interest expense |
|
20,734 |
|
|
15,543 |
|
||||||||
Income (loss) before income taxes and other items |
|
(2,097) |
|
|
(6,584) |
|
||||||||
Income taxes |
|
727 |
|
|
(1,423) |
|
||||||||
Net income (loss) |
|
(2,824) |
|
|
(5,161) |
|
||||||||
Less: net loss (income) attributable to noncontrolling interests in subsidiaries |
|
2,954 |
|
|
3,097 |
|
||||||||
Net income (loss) attributable to |
|
$ |
130 |
|
|
$ |
(2,064) |
|
||||||
|
|
|
|
|
||||||||||
Earnings per share: |
|
|
|
|
||||||||||
Basic |
|
$ |
0.01 |
|
|
$ |
(0.08) |
|
||||||
Diluted |
|
$ |
0.01 |
|
|
$ |
(0.08) |
|
|
See accompanying notes. |
CONSOLIDATED BALANCE SHEETS (in thousands of dollars) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
||||||||||||||
|
|
(Unaudited) |
|
(Unaudited) |
|
|
||||||||||||||
ASSETS |
|
|
|
|
|
|
||||||||||||||
Current assets |
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents |
|
$ |
101,700 |
|
|
$ |
80,518 |
|
|
$ |
55,593 |
|
||||||||
Accounts receivable, net |
|
435,941 |
|
|
375,564 |
|
|
525,262 |
|
|||||||||||
Advances to suppliers, net |
|
100,451 |
|
|
111,176 |
|
|
139,064 |
|
|||||||||||
Accounts receivable—unconsolidated affiliates |
|
60,991 |
|
|
73,286 |
|
|
5,385 |
|
|||||||||||
Inventories—at lower of cost or net realizable value: |
|
|
|
|
|
|
||||||||||||||
Tobacco |
|
1,202,341 |
|
|
1,100,722 |
|
|
1,070,580 |
|
|||||||||||
Other |
|
187,743 |
|
|
198,730 |
|
|
193,518 |
|
|||||||||||
Prepaid income taxes |
|
23,576 |
|
|
21,640 |
|
|
19,484 |
|
|||||||||||
Other current assets |
|
85,712 |
|
|
93,153 |
|
|
93,655 |
|
|||||||||||
Total current assets |
|
2,198,455 |
|
|
2,054,789 |
|
|
2,102,541 |
|
|||||||||||
|
|
|
|
|
|
|
||||||||||||||
Property, plant and equipment |
|
|
|
|
|
|
||||||||||||||
Land |
|
25,926 |
|
|
24,930 |
|
|
26,244 |
|
|||||||||||
Buildings |
|
326,988 |
|
|
312,014 |
|
|
323,969 |
|
|||||||||||
Machinery and equipment |
|
702,153 |
|
|
705,045 |
|
|
693,868 |
|
|||||||||||
|
|
1,055,067 |
|
|
1,041,989 |
|
|
1,044,081 |
|
|||||||||||
Less accumulated depreciation |
|
(680,011) |
|
|
(685,042) |
|
|
(678,201) |
|
|||||||||||
|
|
375,056 |
|
|
356,947 |
|
|
365,880 |
|
|||||||||||
Other assets |
|
|
|
|
|
|
||||||||||||||
Operating lease right-of-use assets |
|
30,582 |
|
|
36,890 |
|
|
32,510 |
|
|||||||||||
|
|
213,810 |
|
|
213,893 |
|
|
213,869 |
|
|||||||||||
Other intangibles, net |
|
66,074 |
|
|
77,290 |
|
|
68,883 |
|
|||||||||||
Investments in unconsolidated affiliates |
|
75,531 |
|
|
73,466 |
|
|
76,289 |
|
|||||||||||
Deferred income taxes |
|
18,287 |
|
|
15,187 |
|
|
15,181 |
|
|||||||||||
Pension asset |
|
12,075 |
|
|
10,516 |
|
|
11,857 |
|
|||||||||||
Other noncurrent assets |
|
43,098 |
|
|
48,681 |
|
|
50,229 |
|
|||||||||||
|
|
459,457 |
|
|
475,923 |
|
|
468,818 |
|
|||||||||||
|
|
|
|
|
|
|
||||||||||||||
Total assets |
|
$ |
3,032,968 |
|
|
$ |
2,887,659 |
|
|
$ |
2,937,239 |
|
|
See accompanying notes. |
CONSOLIDATED BALANCE SHEETS (in thousands of dollars) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
||||||||||||||
|
|
(Unaudited) |
|
(Unaudited) |
|
|
