RICHMOND, Va., Nov. 8, 2016 /PRNewswire/ -- George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation UVV, reported that net income for the first half of fiscal year 2017, which ended on September 30, 2016, was $19.8 million, or $0.54 per diluted share, compared with $16.5 million, or $0.40 per diluted share for the same period last year. Operating income for the six months ended September 30, 2016, of $35.3 million increased by $3.3 million compared to the first half of the prior year. For the second fiscal quarter ended September 30, 2016, net income was $25.3 million, or $0.90 per diluted share, compared with net income for the prior year's second quarter of $22.5 million, or $0.81 per diluted share. Operating income for the quarter ended September 30, 2016, increased by $6.0 million to $43.3 million from $37.3 million for the three months ended September 30, 2015. Segment operating income for the first half of fiscal year 2017 was $40.1 million, an increase of $5.5 million, and for the quarter ended September 30, 2016, was $48.3 million, an increase of $10.1 million, both compared to the same periods last fiscal year. Those increases resulted primarily from earnings improvements in the North America and the Other Tobacco Operations segments, offset in part by declines in the Other Regions segment. Consolidated revenues increased by $20.6 million to $752.4 million for the first half of fiscal year 2017, and by $0.6 million to $456.9 million for the three months ended September 30, 2016, compared to the same periods in the prior year, mostly as a result of modestly higher volumes, partly offset by lower revenues on the timing of receipt of dividend income from unconsolidated subsidiaries.
Mr. Freeman stated, "Our results for the six months ended September 30, 2016, were in line with our expectations and reflected modestly higher total sales volumes and lower selling, general, and administrative costs. The previously announced changes in our leaf supply arrangements in both the United States and Mexico positively impacted our results in the first half of our fiscal year.
"After consecutive years of leaf tobacco supply and demand imbalance, global demand remains soft and may contribute to delays in some customer purchase and shipment timing decisions. Consequently, our shipments are still expected to be weighted to the second half of the year, and we anticipate that total lamina sales volumes in fiscal year 2017 will be lower than those of last year. Reduced crop purchases in Brazil in the current fiscal year, as well as challenging market conditions in Tanzania, will negatively impact our sales volumes for this fiscal year. We expect the most significant drop in volumes to occur in the fourth quarter of our current fiscal year as Brazil shipped heavily in the fourth fiscal quarter of 2016, and we do not expect to attain a similar level of shipments there this fiscal year.
"At the same time, the lower current crop levels have reduced our working capital needs this year, decreasing our seasonal borrowing requirements and increasing our cash reserves. Our uncommitted inventories have been well-managed and remained within our target range at 14% for the end of the second fiscal quarter. As a result, we have continued to maintain our very strong balance sheet and are pleased to reward our shareholders with an annual dividend increase for the 46th consecutive year, as announced earlier today."
FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:
OTHER REGIONS:
Operating income for the Other Regions segment decreased by $11.0 million to $15.3 million for the first half of fiscal year 2017, compared to the first half of the prior fiscal year. Operating income for the segment for the quarter ended September 30, 2016, declined by $1.9 million to $32.3 million compared with the second quarter of fiscal year 2016. The declines were largely attributable to lower sales volumes and other revenues, partly mitigated by lower selling, general, and administrative expenses. In Africa, comparisons were heavily influenced by timing factors as volumes for the first half of the fiscal year declined on slower purchasing and later shipment timing this year, as well as negative comparisons to the prior year's large carryover crop volumes. Asia results were also down on lower current crop sales and delayed shipment timing. In South America, benefits from increased sales volumes on higher carryover crops and earlier shipment timing of current year crops were offset by lower margins from higher factory unit costs as a result of lower total volumes handled in Brazil. Selling, general, and administrative costs for the segment declined significantly, mainly from the reversal in the second quarter of fiscal year 2017 of value-added tax reserves, favorable comparison to costs incurred in the second quarter of fiscal year 2016 to settle third party challenges to the property rights and valuation of land, and lower currency remeasurement and exchange losses in the second fiscal quarter of 2017 in South America, Africa and Asia. Revenues for the Other Regions segment for the six months and quarter ended September 30, 2016, were down by $51.8 million to $496.6 million and by $52.5 million to $318.6 million, respectively, compared with the same periods in the prior year, reflecting the lower volumes, as well as a decline in revenue resulting from last year's earlier receipt of dividend income from unconsolidated subsidiaries.
