Universal Corp. reported net income of $104.1 million for the fiscal year that ended on March 31, compared with $105.7 million in the prior fiscal year. Excluding certain non-recurring items, net income increased by $11.7 million during the reporting period.
The company’s operating income of $161.2 million was impacted by restructuring and impairment charges and decreased by $9.7 million compared with the 2018 fiscal year
Segment operating income was $186.8 million in fiscal 2018, an increase of $6.8 million over 2018. Results reflected earnings improvements in the Other Regions and Other Tobacco Operations segments and flat results for the North America segment for fiscal year 2019.
Consolidated revenues increased by $193.2 million to $2.2 billion for the fiscal year 2019, compared with the prior fiscal year, primarily due to higher sales and processing volumes.
“Fiscal year 2019 was another strong year for Universal,” said George C. Freeman, III, chairman, president, and CEO of Universal. “We increased our tobacco volumes handled, earned additional business with our customers by expanding the services we provide, and have continued to improve our market share. Net income for fiscal year 2019, excluding non-recurring items, was up 12 percent over fiscal year 2018.”
Freeman said Universal was committed to maintaining its position as the leading global leaf supplier and expressed confidence in opportunities to help mitigate the impact of tobacco consumption declines. The company, he said, also continues to explore opportunities in adjacent industries and has hired a dedicated business development officer for this purpose.