Universal Corp (UVV) Files 2024 10-K

TL;DR

UVV filed its 2024 10-K, check financials and strategy for the year ending March 31.

AI Summary

Universal Corporation (UVV) filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations as a global supplier of leaf tobacco and other agricultural products. The company, headquartered in Richmond, VA, detailed its financial performance and business strategies. The filing covers the period up to May 29, 2024, and includes information on its fiscal year end of March 31.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Universal Corporation's financial health, operational performance, and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Players & Entities

• UNIVERSAL CORP /VA/ (company) — Filer
• 0000102037-24-000014 (filing_id) — Accession Number
• 20240331 (date) — Fiscal Year End
• 20240529 (date) — Filing Date
• Richmond, VA (location) — Company Headquarters
• UNIVERSAL LEAF TOBACCO CO INC (company) — Former Company Name

FAQ

Key Financial Figures

• $2.7 billion — expertise. We generated approximately $2.7 billion in consolidated revenues and earned $22
• $222.0 million — ion in consolidated revenues and earned $222.0 million in total operating income and $226.3 mi
• $226.3 million — 0 million in total operating income and $226.3 million in total segment operating income in fi

Filing Documents

• uvv-20240331.htm (10-K) — 2571KB
• uvv-exhibit191x03312024.htm (EX-19.1) — 43KB
• uvv-exhibit21x03312024.htm (EX-21) — 26KB
• uvv-exhibit23x03312024.htm (EX-23) — 4KB
• uvv-exhibit311x03312024.htm (EX-31.1) — 10KB
• uvv-exhibit312x03312024.htm (EX-31.2) — 10KB
• uvv-exhibit321x03312024.htm (EX-32.1) — 5KB
• uvv-exhibit322x03312024.htm (EX-32.2) — 5KB
• uvv-exhibit41x03312024.htm (EX-4.1) — 21KB
• uvv-exhibit971x03312024.htm (EX-97.1) — 38KB
• universalcorpbluepms2a06.jpg (GRAPHIC) — 241KB
• 0000102037-24-000014.txt ( ) — 14803KB
• uvv-20240331.xsd (EX-101.SCH) — 80KB
• uvv-20240331_cal.xml (EX-101.CAL) — 132KB
• uvv-20240331_def.xml (EX-101.DEF) — 472KB
• uvv-20240331_lab.xml (EX-101.LAB) — 1013KB
• uvv-20240331_pre.xml (EX-101.PRE) — 760KB
• uvv-20240331_htm.xml (XML) — 2777KB

Risk Factors

Risk Factors 12 1B. Unresolved Staff Comments 18 1 C . Cybersecurity 18 2.

Legal Proceedings

Legal Proceedings 21 4. Mine Safety Disclosures 21 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 6. [Reserved] 22 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 89 9A.

Controls and Procedures

Controls and Procedures 89 9B. Other Information 89 PART III 10. Directors, Executive Officers, and Corporate Governance 90 11.

Executive Compensation

Executive Compensation 92 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 13. Certain Relationships and Related Transactions, and Director Independence 92 14. Principal Accounting Fees and Services 92 PART IV 15. Exhibits, Financial Statement Schedules 93 16. Form 10-K Summary 93 Schedule II - Valuation and Qualifying Accounts 94 Exhibit Index 95

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K, which we refer to herein as our Annual Report, contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Among other things, these statements relate to Universal Corporation's financial condition, results of operations and future business plans, operations, opportunities, and prospects. In addition, Universal Corporation and its representatives may make written or oral forward-looking statements from time to time, including statements contained in other filings with the Securities and Exchange Commission (the "SEC") and in reports to shareholders. These forward-looking statements are generally identified by the use of words such as we "expect," "believe," "anticipate," "could," "should," "may," "plan," "will," "predict," "estimate," and similar expressions or words of similar import. These forward-looking statements are 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; 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;

Business

Item 1. Business A. The Company Overview Universal Corporation is a global business-to-business agriproducts company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs. With operations in over 30 countries on five continents, we are uniquely positioned to leverage our worldwide network to access a diverse, reliable supply of plant-based materials. This presence, combined with our supply chain expertise, integrated processing capabilities, and commitment to sustainability, enables us to deliver high-quality, customizable, and traceable value-added agriproducts essential to our customers' success. We have two operating segments: Tobacco Operations and Ingredients Operations. Our Tobacco Operations segment involves procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for manufacturers of consumer tobacco products and performing related services. We are the leading global leaf tobacco supplier. Through our Ingredients Operations segment, we procure raw materials globally and process the raw materials through a variety of value-added manufacturing processes to produce high-quality, innovative, specialty plant-based ingredients, including fruits, vegetables, botanical extracts, and flavorings for consumer-packaged goods manufacturers, retailers, and food and beverage companies. We do not sell any direct-to-consumer products. Rather, we support consumer product manufacturers by selling them transformed agriproducts and performing related services for them. Recognizing that leaf tobacco is a mature industry, we have been positioning our company for the future by investing in and growing Universal Ingredients, our plant-based ingredients platform, while leveraging our position as the leading global leaf tobacco supplier to maximize opportunities in the leaf tobacco business. In fiscal year 2024, we continued to enhance and increase the capabilities of Universal Ingredients

View Full Filing

View this 10-K filing on SEC EDGAR