NORTH AMERICA:
North America segment operating income of $20.4 million for the six months and $13.5 million for the three months ended September 30, 2016, increased by $13.2 million and $9.7 million, respectively, compared with the same periods in the previous year. The improvement in both periods reflected higher volumes in every origin. Selling, general and administrative costs, although higher in both periods, declined as a percentage of sales on the additional volumes. Similarly, segment revenues increased by $55.5 million to $153.5 million for the first half, and by $31.4 million to $80.8 million for the second quarter of fiscal year 2017, compared with the same periods in fiscal year 2016, on those higher volumes, partly offset by lower average green leaf prices.
OTHER TOBACCO OPERATIONS:
The Other Tobacco Operations segment's operating income increased by $3.4 million to $4.4 million for the six months and by $2.3 million to $2.4 million for the second fiscal quarter ended September 30, 2016, compared with the same periods last fiscal year. In both periods, earnings improved for the dark tobacco operations on higher volumes and favorable comparisons to the prior year's currency remeasurement and exchange losses in Indonesia. Earnings for the oriental joint venture were up slightly, primarily from a more favorable sales mix and lower currency remeasurement losses from devaluation of the Turkish lira. Those improvements were partly offset by losses in the special services group, primarily on larger factory startup and selling, general and administrative costs for the new food ingredients business, compared with the prior year. Selling, general, and administrative costs for the segment were relatively flat for both the first half and second fiscal quarter of the current year compared with the previous year. Revenues for the Other Tobacco Operations segment increased by $17.0 million to $102.4 million for the first half, and by $21.6 million to $57.6 million for the second quarter of fiscal year 2017, mainly due to higher sales volumes from the timing of shipments of oriental tobaccos into the United States, compared to the same periods in the prior year, as well as the stronger second quarter volumes for the dark tobacco operations.
OTHER ITEMS:
Cost of goods sold increased by about 5% to $612.4 million for the first half, and by about 3% to $369.1 million for the second quarter of fiscal year 2017. For both periods, the increase reflected modestly higher leaf sales volumes and higher overall average green leaf prices. Selling, general, and administrative costs decreased by $11.1 million in the first half of fiscal year 2017 and by $20.0 million for the second fiscal quarter compared with the same periods in the prior fiscal year. In both periods, benefits were achieved from a combination of items, including a favorable comparison to costs incurred in the second quarter of fiscal year 2016 to settle third party challenges to the property rights and valuation of a large tract of forestry land, and the reversal in the second quarter of fiscal year 2017 of value-added tax reserves. In addition, expenses declined in the second fiscal quarter of 2017 from lower currency remeasurement and exchange losses, mainly in South America, Africa and Asia.
The consolidated effective income tax rates were approximately 35% and 34% for the quarter and six months ended September 30, 2016, respectively, which approximates the U.S. statutory rate. The consolidated effective tax rates for the quarter and six-month periods ended September 30, 2015, were approximately 27% and 24%, respectively. Income taxes for the first half of fiscal year 2016 were lower than the 35% federal statutory rate because of lower net effective tax rates on income from certain foreign subsidiaries, as well as effects of changes in local currency exchange rates on deferred income tax balances.
Results for the second fiscal quarter and six months ended September 30, 2016 included restructuring and impairment costs of $3.7 million ($0.09 per diluted share for the quarter or $0.10 for the six months). Results for the six months ended September 30, 2015 included restructuring and impairment costs of $2.4 million ($0.07 per diluted share).
