Universal Reports Lower Income

Universal Corp. reported net income of $56.1 million for the nine months ended Dec. 31, 2019, compared with $72.8 million for the same period of the prior fiscal year. Excluding certain nonrecurring items, net income declined by $20 million.

For the third fiscal quarter that ended Dec. 31, 2019, net income was $26 million, compared with net income of $28.1 million for the prior year’s third fiscal quarter. Excluding certain nonrecurring items, net income declined by $17 million.

For the quarter ended Dec. 31, 2019, results declined for all segments compared to the quarter ended Dec. 31, 2018. Consolidated revenues decreased by $277.5 million to $1.3 billion for the nine months ended Dec. 31, 2019, and by $131.1 million to $505 million for the three months ended Dec. 31, 2019, compared to the same periods in fiscal year 2019, on lower sales volumes and prices.