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February 4, 2020 at 4:16 PM EST

Universal Corporation Reports Nine Month Results

RICHMOND, Va., Feb. 4, 2020 /PRNewswire/ -- George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE: UVV), reported net income for the nine months ended December 31, 2019, of $56.1 million, or $2.23 per diluted share, compared with $72.8 million, or $2.87 per diluted share, for the same period of the prior fiscal year. Excluding certain non-recurring items, detailed in Other Items below, net income and diluted earnings per share declined by $20.0 million and $0.78, respectively, for the nine months ended December 31, 2019, compared to the same period of the prior year. Operating income of $94.8 million for the nine months ended December 31, 2019, decreased by $5.6 million, compared to operating income of $100.4 million for the nine months ended December 31, 2018.

For the third fiscal quarter, ended December 31, 2019, net income was $26.0 million, or $1.04 per diluted share, compared with net income of $28.1 million, or $1.11 per diluted share, for the prior year's third fiscal quarter. Excluding certain non-recurring items, detailed in Other Items below, net income and diluted earnings per share declined by $17.0 million and $0.65, respectively, for the quarter ended December 31, 2019, compared to the same quarter of the prior year. Operating income for the third quarter of fiscal year 2020 increased to $44.1 million compared with $37.7 million for the three months ended December 31, 2018.

Segment operating income was $97.1 million for the nine months ended December 31, 2019, a decrease of $28.2 million, and for the quarter ended December 31, 2019, was $44.0 million, a decrease of $18.6 million, both compared to the same periods last fiscal year. Results reflected earnings declines in the North America and Other Regions segments, partially offset by earnings improvements in the Other Tobacco Operations segment for the nine months ended December 31, 2019, both compared to the same period in the prior fiscal year. For the quarter ended December 31, 2019, results declined for all segments compared to the quarter ended December 31, 2018. Consolidated revenues decreased by $277.5 million to $1.3 billion for the nine months ended December 31, 2019, and by $131.1 million to $505.0 million for the three months ended December 31, 2019, compared to the same periods in fiscal year 2019, on lower sales volumes and prices.

Mr. Freeman stated, "Consistent with results reported for the first half of our current fiscal year, results through the third quarter of fiscal year 2020 continue to reflect unfavorable variances to the same period in fiscal year 2019, when we benefited from large carryover crop sales volumes, mainly in North America and Africa. Flue-cured oversupply conditions this year have also created a selective market environment that has pressured volumes and margins. In addition, customer mandated shipping instructions in the second half of fiscal year 2020 are heavily weighted to our fourth quarter.

"We have also remained focused on solidifying our position as the leading global leaf tobacco supplier. We continue to see and develop opportunities in our leaf tobacco business to gain market share and increase operating efficiencies whether it be by realignment of processing capacity, such as recent steps taken in Malawi; optimization of our sourcing footprint; or by focusing on our leadership in supplying sustainable, compliant crops.

"At the same time, we are progressing in our previously announced plans to invest in non-tobacco growth opportunities and announced the completion of our first such acquisition, FruitSmart, Inc. ("FruitSmart"), in early January 2020. We are very excited about our initial non-tobacco acquisition, offering potential for growth in adjacent markets. We believe that FruitSmart, as an established value-added fruit and vegetable ingredient processor with a business-to-business customer base in an agricultural niche market, is a good fit for our company. As we have stated, FruitSmart represents a foundational step in our building a broader agri-products service platform. We continue to work on our pipeline and are working to provide resources necessary to develop this new segment of our business in support of our long-term shareholder value objectives."

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

OTHER REGIONS:

Operating income for the Other Regions segment decreased by $28.7 million to $68.1 million for the nine months and by $13.9 million to $39.4 million for the quarter ended December 31, 2019, compared with the same periods for fiscal year 2019. In both periods, volumes decreased in Africa, mainly from lower carryover crop sales and later customer mandated shipment timing. In Brazil, sales volumes were up in the nine months ended December 31, 2019, on higher carryover sales and earlier current crop shipments, but down in the quarter ended December 31, 2019, on lower current crop shipments, both compared to the same periods in the prior fiscal year. Results for Europe were down in the nine months and quarter ended December 31, 2019, on lower processing and sales volumes, compared to the same periods in the prior year. Results for Asia were up for the nine months ended December 31, 2019, on higher trading volumes, but declined in the quarter ended December 31, 2019. Selling, general, and administrative costs for the segment were lower for the nine months ended December 31, 2019, largely on favorable foreign currency comparisons and lower customer claim costs partially offset by lower net recoveries on advances to suppliers, compared with the same period in the prior fiscal year. For the quarter ended December 31, 2019, selling, general, and administrative costs were lower than those in the quarter ended December 31, 2018, on favorable currency comparisons, mainly in Mozambique and Brazil. Revenues for the Other Regions segment of $944.1 million for the nine months and $386.3 million for the quarter ended December 31, 2019, were down $145.1 million and $96.9 million, respectively, compared to the same period last year, on lower volumes and sales prices.