Additional information
Amounts included in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries. In addition, the total for segment operating income (loss) referred to in this discussion is a non-GAAP measure. This measure is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for net income (loss), operating income (loss), cash from operating activities or any other operating performance measure calculated in accordance with GAAP, and it may not be comparable to similarly titled measures reported by other companies. A reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) is provided in Note 3. Segment Information, included in this earnings release. The Company evaluates its segment performance excluding certain significant charges or credits. The Company believes this measure, which excludes items that it believes are not indicative of its core operating results, provides investors with important information that is useful in understanding its business results and trends.
This information includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding earnings and expectations for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, including anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services; timing of shipments to customers; changes in market structure; government regulation, including the impact of regulations on tobacco products; product taxation; industry consolidation and evolution; changes in global supply and demand positions for tobacco products; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2016, and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended March 31, 2016.
At 5:00 p.m. (Eastern Time) on November 8, 2016, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site through February 6, 2017. A taped replay of the call will be available through November 21, 2016, by dialing (855) 859-2056. The confirmation number to access the replay is 10056222.
Headquartered in Richmond, Virginia, Universal Corporation is the leading global leaf tobacco supplier and conducts business in more than 30 countries. Its revenues for the fiscal year ended March 31, 2016, were $2.1 billion. For more information on Universal Corporation, visit its website at www.universalcorp.com.
UNIVERSAL CORPORATION | ||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||||||
Sales and other operating revenues |
$ |
456,942 |
$ |
456,382 |
$ |
752,417 |
$ |
731,801 |
||||||||
Costs and expenses |
||||||||||||||||
Cost of goods sold |
369,098 |
358,288 |
612,376 |
585,318 |
||||||||||||
Selling, general and administrative expenses |
40,834 |
60,810 |
101,033 |
112,106 |
||||||||||||
Restructuring and impairment costs |
3,682 |
-- |
3,682 |
2,389 |
||||||||||||
Operating income |
43,328 |
37,284 |
35,326 |
31,988 |
||||||||||||
Equity in pretax earnings of unconsolidated affiliates |
1,260 |
846 |
1,130 |
230 |
||||||||||||
Interest income |
271 |
205 |
634 |
444 |
||||||||||||
Interest expense |
4,335 |
3,912 |
8,389 |
7,796 |
||||||||||||
Income before income taxes |
40,524 |
34,423 |
28,701 |
24,866 |
||||||||||||
Income tax expense |
14,026 |
9,359 |
9,707 |
5,927 |
||||||||||||
Net income |
26,498 |
25,064 |
18,994 |
18,939 |
||||||||||||
Less: net (income) loss attributable to noncontrolling interests in subsidiaries |
(1,234) |
(2,599) |
794 |
(2,421) |
||||||||||||
Net income attributable to Universal Corporation |
25,264 |
22,465 |
19,788 |
16,518 |
||||||||||||
Dividends on Universal Corporation convertible perpetual preferred stock |
(3,687) |
(3,687) |
(7,374) |
(7,374) |
||||||||||||
Earnings available to Universal Corporation common shareholders |
$ |
21,577 |
$ |
18,778 |
$ |
12,414 |
$ |
9,144 |
||||||||