||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||||||||||||||
Current liabilities |
|
|
|
|
|
|
||||||||||||||
Notes payable and overdrafts |
|
$ |
581,087 |
|
|
$ |
359,832 |
|
|
$ |
417,217 |
|
||||||||
Accounts payable |
|
79,747 |
|
|
88,362 |
|
|
108,727 |
|
|||||||||||
Accounts payable—unconsolidated affiliates |
|
— |
|
|
1,495 |
|
|
1,621 |
|
|||||||||||
Customer advances and deposits |
|
15,660 |
|
|
103,436 |
|
|
17,179 |
|
|||||||||||
Accrued compensation |
|
20,903 |
|
|
20,890 |
|
|
39,766 |
|
|||||||||||
Income taxes payable |
|
10,766 |
|
|
5,620 |
|
|
7,477 |
|
|||||||||||
Current portion of operating lease liabilities |
|
9,588 |
|
|
10,673 |
|
|
10,356 |
|
|||||||||||
Accrued expenses and other current liabilities |
|
128,305 |
|
|
127,564 |
|
|
109,015 |
|
|||||||||||
Current portion of long-term debt |
|
— |
|
|
— |
|
|
— |
|
|||||||||||
Total current liabilities |
|
846,056 |
|
|
717,872 |
|
|
711,358 |
|
|||||||||||
|
|
|
|
|
|
|
||||||||||||||
Long-term debt |
|
617,502 |
|
|
616,948 |
|
|
617,364 |
|
|||||||||||
Pensions and other postretirement benefits |
|
43,386 |
|
|
42,725 |
|
|
43,251 |
|
|||||||||||
Long-term operating lease liabilities |
|
17,457 |
|
|
23,343 |
|
|
19,302 |
|
|||||||||||
Other long-term liabilities |
|
27,167 |
|
|
29,160 |
|
|
27,902 |
|
|||||||||||
Deferred income taxes |
|
37,901 |
|
|
44,432 |
|
|
39,139 |
|
|||||||||||
Total liabilities |
|
1,589,469 |
|
|
1,474,480 |
|
|
1,458,316 |
|
|||||||||||
|
|
|
|
|
|
|
||||||||||||||
Shareholders' equity |
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
Preferred stock: |
|
|
|
|
|
|
||||||||||||||
Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, |
|
— |
|
|
— |
|
|
— |
|
|||||||||||
Common stock, no par value, 100,000,000 shares authorized 24,675,988 shares issued |
|
347,152 |
|
|
338,445 |
|
|
345,596 |
|
|||||||||||
Retained earnings |
|
1,153,026 |
|
|
1,114,822 |
|
|
1,173,196 |
|
|||||||||||
Accumulated other comprehensive loss |
|
(86,721) |
|
|
(72,547) |
|
|
(81,585) |
|
|||||||||||
|
|
1,413,457 |
|
|
1,380,720 |
|
|
1,437,207 |
|
|||||||||||
Noncontrolling interests in subsidiaries |
|
30,042 |
|
|
32,459 |
|
|
41,716 |
|
|||||||||||
Total shareholders' equity |
|
1,443,499 |
|
|
1,413,179 |
|
|
1,478,923 |
|
|||||||||||
|
|
|
|
|
|
|
||||||||||||||
Total liabilities and shareholders' equity |
|
$ |
3,032,968 |
|
|
$ |
2,887,659 |
|
|
$ |
2,937,239 |
|
|
See accompanying notes. |
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands of dollars) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||
|
|
2024 |
|
2023 |
||||||||||
|
|
(Unaudited) |
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||||||||
Net income (loss) |
|
$ |
(2,824) |
|
|
$ |
(5,161) |
|
||||||
Adjustments to reconcile net income (loss) to net cash used by operating activities: |
|
|
|
|
||||||||||
Depreciation and amortization |
|
14,564 |
|
|
14,754 |
|
||||||||
Net provision for losses (recoveries) on advances to suppliers |
|
(751) |
|
|
1,382 |
|
||||||||
Inventory writedowns |
|
4,371 |
|
|
2,327 |
|
||||||||
Stock-based compensation expense |