NORTH AMERICA:

Operating income for the North America segment of $6.7 million for the nine months ended December 31, 2019, was down by $13.7 million, compared to the same period for the prior fiscal year, primarily on significantly lower carryover crop sales volumes. In the first half of fiscal year 2019, carryover crop sales volumes were higher on shipments that had been delayed due to reduced transportation availability in the United States. In addition, in the nine months ended December 31, 2019, carryover crop sales volumes were down on reduced sales of U.S. burley tobaccos and current crop sales volumes were down in Mexico and Guatemala due to lower sales volumes and smaller crop sizes, compared to the same period in fiscal year 2019. Operating income for the North America segment of $0.4 million for the quarter ended December 31, 2019, was down by $2.8 million, compared to the same period for the prior fiscal year, mainly on lower sales volumes in Guatemala and lower sales and processing volumes in the United States. Selling, general, and administrative costs for the North America segment were down for the nine months, largely on favorable currency comparisons in Mexico, and flat for the quarter ended December 31, 2019, compared to the same periods in the prior fiscal year. Revenues for this segment decreased, by $126.7 million to $134.6 million for the nine months, and by $28.6 million to $49.4 million for the quarter ended December 31, 2019, compared to the same periods in the prior fiscal year, on the lower volumes and sales prices.

OTHER TOBACCO OPERATIONS:

The Other Tobacco Operations segment operating income of $22.3 million increased by $14.2 million for the nine months ended December 31, 2019, compared with the same period last fiscal year. For the quarter ended December 31, 2019, the segment's operating income of $4.3 million declined by $1.9 million compared to the same period last year. In both periods, results for our dark tobacco operations improved from higher wrapper sales volumes, influenced in part by earlier shipment timing in the third fiscal quarter of 2020 compared to the previous fiscal year. Results for our oriental joint venture were down for the nine months and quarter ended December 31, 2019, compared to the same periods in the prior fiscal year, primarily from lower sales volumes, due in part to some customer shipments delayed into the fourth quarter of fiscal 2020, as well as unfavorable currency remeasurement and exchange variances in both periods. Selling, general, and administrative costs for the segment were down in both the nine months and third fiscal quarter ended December 31, 2019 compared with those periods in the prior fiscal year, mostly from favorable comparisons to higher value-added tax charges in the third quarter of fiscal 2019. Revenues for the segment decreased by $5.7 million to $199.2 million for the nine months, and by $5.5 million to $69.4 million for the third quarter ended December 31, 2019, as higher dark tobacco operations revenues were more than offset by lower sales volumes from the timing of shipments of oriental tobaccos into the United States.

OTHER ITEMS:

Cost of goods sold in the nine months and quarter ended December 31, 2019, decreased by 19% and 21% to $1.0 billion and $412.1 million, respectively, both compared with the same periods in the prior fiscal year, consistent with similar percentage decreases in revenues. Selling, general, and administrative costs for the nine months and quarter ended December 31, 2019 decreased by $14.4 million to $152.8 million, and by $9.4 million to $48.9 million, respectively. Reductions in both periods reflected positive foreign currency remeasurement and exchange variances as well as lower value-added tax charges, while the nine-month comparison also benefitted from better customer claim experience and lower incentive compensation costs, offset in part by lower net recoveries on advances to suppliers compared to the same period in the prior fiscal year.

The following tables set forth certain non-recurring items included in reported results:


















Adjusted Operating Income



Three Months Ended
December 31,


Nine Months Ended
December 31,

(in millions)

2019


2018


2019


2018

As Reported: Consolidated operating income

$

44.1



$

37.7



$

94.8



$

100.4


FruitSmart acquisition transaction costs(1)

0.9





1.9




Restructuring and impairment costs(2)



19.4





19.5


Adjusted operating income

$

45.0



$

57.1



$

96.7



$

119.9


















Adjusted Net Income and Diluted Earnings Per Share









Three Months Ended
December 31,


Nine Months Ended
December 31,

(in millions and reported net of income taxes)

2019


2018


2019


2018

As Reported: Net income available to Universal Corporation

$

26.0



$

28.1



$

56.1



$

72.8


FruitSmart acquisition transaction costs(1)

0.9





1.9




Restructuring and impairment costs(2)



15.8





15.8


Unresolved income tax matter for a foreign subsidiary





2.8




Income tax benefit from dividend withholding tax liability
reversal(3)







(7.8)


Adjusted Net income available to Universal Corporation

$

26.9



$

43.9



$

60.8



$

80.8










Adjusted diluted earnings per share

$

1.08



$

1.73



$

2.41



$

3.19




(1) 

The Company incurred legal and professional fees associated with the acquisition of FruitSmart (effective January 1, 2020). These costs are not deductible for U.S. income tax purposes.



