Universal Corporation Reports Fiscal Year and Fourth Quarter 2026 Results

About this update from Universal Corporation

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Wigner, Chairman, President, and Chief Executive Officer of Universal. "Coming off exceptionally strong performance for our Tobacco Operations segment in fiscal year 2025, our disciplined marketplace management helped mitigate the impact of oversupply for certain tobacco styles, resulting in only slightly lower segment revenues and sales volumes. Our Ingredients Operations segment delivered growth in revenues and sales volumes despite persistent market headwinds. Fourth quarter and fiscal year 2026 results were ultimately impacted by a non-cash, goodwill impairment charge related to our Universal Ingredients-Shank’s operation, as well as increased tobacco inventory write-downs, primarily for non-wrapper, dark air-cured tobacco."","length":932,"tagName":"p"},{"type":"text","content":"Mr. Wigner continued, "As we enter fiscal year 2027, we are confident in the strength and resilience of our tobacco business across market cycles and the foundational progress we are making to support the growth of our ingredients business. We remain committed to our strategy of maximizing and optimizing our tobacco business and growing our ingredients business, while continuing our track record of returning capital to our shareholders. We expect market activity to support the return of our uncommitted tobacco inventories to our targeted range, and we have initiated enhancements at our Shank’s operation to drive efficiency and financial performance. 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products.","length":137,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Steady performance across much of our ingredients business offset by slower than anticipated sales growth, high fixed costs related to our expansion investments, and inventory write-downs, at our Shank’s operation.","length":214,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Persistent customer market headwinds, including tariff impacts and broader softness in the consumer-packaged-goods sector, impacting demand at Shank’s for both traditional core products and new offerings.","length":204,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Lower operating income reflected product mix, high fixed costs, including additional depreciation, from our expanded Shank’s production facility, as well as inventory write-downs of $8.6 million.","length":195,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":750,"olType":false},{"type":"text","content":" Select Balance Sheet Items, Liquidity, and Debt ","length":47,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Increased working capital usage on larger tobacco crops and timing of tobacco crop purchases.","length":93,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total debt down $168.7 million at March 31, 2026, compared to March 31, 2025.","length":77,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net debt (non-GAAP) up $28.9 million at March 31, 2026, compared to March 31, 2025.","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Interest expense down $5.6 million in fiscal year 2026, compared to fiscal year 2025.","length":85,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Approximately $1.3 billion of available liquidity, consisting of cash and committed and uncommitted credit lines, as of March 31, 2026.","length":135,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":473,"olType":false},{"type":"text","content":" Additional Items ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Non-cash, goodwill impairment charge of $41.1 million in fiscal year 2026.","length":74,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Restructuring and impairment costs of $1.8 million in fiscal year 2026, compared to $10.6 million in fiscal year 2025.","length":118,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Pension settlement charge of $14.1 million in fiscal year 2025.","length":63,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Higher consolidated effective tax rate for fiscal year 2026 due to various factors, including the mix and timing of domestic and foreign earnings, discrete items, and the tax deductibility of certain items.","length":206,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":461,"olType":false},{"type":"text","content":" Fourth Quarter 2026 Highlights ","length":30,"tagName":"p"},{"type":"text","content":" Consolidated Results ","length":20,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue up 2% on higher tobacco sales volumes, partially offset by lower tobacco sales prices.","length":94,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Operating income down $57.7 million on the non-cash, goodwill impairment charge as well as inventory write-downs.","length":113,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted operating income down $16.7 million.","length":45,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":252,"olType":false},{"type":"text","content":" Tobacco Operations Segment ","length":26,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue up $19.7 million on higher tobacco sales volumes and timing of tobacco shipments, partially offset by lower tobacco sales prices.","length":137,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Segment operating income down by $19.2 million primarily due to non-wrapper, dark air-cured tobacco inventory write-downs and lower sales of dark air-cured tobacco.","length":164,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":301,"olType":false},{"type":"text","content":" Ingredients Operations Segment ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue and operating income down $6.7 million and $2.6 million, respectively, largely on lower results from our Shank's business.","length":134,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Due to customer market headwinds, including broader softness in the consumer-packaged-goods sector, our Shank’s business faced demand challenges for both traditional core products and new offerings.","length":198,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Lower operating income also reflected Shank’s product mix, depreciation and other high fixed costs from our expanded production facility, as well as inventory write-downs.","length":171,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":503,"olType":false},{"type":"text","content":" Sustainability Update ","length":21,"tagName":"p"},{"type":"text","content":"Mr. Wigner stated, "We concluded fiscal year 2026 by further embedding sustainability across our value chain, building on the progress achieved throughout the year to support our emissions reduction targets and long-term value creation across Universal’s global operations. This progress was reflected in our most recent Carbon Disclosure Project (CDP) results, highlighting the success of our engagement with our suppliers. We advanced to an "A" rating in Supplier Engagement, were recognized as a CDP Supplier Engagement Leader, and were named to CDP’s Supplier Engagement A List. These achievements underscore the strength of our governance, emissions management, and the value we bring to our suppliers and customers across our global value chain."","length":772,"tagName":"p"},{"type":"text","content":" Other Items ","length":11,"tagName":"p"},{"type":"text","content":" Reconciliation of Certain non-GAAP Financial Measures ","length":53,"tagName":"p"},{"type":"text","content":" References to adjusted operating income (loss), adjusted net income (loss) attributable to Universal Corporation, adjusted diluted earnings (loss) per share, and the total for segment operating income (loss) are references to non-GAAP financial measures. These measures are not financial measures calculated in accordance with generally accepted accounting principles ("GAAP") and should not be considered as substitutes for operating income (loss), net income (loss) attributable to Universal Corporation, diluted earnings (loss) per share, cash from operating activities or any other operating or financial performance measure calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of adjusted operating income (loss) to consolidated operating income (loss), adjusted net income (loss) attributable to Universal Corporation to consolidated net income (loss) attributable to Universal Corporation and adjusted diluted earnings (loss) per share to diluted earnings (loss) per share are provided below. In addition, a reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) is provided in Note 3. "Segment Information" to the consolidated financial statements. Management evaluates the consolidated Company and segment performance excluding certain significant charges or credits. Management believes these non-GAAP financial measures, which exclude items that it believes are not indicative of its core operating results, can provide investors with important information that is useful in understanding its business results and trends. ","length":1684,"tagName":"p"},{"type":"text","content":" References to net debt, net capitalization, and net debt to net capitalization ratio are also references to non-GAAP financial measures. These measures are not financial measures calculated in accordance with GAAP and should not be considered substitutes for total debt, total capitalization, total debt to total capitalization ratio, or any other operating or financial performance measures calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of net debt to total debt and net capitalization to total capitalization are provided below to the extent these non-GAAP financial measures are referenced. Management believes these non-GAAP measures are meaningful indicators of liquidity and financial position. ","length":790,"tagName":"p"},{"type":"text","content":"The following tables set forth certain non-recurring items included in reported results to reconcile adjusted operating income to consolidated operating income and adjusted net income to net income attributable to Universal Corporation and adjusted diluted earnings per share to diluted earnings per share:","length":306,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:56%;","val":[{"type":"text","content":"Adjusted Operating Income Reconciliation","length":40,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","rowsp...

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