Earnings per share attributable to Universal Corporation common shareholders: |
||||||||||||||||
Basic |
$ |
0.95 |
$ |
0.83 |
$ |
0.55 |
$ |
0.40 |
||||||||
Diluted |
$ |
0.90 |
$ |
0.81 |
$ |
0.54 |
$ |
0.40 |
||||||||
See accompanying notes. |
UNIVERSAL CORPORATION | ||||||||||||
September 30, |
September 30, |
March 31, |
||||||||||
2016 |
2015 |
2016 |
||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||
ASSETS |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
$ |
294,894 |
$ |
68,970 |
$ |
319,447 |
||||||
Accounts receivable, net |
251,805 |
303,963 |
428,659 |
|||||||||
Advances to suppliers, net |
47,841 |
40,627 |
101,890 |
|||||||||
Accounts receivable--unconsolidated affiliates |
51,558 |
59,370 |
2,316 |
|||||||||
Inventories--at lower of cost or market: |
||||||||||||
Tobacco |
827,936 |
999,312 |
637,132 |
|||||||||
Other |
86,472 |
85,222 |
60,888 |
|||||||||
Prepaid income taxes |
24,448 |
19,779 |
17,814 |
|||||||||
Other current assets |
56,026 |
75,122 |
70,400 |
|||||||||
Total current assets |
1,640,980 |
1,652,365 |
1,638,546 |
|||||||||
Property, plant and equipment |
||||||||||||
Land |
22,914 |
16,583 |
22,987 |
|||||||||
Buildings |
266,107 |
252,153 |
264,838 |
|||||||||
Machinery and equipment |
599,897 |
585,466 |
591,327 |
|||||||||
888,918 |
854,202 |
879,152 |
||||||||||
Less: accumulated depreciation |
(566,686) |
(539,749) |
(553,265) |
|||||||||
322,232 |
314,453 |
325,887 |
||||||||||
Other assets |
||||||||||||
Goodwill and other intangibles |
99,033 |
99,049 |
99,071 |
|||||||||
Investments in unconsolidated affiliates |
81,441 |
79,995 |
82,441 |
|||||||||
Deferred income taxes |
25,720 |
46,633 |
23,853 |
|||||||||
Other noncurrent assets |
49,107 |
54,179 |
61,379 |
|||||||||
255,301 |
279,856 |
266,744 |
||||||||||
Total assets |
$ |
2,218,513 |
$ |
2,246,674 |
$ |
2,231,177 |
||||||
See accompanying notes. |
UNIVERSAL CORPORATION | ||||||||||||
September 30, |
September 30, |
March 31, |
||||||||||
2016 |
2015 |
2016 |
||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||
Current liabilities |
||||||||||||
Notes payable and overdrafts |
$ |
71,002 |
$ |
86,095 |
$ |
66,179 |
||||||
Accounts payable and accrued expenses |
133,133 |
155,824 |
120,527 |
|||||||||
Accounts payable--unconsolidated affiliates |
-- |
98 |
8,343 |
|||||||||
Customer advances and deposits |
37,334 |
67,100 |
16,438 |
|||||||||
Accrued compensation |
18,885 |
18,423 |
27,593 |
|||||||||
Income taxes payable |
1,240 |
6,126 |
7,190 |
|||||||||
Current portion of long-term debt |
-- |
-- |
-- |
|||||||||
Total current liabilities |
261,594 |
333,666 |
246,270 |
|||||||||
Long-term debt |
368,556 |
368,203 |
368,380 |
|||||||||
Pensions and other postretirement benefits |
80,005 |
93,588 |
92,177 |
|||||||||
Other long-term liabilities |
41,413 |
37,472 |
41,794 |
|||||||||
Deferred income taxes |
28,047 |
26,034 |
29,494 |
|||||||||
Total liabilities |
779,615 |
858,963 |
778,115 |
|||||||||
Shareholders' equity |
||||||||||||
Universal Corporation: |
||||||||||||
Preferred stock: |
||||||||||||
Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding |
-- |
-- |
-- |
|||||||||
Series B 6.75% Convertible Perpetual Preferred Stock, no par value, 220,000 shares authorized, 218,490 shares issued and outstanding (218,490 at September 30, 2015 and March 31, 2016) |
211,562 |
211,562 |
211,562 |
|||||||||
Common stock, no par value, 100,000,000 shares authorized, 22,783,633 shares issued and outstanding (22,680,233 at September 30, 2015, and 22,717,735 at March 31, 2016) |
210,569 |
207,349 |
208,946 |
|||||||||
Retained earnings |
1,054,004 |
1,005,353 |
1,066,064 |
|||||||||
Accumulated other comprehensive loss |
(73,579) |