(2) 

In the third quarter of fiscal year 2019, the Company recognized a restructuring and impairment charge related to the Company's operations in Tanzania.



(3) 

During fiscal year 2019, the Company reversed a portion of a liability previously recorded for dividend withholding taxes on the cumulative retained earnings of a foreign subsidiary.


The Company's consolidated effective tax rates for the nine months and quarter ended December 31, 2019, were approximately 30% and 26%, respectively. Income tax expense for the nine months ended December 31, 2019 included a $2.8 million net tax accrual ($0.11 per diluted share) for an unresolved tax matter at a foreign subsidiary. Without the effect of this item, the consolidated effective tax rate for the nine months ended December 31, 2019, would have been 27%.

The Company's consolidated effective tax rates for the nine months and quarter ended December 31, 2018, were approximately 19% and 20%, respectively. Income tax expense for the nine months ended December 31, 2018 included a $7.8 million ($0.30 per diluted share) benefit from reversing a portion of a liability previously recorded for dividend withholding taxes on the cumulative retained earnings of a foreign subsidiary. Without the effect of this item, the consolidated effective tax rate for the nine months ended December 31, 2018, would have been 27%.

The effective tax rates for all periods include the benefit of various tax planning opportunities, as well as the net effect of items accounted for on a discrete basis in the respective reporting periods.

Additional information

Amounts included in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries. In addition, the total for segment operating income (loss) referred to in this discussion is a non-GAAP measure. This measure is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for net income (loss), operating income (loss), cash from operating activities or any other operating performance measure calculated in accordance with GAAP, and it may not be comparable to similarly titled measures reported by other companies. A reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) is provided in Note 3. Segment Information, included in this earnings release. The Company evaluates its segment performance excluding certain significant charges or credits. The Company believes this measure, which excludes items that it believes are not indicative of its core operating results, provides investors with important information that is useful in understanding its business results and trends.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding financial condition, results of operation, and future business plans, operations, opportunities, and prospects for its performance are forward-looking statements 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, integration of FruitSmart and the impact of the FruitSmart acquisition on future results; product purchased not meeting quality and quantity requirements; reliance on a few large customers; its ability to maintain effective information technology systems and safeguard confidential information; anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services; timing of shipments to customers; changes in market structure; government regulation; product taxation; industry consolidation and evolution; changes in exchange rates and interest rates; impacts of regulation and litigation on its customers; industry-specific risks related to its food ingredient business; exposure to certain regulatory and financial risks related to climate change; changes in estimates and assumptions underlying its critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2019, and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2019 and the Form 10-Q for the most recently ended fiscal quarter. The Company cautions investors not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made, and it undertakes no obligation to update any forward-looking statements made.

At 5:00 p.m. (Eastern Time) on February 4, 2020, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site through May 4, 2020. A taped replay of the call will be available through February 18, 2020, by dialing (855) 859-2056. The confirmation number to access the replay is 7190448.

Universal Corporation (NYSE: UVV), headquartered in Richmond, Virginia, sources, processes, and supplies agri-products. Tobacco has been our principal focus since our founding in 1918, and we are the leading global leaf tobacco supplier. We conduct business in more than 30 countries on five continents. Our revenues for the fiscal year ended March 31, 2019, were $2.2 billion. For more information on Universal Corporation, visit our website at www.universalcorp.com.

  

UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in thousands of dollars, except per share data)





















Three Months Ended
December 31,


Nine Months Ended
December 31,



2019


2018


2019


2018



(Unaudited)


(Unaudited)

Sales and other operating revenues


$

505,049



$

636,107



$

1,277,885



$

1,555,430


Costs and expenses









Cost of goods sold


412,076



520,677



1,030,233



1,268,319


Selling, general and administrative expenses


48,858



58,302



152,824



167,244


Restructuring and impairment costs




19,447





19,447


Operating income


44,115



37,681



94,828



100,420


Equity in pretax earnings (loss) of unconsolidated affiliates


(69)



5,512



2,281



5,437


Other non-operating income


633



163



1,893



549


Interest income


164



233



1,412



1,044


Interest expense


5,197



4,732



14,361



13,274


Income before income taxes and other items


39,646



38,857



86,053



94,176


Income taxes


10,328



7,768



26,093



17,734


Net income


29,318



31,089



59,960



76,442


Less: net income attributable to noncontrolling interests in subsidiaries


(3,352)



(2,954)



(3,845)



(3,682)


Net income attributable to Universal Corporation


25,966



28,135



56,115



72,760











Earnings per share:









  Basic


$

1.04



$

1.12



$

2.24



$

2.90


  Diluted


$

1.04



$

1.11



$

2.23



$

2.87



See accompanying notes.