|
4,641 |
|
|
3,859 |
|
||||||||
Foreign currency remeasurement (gain) loss, net |
|
7,171 |
|
|
1,530 |
|
||||||||
Foreign currency exchange contracts |
|
(1,340) |
|
|
7,803 |
|
||||||||
Deferred income taxes |
|
(3,983) |
|
|
(2,406) |
|
||||||||
Equity in net loss (income) of unconsolidated affiliates, net of dividends |
|
(154) |
|
|
2,630 |
|
||||||||
Restructuring payments |
|
(253) |
|
|
— |
|
||||||||
Other, net |
|
644 |
|
|
5 |
|
||||||||
Changes in operating assets and liabilities, net: |
|
(84,530) |
|
|
(130,614) |
|
||||||||
Net cash provided (used) by operating activities |
|
(62,444) |
|
|
(103,891) |
|
||||||||
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||||||||
Purchase of property, plant and equipment |
|
(22,749) |
|
|
(17,960) |
|
||||||||
Proceeds from sale of property, plant and equipment |
|
867 |
|
|
326 |
|
||||||||
Net cash used by investing activities |
|
(21,882) |
|
|
(17,634) |
|
||||||||
|
|
|
|
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||||||||
Issuance of short-term debt, net |
|
162,140 |
|
|
163,804 |
|
||||||||
Dividends paid to noncontrolling interests |
|
(8,330) |
|
|
(4,164) |
|
||||||||
Dividends paid on common stock |
|
(19,659) |
|
|
(19,398) |
|
||||||||
Other |
|
(3,397) |
|
|
(2,893) |
|
||||||||
Net cash provided (used) by financing activities |
|
130,754 |
|
|
137,349 |
|
||||||||
|
|
|
|
|
||||||||||
Effect of exchange rate changes on cash, restricted cash and cash equivalents |
|
(321) |
|
|
4 |
|
||||||||
Net increase (decrease) in cash, restricted cash and cash equivalents |
|
46,107 |
|
|
15,828 |
|
||||||||
Cash, restricted cash and cash equivalents at beginning of year |
|
55,593 |
|
|
64,690 |
|
||||||||
|
|
|
|
|
||||||||||
Cash, restricted cash and cash equivalents at end of period |
|
$ |
101,700 |
|
|
$ |
80,518 |
|
|
See accompanying notes. |
NOTE 1. BASIS OF PRESENTATION
NOTE 2. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share:
|
|
Three Months Ended |
||||||||||||
(in thousands, except share and per share data) |
|
2024 |
|
2023 |
||||||||||
|
|
|
|
|
||||||||||
Basic Earnings (Loss) Per Share |
|
|
|
|
||||||||||
Numerator for basic earnings (loss) per share |
|
|
|
|
||||||||||
Net income (loss) attributable to |
|
$ |
130 |
|
|
$ |
(2,064) |
|
||||||
|
|
|
|
|
||||||||||
Denominator for basic earnings (loss) per share |
|
|
|
|
||||||||||
Weighted average shares outstanding |
|
24,876,220 |
|
|
24,842,171 |
|
||||||||
|
|
|
|
|
||||||||||
Basic earnings (loss) per share |
|
$ |
0.01 |
|
|
$ |
(0.08) |
|
||||||
|
|
|
|
|
||||||||||
Diluted Earnings (Loss) Per Share |
|
|
|
|
||||||||||
Numerator for diluted earnings (loss) per share |
|
|
|
|
||||||||||
Net income (loss) attributable to |
|
$ |
130 |
|
|
$ |
(2,064) |
|
||||||
|
|
|
|
|
||||||||||
Denominator for diluted earnings (loss) per share: |
|
|
|
|
||||||||||
Weighted average shares outstanding |
|
24,876,220 |
|
|
24,842,171 |
|
||||||||
Effect of dilutive securities |
|
|
|
|
||||||||||
Employee and outside director share-based awards |
|
189,886 |
|
|
— |
|
||||||||
