Universal Corp (UVV) Files Q1 2024 10-Q

TL;DR

UVV filed its 10-Q for June 30, 2024. Check financials.

AI Summary

Universal Corporation (UVV) filed its 10-Q for the period ending June 30, 2024. The company reported its financial results, including revenues, expenses, and net income. Specific figures for the quarter and year-to-date are detailed within the filing, providing insight into the company's operational and financial performance.

Why It Matters

This filing provides investors with the latest financial performance data for Universal Corporation, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• UNIVERSAL CORP /VA/ (company) — Filer
• 0000102037-24-000031 (filing_id) — Accession Number
• 20240630 (date) — Period of Report
• 20240807 (date) — Filed as of Date
• RICHMOND (location) — Business Address City
• VA (location) — Business Address State
• UNIVERSAL LEAF TOBACCO CO INC (company) — Former Company Name

FAQ

Filing Documents

• uvv-20240630.htm (10-Q) — 1073KB
• uvv-exhibit311x20240630.htm (EX-31.1) — 10KB
• uvv-exhibit312x20240630.htm (EX-31.2) — 10KB
• uvv-exhibit321x20240630.htm (EX-32.1) — 6KB
• uvv-exhibit322x20240630.htm (EX-32.2) — 6KB
• 0000102037-24-000031.txt ( ) — 6948KB
• uvv-20240630.xsd (EX-101.SCH) — 35KB
• uvv-20240630_cal.xml (EX-101.CAL) — 65KB
• uvv-20240630_def.xml (EX-101.DEF) — 180KB
• uvv-20240630_lab.xml (EX-101.LAB) — 567KB
• uvv-20240630_pre.xml (EX-101.PRE) — 381KB
• uvv-20240630_htm.xml (XML) — 1264KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1. Financial Statements 3 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25 3. Quantitative and Qualitative Disclosures About Market Risk 31 4. Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION 1. Legal Proceedings 33 1A.

Risk Factors

Risk Factors 33 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 5. Other Information 33 6. Exhibits 34

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 June 30, 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 Universal Corporation $ 130 $ ( 2,064 ) Earnings per share: Basic $ 0.01 $ ( 0.08 ) Diluted $ 0.01 $ ( 0.08 ) Weighted average common shares outstanding: Basic 24,876,220 24,842,171 Diluted 25,066,106 24,842,171 Total comprehensive income (loss), net of income taxes $ ( 8,350 ) $ ( 795 ) Less: comprehensive (income) loss attributable to noncontrolling interests 3,344 3,241 Comprehensive income (loss) attributable to Universal Corporation $ ( 5,006 ) $ 2,446 Dividends declared per common share $ 0.81 $ 0.80 See accompanying notes. 3 UNIVERSAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands of dollars) June 30, June 30, March 31, 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 O

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, 2024 (the "2024 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 segment disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires additional disclosures reconci

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