The following is a summary of the Universal Corporation (UVV) Q4 2024 Earnings Call Transcript:
Financial Performance:
Universal Corporation reported a net income of $119.6 million for Fiscal Year 2024, with fourth quarter net income reaching $40.3 million.
Adjusted net income and diluted earnings per share for the fiscal year increased by $33 million and $1.31, respectively.
The company's operating income also saw significant growth, with total operating income for the fiscal year reaching $222 million, a $40.9 million increase from the previous fiscal year.
Business Progress:
Universal Corporation established new partnerships within the ingredients business, thus offsetting lower revenues from inventory recalibrations and low sales prices.
Despite suffering losses in the ingredients operation segment, the company expects that its newly expanded Lancaster facility should be fully operative by the second half of FY 2025, which will open up further growth opportunities.
The company's tobacco operations segment saw an increase in operating income due to a rise in tobacco sales prices and a more favorable product mix.
More details: Universal Corp IR
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