Universal Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Universal Corp. has filed its quarterly report detailing financial performance for the period ending December 31, 2023.</b>

AI Summary

UNIVERSAL CORP /VA/ (UVV) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Universal Corp. filed its 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 31st. Universal Corp. was formerly known as Universal Leaf Tobacco Co Inc. The company is incorporated in Virginia.

Why It Matters

For investors and stakeholders tracking UNIVERSAL CORP /VA/, this filing contains several important signals. This filing provides investors with the latest financial data and operational updates for Universal Corp., crucial for assessing its current performance and future outlook. Understanding the details within this 10-Q is essential for stakeholders to make informed investment decisions regarding Universal Corp.'s stock.

Risk Assessment

Risk Level: low — UNIVERSAL CORP /VA/ shows low risk based on this filing. The filing is a standard 10-Q report, indicating routine financial disclosure rather than an event-driven filing that might signal higher risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Universal Corp.'s performance trends and any disclosed risks or opportunities.

Key Numbers

• 20231231 — Period End Date (Fiscal period ending date)
• 20240207 — Filing Date (Date the report was filed)
• 0331 — Fiscal Year End (Company's fiscal year end month and day)
• 5150 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

• UNIVERSAL CORP /VA/ (company) — Filer name
• 0000102037 (company) — Central Index Key
• 20231231 (date) — Period of report
• 20240207 (date) — Filed as of date
• VA (location) — State of incorporation
• RICHMOND (location) — Business address city
• UNIVERSAL LEAF TOBACCO CO INC (company) — Former company name
• 19880314 (date) — Date of name change

Forward-Looking Statements

• Universal Corp /VA/ will continue to report its Tobacco Operations as a significant segment in future filings. (UNIVERSAL CORP /VA/) — high confidence, target: 2024-06-30
• The company's fiscal year end will remain March 31. (UNIVERSAL CORP /VA/) — high confidence, target: 2025-03-31

FAQ

Industry Context

Universal Corp. operates within the wholesale trade sector, specifically dealing with farm product raw materials, primarily tobacco.

Regulatory Implications

As a publicly traded company, Universal Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter and year-to-date periods.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Examine any disclosed risk factors or legal proceedings that could impact the company's future operations.

Key Dates

• 2023-12-31: Period End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-02-07: Filing Date — The date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is a standard 10-Q filing for the period ending December 31, 2023, and does not inherently indicate a change from the previous filing's format or content type.

Filing Documents

• uvv-20231231.htm (10-Q) — 1297KB
• uvv-exhibit311x20231231.htm (EX-31.1) — 10KB
• uvv-exhibit312x20231231.htm (EX-31.2) — 10KB
• uvv-exhibit321x20231231.htm (EX-32.1) — 6KB
• uvv-exhibit322x20231231.htm (EX-32.2) — 6KB
• 0000102037-24-000007.txt (&nbsp;) — 7526KB
• uvv-20231231.xsd (EX-101.SCH) — 36KB
• uvv-20231231_cal.xml (EX-101.CAL) — 70KB
• uvv-20231231_def.xml (EX-101.DEF) — 182KB
• uvv-20231231_lab.xml (EX-101.LAB) — 529KB
• uvv-20231231_pre.xml (EX-101.PRE) — 338KB
• uvv-20231231_htm.xml (XML) — 1578KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1. Financial Statements 3 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26 3. Quantitative and Qualitative Disclosures About Market Risk 33 4. Controls and Procedures 34

- OTHER INFORMATION

PART II - OTHER INFORMATION 1. Legal Proceedings 35 1A.

Risk Factors

Risk Factors 35 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 5. Other Information 36 6. Exhibits 37

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS UNIVERSAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands, except share and per share data) Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) Sales and other operating revenues $ 821,507 $ 795,039 $ 1,977,713 $ 1,875,845 Costs and expenses Cost of goods sold 654,556 649,539 1,592,533 1,540,368 Selling, general and administrative expenses 78,563 67,974 227,846 206,799 Restructuring and impairment costs 924 — 3,523 — Operating income 87,464 77,526 153,811 128,678 Equity in pretax earnings (loss) of unconsolidated affiliates 1,384 345 ( 3,495 ) 208 Other non-operating income (expense) 726 ( 69 ) 2,179 ( 208 ) Interest income 1,720 77 4,038 407 Interest expense 15,525 14,265 48,121 33,259 Income before income taxes and other items 75,769 63,614 108,412 95,826 Income taxes 14,482 12,253 21,498 22,258 Net income 61,287 51,361 86,914 73,568 Less: net loss (income) attributable to noncontrolling interests in subsidiaries ( 8,071 ) ( 9,701 ) ( 7,634 ) ( 3,223 ) Net income attributable to Universal Corporation $ 53,216 $ 41,660 $ 79,280 $ 70,345 Earnings per share: Basic $ 2.14 $ 1.68 $ 3.19 $ 2.84 Diluted $ 2.12 $ 1.67 $ 3.17 $ 2.82 Weighted average common shares outstanding: Basic 24,849,498 24,770,294 24,853,774 24,772,827 Diluted 25,055,829 24,928,426 25,017,167 24,934,447 Total comprehensive income (loss), net of income taxes $ 55,884 $ 64,082 $ 83,638 $ 80,377 Less: comprehensive (income) loss attributable to noncontrolling interests ( 8,255 ) ( 10,071 ) ( 7,555 ) ( 2,976 ) Comprehensive income (loss) attributable to Universal Corporation $ 47,629 $ 54,011 $ 76,083 $ 77,401 Dividends declared per common share $ 0.80 $ 0.79 $ 2.40 $ 2.37 See accompanying notes. 3 UNIVERSAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands of dollars) December 31, December 31, March 31, 2023 2022 2023 (Unaudit

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. BASIS OF PRESENTATION Universal Corporation, which together with its subsidiaries is referred to herein as "Universal" or the "Company," is a global business-to-business agri-products supplier to consumer product manufacturers. The Company is the leading global leaf tobacco supplier and provides high-quality plant-based ingredients to food and beverage end markets. Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the "2023 Annual Report on Form 10-K"). Accounting Pronouncements to be Adopted in Future Years In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 requires additional disclosures about profitability measures utilized by the chief operating decision maker and significant segment expenses. ASU 2023-07 also requires all annual disclosures regarding profit or loss and assets to be included in interim disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods in fiscal years beginning after December 15, 2024, although early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its operating segments disclosures. NOTE 2. RESTRUCTURING AND IMPAIRMENT COSTS Universal continually reviews its business for opportunities to realize efficiencies, reduce costs, and realign its operations in response to business ch

View Full Filing

View this 10-Q filing on SEC EDGAR