Universal Reports Preliminary Results

Universal Corp. reported preliminary unaudited financial results for the second quarter of fiscal year 2025. Sales and other operating revenue were $710.8 million, operating income was $70.7 million, and net income attributable to Universal Corp. was $27.6 million. Tobacco operations sales and other operating revenues amounted to $630.2 million while tobacco operations operating income totaled $79.3 million.

“The Universal team delivered another quarter of solid results, driven by strong customer demand from our tobacco operations segment and larger, higher-quality and better-yielding crops in Africa. We believe our tobacco operations segment will continue its strong performance in the second half of our fiscal year,” said Universal Corp. chairman, President and CEO Preston D. Wigner in a statement.

While presenting preliminary figures, Universal Corp. delayed the release of its second quarter 2025 earnings due to an internal investigation regarding certain allegations related to embezzlement by a former senior finance employee at the company’s Mozambique subsidiary, Mozambique Leaf Tobacco.

The company has identified approximately $7 million of unauthorized payments during fiscal years 2022 through 2025. Universal Corp. said it intends to pursue sources of recovery, including company-maintained insurance. As of Nov. 12, the firm does not believe the matter under investigation will have a material negative impact on its financial results for fiscal year 2025.

“Integrity is a core value of ours and a key to everything we do at Universal,” said Wigner. “We are committed to ensuring that this matter is handled appropriately, and we are working to complete this investigation as soon as practicable.”