 


 

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)

















December 31,


December 31,


March 31,



2019


2018


2019



(Unaudited)


(Unaudited)



ASSETS







Current assets







Cash and cash equivalents


$

64,734



$

138,358



$

297,556


Accounts receivable, net


271,981



336,564



368,110


Advances to suppliers, net


120,079



98,942



106,850


Accounts receivable—unconsolidated affiliates


24,748



77,543



30,951


Inventories—at lower of cost or net realizable value:







Tobacco


937,661



867,181



629,606


Other


84,621



74,360



69,611


Prepaid income taxes


13,619



21,170



14,264


Other current assets


61,450



70,309



71,197


Total current assets


1,578,893



1,684,427



1,588,145









Property, plant and equipment







Land


22,510



23,018



22,952


Buildings


255,202



253,150



261,976


Machinery and equipment


609,976



603,752



608,191




887,688



879,920



893,119


Less accumulated depreciation


(592,457)



(572,634)



(590,625)




295,231



307,286



302,494


Other assets







Operating lease right-of-use assets


34,230






Goodwill and other intangibles


98,042



98,008



97,994


Investments in unconsolidated affiliates


77,783



80,558



80,482


Deferred income taxes


16,354



13,959



13,357


Other noncurrent assets


50,186



44,378



50,712




276,595



236,903



242,545









Total assets


$

2,150,719



$

2,228,616



$

2,133,184



See accompanying notes.


 

     

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)

















December 31,


December 31,


March 31,



2019


2018


2019



(Unaudited)


(Unaudited)



LIABILITIES AND SHAREHOLDERS' EQUITY







Current liabilities







Notes payable and overdrafts


$

92,592



$

129,316



$

54,023


Accounts payable and accrued expenses


130,165



144,107



145,506


Accounts payable—unconsolidated affiliates


7,494



1,470



106


Customer advances and deposits


8,230



56,355



21,675


Accrued compensation


21,761



23,989



31,372


Income taxes payable


1,991



3,090



1,066


Current portion of operating lease liabilities


8,394






Current portion of long-term debt







Total current liabilities


270,627



358,327



253,748









Long-term debt


368,698



368,438



368,503


Pensions and other postretirement benefits


55,305



41,601



59,257


Long-term operating lease liabilities


23,465






Other long-term liabilities


51,185



38,467



43,214


Deferred income taxes


28,228



32,000



28,584


Total liabilities


797,508



838,833



753,306









Shareholders' equity







Universal Corporation:







Preferred stock:







   Series A Junior Participating Preferred Stock, no par value, 500,000 shares
      authorized, none issued or outstanding







   Common stock, no par value, 100,000,000 shares authorized 24,693,557
      shares issued and outstanding at December 31, 2019 (24,968,799 at
      December 31, 2018 and 24,989,946 at March 31, 2019)


324,388



326,323



326,600


Retained earnings


1,089,718



1,093,829



1,106,178


Accumulated other comprehensive loss


(104,310)



(75,667)



(95,691)


   Total Universal Corporation shareholders' equity


1,309,796



1,344,485



1,337,087


Noncontrolling interests in subsidiaries


43,415



45,298



42,791


   Total shareholders' equity


1,353,211



1,389,783



1,379,878
















   Total liabilities and shareholders' equity


$

2,150,719



$

2,228,616



$

2,133,184



See accompanying notes.


