The following is a summary of the Universal Corporation (UVV) Q3 2024 Earnings Call Transcript:
Financial Performance:
Universal Corporation's Q3 2024 operating income and net income increased by 13% and 28% respectively compared to Q3 2023, positively impacting their year-to-date performance.
Net income for the last three quarters and Q3, 2023 was valued at $79.3 million and $53.2 million respectively.
Excluding non-recurring items, the company's net income rose by $12.6 million with an increase of $0.49 in diluted earnings per share for the nine-month period. The quarterly numbers, as on December 31, 2023, rose likewise by $12.1 million or $0.49 per share.
Business Progress:
Universal Corporation's tobacco business excelled because of a favourable product mix, better crop yield in Africa, and high demand from customers.
The expansion of the ingredients business was substantial, promising future gains from advancements in research and development backed by a competent sales team. The enlargement of their ingredients facility at Lancaster, Pennsylvania is projected to be complete by Q3 2025.
In a bid to further their global sustainability targets, Universal Corporation partook in a solar project which intends to cut their operational greenhouse gas emissions by 30% by 2030.
More details: Universal Corp IR
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