(71,657) |
(72,350) |
|||||||||
Total Universal Corporation shareholders' equity |
1,402,556 |
1,352,607 |
1,414,222 |
|||||||||
Noncontrolling interests in subsidiaries |
36,342 |
35,104 |
38,840 |
|||||||||
Total shareholders' equity |
1,438,898 |
1,387,711 |
1,453,062 |
|||||||||
Total liabilities and shareholders' equity |
$ |
2,218,513 |
$ |
2,246,674 |
$ |
2,231,177 |
||||||
See accompanying notes. |
UNIVERSAL CORPORATION | ||||||||
Six Months Ended September 30, |
||||||||
2016 |
2015 |
|||||||
(Unaudited) |
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net income |
$ |
18,994 |
$ |
18,939 |
||||
Adjustments to reconcile net loss to net cash provided (used) by operating activities: |
||||||||
Depreciation |
17,324 |
18,362 |
||||||
Net provision for losses (recoveries) on advances and guaranteed loans to suppliers |
(2,038) |
(4,354) |
||||||
Foreign currency remeasurement loss (gain), net |
11,119 |
21,981 |
||||||
Restructuring and impairment costs |
3,682 |
2,389 |
||||||
Other, net |
(1,108) |
927 |
||||||
Changes in operating assets and liabilities, net |
(25,548) |
(200,010) |
||||||
Net cash provided (used) by operating activities |
22,425 |
(141,766) |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchase of property, plant and equipment |
(17,567) |
(28,457) |
||||||
Proceeds from sale of property, plant and equipment |
447 |
1,155 |
||||||
Net cash used by investing activities |
(17,120) |
(27,302) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Issuance (repayment) of short-term debt, net |
5,210 |
23,827 |
||||||
Dividends paid to noncontrolling interests |
(1,260) |
(1,260) |
||||||
Dividends paid on convertible perpetual preferred stock |
(7,374) |
(7,374) |
||||||
Dividends paid on common stock |
(24,106) |
(23,536) |
||||||
Other |
(2,245) |
(2,037) |
||||||
Net cash used by financing activities |
(29,775) |
(10,380) |
||||||
Effect of exchange rate changes on cash |
(83) |
(365) |
||||||
Net decrease in cash and cash equivalents |
(24,553) |
(179,813) |
||||||
Cash and cash equivalents at beginning of year |
319,447 |
248,783 |
||||||
Cash and cash equivalents at end of period |
$ |
294,894 |
$ |
68,970 |
||||
See accompanying notes. |
NOTE 1. BASIS OF PRESENTATION
Universal Corporation, which together with its subsidiaries is referred to herein as "Universal" or the "Company," is the leading global leaf tobacco supplier. Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. Certain amounts in prior year statements have been reclassified to conform to the current year presentation. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2016.
NOTE 2. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended |
Six Months Ended |
|||||||||||||||
(in thousands, except share and per share data) |
2016 |
2015 |
2016 |
2015 |
||||||||||||
Basic Earnings Per Share |
||||||||||||||||
Numerator for basic earnings per share |
||||||||||||||||
Net income attributable to Universal Corporation |
$ |
25,264 |
$ |
22,465 |
$ |
19,788 |
$ |
16,518 |
||||||||
Less: Dividends on convertible perpetual preferred stock |
(3,687) |
(3,687) |
(7,374) |
(7,374) |
||||||||||||
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share |
21,577 |
18,778 |
12,414 |
9,144 |
||||||||||||
Denominator for basic earnings per share |
||||||||||||||||
Weighted average shares outstanding |
22,777,394 |
22,675,323 |
22,755,927 |
22,649,270 |
||||||||||||
Basic earnings per share |
$ |
0.95 |
$ |
0.83 |
$ |
0.55 |
$ |
0.40 |
||||||||
Diluted Earnings Per Share |
||||||||||||||||
Numerator for diluted earnings per share |
||||||||||||||||
Earnings available to Universal Corporation common shareholders |
$ |
21,577 |
$ |
18,778 |
$ |
12,414 |
$ |