Denominator for diluted earnings (loss) per share |
|
25,066,106 |
|
|
24,842,171 |
|
||||||||
|
|
|
|
|
||||||||||
Diluted earnings (loss) per share |
|
$ |
0.01 |
|
|
$ |
(0.08) |
|
NOTE 3. SEGMENT INFORMATION
The Company conducts operations across two reportable operating 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 various operating subsidiaries located in tobacco-growing countries around the world and significant ownership interests in unconsolidated affiliates, the Company processes and/or sells flue-cured and burley tobaccos, dark air-cured tobaccos, and oriental tobaccos. Flue-cured, burley, and oriental tobaccos are used principally in the manufacture of cigarettes, and dark air-cured tobaccos are used mainly in the manufacture of cigars, pipe tobacco, and smokeless tobacco products. Some of these tobacco types are also increasingly used in the manufacture of next generation tobacco products that are intended to provide consumers with an alternative to traditional combustible products. The Tobacco Operations segment also provides physical and chemical product testing for tobacco customers. A substantial portion of the Company's Tobacco Operations' revenues are derived from sales to a limited number of large, multinational cigarette and cigar manufacturers.
The Ingredients Operations segment provides its customers with a broad variety of plant-based ingredients for both human and pet consumption. The Ingredients Operations segment utilizes a variety of value-added manufacturing processes converting raw materials into a wide spectrum of fruit and vegetable juices, concentrates, dehydrated products, botanical extracts, and flavorings. Customers for the Ingredients Operations segment include large multinational food and beverage companies, smaller independent manufacturers, and retail organizations.
The Company currently evaluates the performance of its segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings (loss) of unconsolidated affiliates. Operating results for the Company's reportable segments for each period presented in the consolidated statements of income and comprehensive income were as follows.
|
|
Three Months Ended |
||||||||||||
(in thousands of dollars) |
|
2024 |
|
2023 |
||||||||||
|
|
|
|
|
||||||||||
SALES AND OTHER OPERATING REVENUES |
|
|
|
|
||||||||||
Tobacco Operations |
|
$ |
511,955 |
|
|
$ |
443,908 |
|
||||||
Ingredients Operations |
|
85,095 |
|
|
73,814 |
|
||||||||
Consolidated sales and other operating revenues |
|
$ |
597,050 |
|
|
$ |
517,722 |
|
||||||
|
|
|
|
|
||||||||||
OPERATING INCOME (LOSS) |
|
|
|
|
||||||||||
Tobacco Operations |
|
$ |
14,454 |
|
|
$ |
8,883 |
|
||||||
Ingredients Operations |
|
2,911 |
|
|
(2,014) |
|
||||||||
Segment operating income |
|
17,365 |
|
|
6,869 |
|
||||||||
Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1) |
|
(140) |
|
|
4,166 |
|
||||||||
Consolidated operating income |
|
$ |
17,225 |
|
|
$ |
11,035 |
|
|
|
(1) |
Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income. |
NOTE 4. SUBSEQUENT EVENT
In
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