Universal (UVV) Reports a Surge In Q1 Earnings and Sales
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Universal Corporation (NYSE: UVV) reported Q1 EPS of $1.47, more than double last year's EPS of $0.64. The company cited earlier shipments of tobacco this year and a more favorable product mix. Revenues increased 22% to $616 million.
CEO George C. Freeman, III stated, " are very pleased with our performance during the first quarter. Each of our operations performed as we had expected or better. Earlier shipments of Brazilian and European tobacco boosted our results, and leaf costs were lower due to the stronger U.S. dollar. Looking at the current worldwide situation, we see the U.S. dollar beginning to weaken again, which could increase costs as we enter the next purchasing season. We will be monitoring these factors as the year progresses, and we will be working to control our costs." Freeman also said, "We do not foresee any oversupply of flue-cured tobacco in the coming year."
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