uvv-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED

JUNE 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ______________TO_______________

Commission File Number: 001-00652

UNIVERSAL CORPORATION

(Exact name of registrant as specified in its charter)


Virginia			54-0414210
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

9201 Forest Hill Avenue,	Richmond,	Virginia	23235
(Address of principal executive offices)			(Zip Code)

804-359-9311

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of Exchange on which registered
Common Stock, no par value	UVV	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesþ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated filer

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Non-accelerated filer

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Smaller reporting company

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Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of August 4, 2025, the total number of shares of common stock outstanding was 24,886,204.

UNIVERSAL CORPORATION

FORM 10-Q

TABLE OF CONTENTS


Item No.		Page
	PART I - FINANCIAL INFORMATION
1.	Financial Statements	3
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
3.	Quantitative and Qualitative Disclosures About Market Risk	31
4.	Controls and Procedures	31
	PART II - OTHER INFORMATION
1.	Legal Proceedings	33
1A.	Risk Factors	33
2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
5.	Other Information	33
6.	Exhibits	34

	Signatures	35

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except share and per share data)


	Three Months Ended June 30,
		2025		2024
	(Unaudited)
Sales and other operating revenues		$	593,762	$	597,050
Costs and expenses
Cost of goods sold		479,635		501,129
Selling, general and administrative expenses		79,192		78,696

Restructuring and impairment costs		1,122		—

Operating income		33,813		17,225
Equity in pretax earnings (loss) of unconsolidated affiliates		2,435		140
Other non-operating income (expense)		586		464
Interest income		647		808
Interest expense		17,777		20,734
Income (loss) before income taxes and other items		19,704		(2,097)
Income taxes		5,337		727
Net income (loss)		14,367		(2,824)
Less: net loss (income) attributable to noncontrolling interests in subsidiaries		(5,870)		2,954
Net income (loss) attributable to Universal Corporation		$	8,497	$	130




Earnings per share:
Basic		$	0.34	$	0.01
Diluted		$	0.34	$	0.01

Weighted average common shares outstanding:
Basic		24,999,570		24,876,220
Diluted		25,131,857		25,066,106

Total comprehensive income (loss), net of income taxes		$	23,102	$	(8,350)
Less: comprehensive (income) loss attributable to noncontrolling interests		(5,893)		3,344
Comprehensive income (loss) attributable to Universal Corporation		$	17,209	$	(5,006)

Dividends declared per common share		$	0.82	$	0.81

See accompanying notes.

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)


	June 30,		June 30,		March 31,
	2025		2024		2025
	(Unaudited)		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	178,435	$	101,700	$	260,115
Accounts receivable, net	424,157		435,941		625,876
Advances to suppliers, net	79,154		100,451		169,385
Accounts receivable—unconsolidated affiliates	127,701		60,991		7,143
Inventories—at lower of cost or net realizable value:
Tobacco	1,219,769		1,202,341		806,332
Other	205,036		187,743		189,610
Prepaid income taxes	22,715		23,576		19,595

Other current assets	89,360		85,712		78,041
Total current assets	2,346,327		2,198,455		2,156,097

Property, plant and equipment
Land	26,266		25,926		26,113
Buildings	337,290		326,988		333,398
Machinery and equipment	739,899		702,153		723,935
	1,103,455		1,055,067		1,083,446
Less accumulated depreciation	(728,180)		(680,011)		(710,472)
	375,275		375,056		372,974
Other assets
Operating lease right-of-use assets	38,428		30,582		34,260
Goodwill, net	213,864		213,810		213,840
Other intangibles, net	55,237		66,074		57,836
Investments in unconsolidated affiliates	87,988		75,531		79,317
Deferred income taxes	20,461		18,287		16,539
Pension asset	13,006		12,075		12,819
Other noncurrent assets	38,721		43,098		45,870
	467,705		459,457		460,481

Total assets	$	3,189,307	$	3,032,968	$	2,989,552

See accompanying notes.

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars)


	June 30,		June 30,		March 31,
	2025		2024		2025
	(Unaudited)		(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes payable and overdrafts	$	621,275	$	581,087	$	455,039
Accounts payable	119,803		79,747		98,036
Accounts payable—unconsolidated affiliates	76		—		1,999
Customer advances and deposits	4,557		15,660		3,763
Accrued compensation	22,577		20,903		44,646
Income taxes payable	15,528		10,766		12,586
Current portion of operating lease liabilities	11,233		9,588		10,742
Accrued expenses and other current liabilities	147,639

SEC Form 10-Q filed by Universal Corporation