9,144 |
||||||||
Add: Dividends on convertible perpetual preferred stock (if conversion assumed) |
3,687 |
3,687 |
-- |
-- |
||||||||||||
Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share |
25,264 |
22,465 |
12,414 |
9,144 |
||||||||||||
Denominator for diluted earnings per share |
||||||||||||||||
Weighted average shares outstanding |
22,777,394 |
22,675,323 |
22,755,927 |
22,649,270 |
||||||||||||
Effect of dilutive securities (if conversion or exercise assumed) |
||||||||||||||||
Convertible perpetual preferred stock |
4,883,372 |
4,848,766 |
-- |
-- |
||||||||||||
Employee share-based awards |
307,390 |
326,539 |
317,414 |
287,361 |
||||||||||||
Denominator for diluted earnings per share |
27,968,156 |
27,850,628 |
23,073,341 |
22,936,631 |
||||||||||||
Diluted earnings per share |
$ |
0.90 |
$ |
0.81 |
$ |
0.54 |
$ |
0.40 |
NOTE 3. SEGMENT INFORMATION
The principal approach used by management to evaluate the Company's performance is by geographic region, although the dark air-cured and oriental tobacco businesses are each evaluated on the basis of their worldwide operations. The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in the pretax earnings of unconsolidated affiliates.
Operating results for the Company's reportable segments for each period presented in the consolidated statements of income were as follows:
Three Months Ended |
Six Months Ended |
|||||||||||||||
(in thousands of dollars) |
2016 |
2015 |
2016 |
2015 |
||||||||||||
SALES AND OTHER OPERATING REVENUES |
||||||||||||||||
Flue-Cured and Burley Leaf Tobacco Operations: |
||||||||||||||||
North America |
$ |
80,789 |
$ |
49,421 |
$ |
153,471 |
$ |
97,993 |
||||||||
Other Regions (1) |
318,576 |
371,032 |
496,592 |
548,433 |
||||||||||||
Subtotal |
399,365 |
420,453 |
650,063 |
646,426 |
||||||||||||
Other Tobacco Operations (2) |
57,577 |
35,929 |
102,354 |
85,375 |
||||||||||||
Consolidated sales and other operating revenues |
$ |
456,942 |
$ |
456,382 |
$ |
752,417 |
$ |
731,801 |
||||||||
OPERATING INCOME |
||||||||||||||||
Flue-Cured and Burley Leaf Tobacco Operations: |
||||||||||||||||
North America |
$ |
13,531 |
$ |
3,783 |
$ |
20,379 |
$ |
7,199 |
||||||||
Other Regions (1) |
32,342 |
34,202 |
15,325 |
26,355 |
||||||||||||
Subtotal |
45,873 |
37,985 |
35,704 |
33,554 |
||||||||||||
Other Tobacco Operations (2) |
2,397 |
145 |
4,434 |
1,053 |
||||||||||||
Segment operating income |
48,270 |
38,130 |
40,138 |
34,607 |
||||||||||||
Deduct: Equity in pretax earnings of unconsolidated affiliates (3) |
(1,260) |
(846) |
(1,130) |
(230) |
||||||||||||
Restructuring and impairment costs (4) |
(3,682) |
-- |
(3,682) |
(2,389) |
||||||||||||
Consolidated operating income |
$ |
43,328 |
$ |
37,284 |
$ |
35,326 |
$ |
31,988 |
(1) |
Includes South America, Africa, Europe, and Asia regions, as well as inter-region eliminations. |
(2) |
Includes Dark Air-Cured, Special Services, and Oriental, as well as inter-company eliminations. Sales and other operating revenues for this reportable segment include limited amounts for Oriental because its financial results consist principally of equity in the pretax earnings of an unconsolidated affiliate. |
(3) |
Equity in pretax earnings of unconsolidated affiliates is included in segment operating income (Other Tobacco Operations segment), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income. |
(4) |
Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. |
Logo - http://photos.prnewswire.com/prnh/20150325/194370LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/universal-corporation-reports-improved-six-month-results-300359253.html
SOURCE Universal Corporation
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.