 

    

UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of dollars)













Nine Months Ended December 31,



2019


2018



(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:





   Net income


$

59,960



$

76,442


   Adjustments to reconcile net income to net cash used by operating activities:





      Depreciation


27,500



27,651


      Net provision for losses (recoveries) on advances and guaranteed loans to suppliers


93



(3,045)


      Foreign currency remeasurement (gain) loss, net


(2,179)



1,790


      Restructuring and impairment costs




19,447


      Restructuring payments


(444)



(762)


   Other, net


2,714



6,812


   Changes in operating assets and liabilities, net


(260,542)



(225,648)


      Net cash used by operating activities


(172,898)



(97,313)







CASH FLOWS FROM INVESTING ACTIVITIES:





Purchase of property, plant and equipment


(21,692)



(28,370)


Proceeds from sale of property, plant and equipment


2,946



1,377


Other


496



2,000


Net cash used by investing activities


(18,250)



(24,993)







CASH FLOWS FROM FINANCING ACTIVITIES:





Issuance of short-term debt, net


41,201



85,893


Dividends paid to noncontrolling interests


(3,359)



(1,260)


Repurchase of common stock


(20,125)



(1,443)


Dividends paid on common stock


(56,601)



(51,156)


Other


(2,883)



(4,946)


Net cash (used) provided by financing activities


(41,767)



27,088







Effect of exchange rate changes on cash


93



(552)


Net decrease in cash and cash equivalents


(232,822)



(95,770)


Cash and cash equivalents at beginning of year


297,556



234,128







Cash and cash equivalents at end of period


$

64,734



$

138,358



See accompanying notes.

 

NOTE 1. BASIS OF PRESENTATION

Universal Corporation, which together with its subsidiaries is referred to herein as "Universal" or the "Company," is the leading global leaf tobacco supplier. 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. Certain amounts in prior year statements have been reclassified to conform to the current year presentation. 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, 2019.

NOTE 2.   EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:





















Three Months Ended
December 31,


Nine Months Ended
December 31,

(in thousands, except share and per share data)


2019


2018


2019


2018










Basic Earnings Per Share









Numerator for basic earnings per share









Net income attributable to Universal Corporation


$

25,966



$

28,135



$

56,115



$

72,760











Denominator for basic earnings per share









Weighted average shares outstanding


24,931,711



25,162,268



25,058,525



25,126,595











Basic earnings per share


$

1.04



$

1.12



$

2.24



$

2.90











Diluted Earnings Per Share









Numerator for diluted earnings per share









Net income attributable to Universal Corporation


25,966



28,135



56,115



72,760











Denominator for diluted earnings per share:









Weighted average shares outstanding


24,931,711



25,162,268



25,058,525



25,126,595


Effect of dilutive securities









Employee share-based awards


123,343



203,498



119,992



202,878


Denominator for diluted earnings per share


25,055,054



25,365,766



25,178,517



25,329,473











Diluted earnings per share


$

1.04



$

1.11



$

2.23



$

2.87




NOTE 3. SEGMENT INFORMATION

The principal approach used by management to evaluate the Company's performance is by geographic region, although the dark air-cured and oriental tobacco businesses are each evaluated on the basis of their worldwide operations. The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in the pretax earnings of unconsolidated affiliates.

Operating results for the Company's reportable segments for each period presented in the consolidated statements of income and comprehensive income were as follows:





















Three Months Ended
December 31,


Nine Months Ended
December 31,

(in thousands of dollars)


2019


2018


2019


2018










SALES AND OTHER OPERATING REVENUES









Flue-Cured and Burley Leaf Tobacco Operations:









   North America


$

49,378



$

78,009



$

134,649



$

261,347


   Other Regions (1)


386,261



483,161



944,083



1,089,180


      Subtotal


435,639



561,170



1,078,732



1,350,527


Other Tobacco Operations (2)


69,410



74,937



199,153



204,903


Consolidated sales and other operating revenue


$

505,049



$

636,107



$

1,277,885



$

1,555,430











OPERATING INCOME









Flue-Cured and Burley Leaf Tobacco Operations:









   North America


$

352



$

3,147



$

6,714



$

20,395


   Other Regions (1)


39,430



53,283



68,140



96,828


      Subtotal


39,782



56,430



74,854



117,223


Other Tobacco Operations (2)


4,264



6,210



22,255



8,081


Segment operating income


44,046



62,640



97,109



125,304


Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (3)


69



(5,512)



(2,281)



(5,437)


              Restructuring and impairment costs (4)




(19,447)





(19,447)


Consolidated operating income


$

44,115



$

37,681



$

94,828



$

100,420





(1) 

Includes South America, Africa, Europe, and Asia regions, as well as inter-region eliminations.



(2) 

Includes Dark Air-Cured, Special Services, and Oriental, as well as inter-company eliminations. Sales and other operating revenues for this reportable segment include limited amounts for Oriental because the business is accounted for on the equity method and its financial results consist principally of equity in the pretax earnings (loss) of an unconsolidated affiliates.



(3) 

Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Other Tobacco Operations segment), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income.



(4) 

Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income.


 

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SOURCE Universal Corporation

Candace C. Formacek, Phone: (804) 359-9311, Fax: (804) 254-3584, Email: investor@universalleaf.com