Universal Reports Record Annual Earnings

Source from:  Tobacco Reporter 05/31/2010

Universal Corp's diluted earnings per share for the year ended March 31, at $5.68, were up 31 per cent on those of last year. And net income improved by 28 per cent to a record $168 million. But revenues were down by about two per cent, reflecting lower volumes in several areas, offset by improved sales mix as lower priced by-products constituted a smaller proportion of total sales. Universal said that lower volumes were primarily attributable to shipment delays this year in some regions, lower trading volumes in North America, and last year's accelerated shipments of dark tobacco. Commenting on the results, George C. Freeman, III, chairman, president and CEO, said the company had had an outstanding year. "Each of our regional operations produced strong results based on careful attention to costs and close co-operation with our customers," he said. "We have created new efficiencies in our dark tobacco operations, completing our Lancaster, Pennsylvania, factory upgrade and expansion. The project was completed on time and within budget, and the factory is performing above our expectations. "We are continuing to benefit from cost controls and global co-ordination, and we are very pleased with our performance for the fiscal year." Enditem