Universal Corporation appointed Steven S. Diel as senior vice president and chief financial officer, effective April 1, succeeding Johan C. Kroner, who will remain with the company as a senior vice president through July 1, to support the transition. Diel, a Universal executive since 2018, brings more than 25 years of experience in finance, corporate development, and strategy, most recently serving as vice president and CFO of Universal Ingredients, and previously leading acquisitions totaling more than $350 million that helped establish the company’s ingredients segment. Chairman, president, and CEO Preston D. Wigner said Diel’s promotion reflects confidence in his financial leadership and strategic execution as Universal seeks to strengthen performance and drive long-term shareholder value.
Tag: Preston D. Wigner
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Universal Reports Solid Start to FY26 Driven by Improved Tobacco Mix
Universal Corporation announced solid first-quarter results for fiscal 2026, highlighting gains in its Tobacco Operations segment and continued interest in its Ingredients business. Despite a modest revenue dip of $3 million to $594 million, operating income rose by $17 million to $34 million, primarily due to a favorable product mix in Asia within the Tobacco segment. While tobacco sales volumes dropped 8%, sales prices rose 2%, reflecting stronger demand and better product quality.
CEO Preston D. Wigner emphasized the return to more typical global tobacco buying patterns, with low uncommitted inventory (11%) and larger flue-cured and burley crops underway. “Customer demand remains firm following years of short supply,” he said.
In the Ingredients segment, sales volumes rose, but operating income was affected by a weaker product mix, tariff-related demand concerns, and higher fixed costs tied to an expanded facility. Still, Universal noted sustained customer interest in its new value-added ingredients offerings.
The company ended the quarter with $178.4 million in cash, $355 million in available credit, and net debt down $47.1 million quarter-over-quarter.
The company’s board of directors also declared a quarterly dividend of $0.82 per share on the shares of the company, payable November 3, to shareholders of record at the close of business on October 13.