Universal Corp. reported net income of $106.6 million for the nine months ending Dec. 31, up from $66.3 million for the same period of the previous fiscal year.
Revenues increased by 1 percent to $1.8 billion for the first nine months of fiscal year 2013, mostly as a result of higher volumes from carryover crop sales from the prior year and accelerated shipments of current crop tobaccos.
The comparison of the current and prior year periods is affected by several unusual items, including restructuring costs, gains on the sale of a facility in Brazil and a charge imposed by the European Union on the company’s Italian operation.
“I am very pleased with our results so far this year,” said George C. Freeman III, chairman, president, and chief executive officer of Universal. “The hard work and depth of local market knowledge from our teams on the ground around the world enabled us to deliver good results to our customers and shareholders.”