Universal Corp Posts 12% Revenue Drop, $5M Loss; Declares $0.83 Dividend
UVV is trading near its 52-week low of $49.19 (3.4% above the low).
Summary
Universal Corp's Q1 revenue fell 12% to $523.8M, swinging to a $5M net loss as tobacco volumes and prices weakened. This follows the 10-Q filed August 5th and the earlier Q4 loss driven by goodwill impairment. Management expects H2 improvement and margin normalization, but the near-term picture is grim with the stock near its 52-week low. The company also declared a $0.83 quarterly dividend and announced the retirement of VP Ingredients Pat O'Keefe, with an executive search underway.
At the time of this announcement, UVV was trading at $50.85 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $49.19 to $59.38. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.