On this page of StockholderLetter.com we present the latest annual shareholder letter from UNIVERSAL CORP /VA/ — ticker symbol UVV. Reading current and past UVV letters to shareholders can bring important insights into the investment thesis.
EST. 1918
ABOUT US Universal Corporation is a global business-to-business agriproducts company with over 100 years of experience supplying products and innovative solutions to meet our customers evolving needs. With operations in over 30 countries on five continents, we are uniquely positioned to leverage our worldwide network to access a diverse, reliable supply of plant-based materials. This presence, combined with our supply chain expertise, integrated processing capabilities, and commitment to sustainability, enables us to deliver high-quality, customizable, and traceable valueadded agriproducts essential to our customers success. We have two primary businesses: tobacco and plant-based ingredients. Our tobacco business involves procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for manufacturers of consumer tobacco products, as well as performing related services. Through our plant-based ingredients business, we procure raw materials globally and process the raw materials through a variety of value-added manufacturing processes to produce high-quality, innovative, specialty plant-based ingredients, including fruits, vegetables, botanical extracts, and flavorings for consumer-packaged goods manufacturers, retailers, and food and beverage companies. In our tobacco business, we remain committed to maintaining our position as the leading global leaf tobacco supplier by continuing to drive supply chain efficiencies, expand our range of services provided to our customers, and improve our market share. At the same time, we are investing in and enhancing Universal Ingredients, our plant-based ingredients platform. We have increased the capabilities of Universal Ingredients and achieved operational synergies across the platform with the goal of providing a total solutions-based portfolio of value-added product offerings to our customers. Over the longer term, we intend to continue to enhance our product offerings by leveraging Universal s existing global sourcing capabilities, strong relationships with our farmer base, sustainability practices, and agronomic expertise.
FINANCIAL HIGHLIGHTS Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended March 31, 2024 March 31, 2023 March 31, 2022 in thousands, except per share data OPERATIONS Sales and other operating revenues 2,748,573 $ 2,569,824 Operating income 222,009 181,072 2,103,601 160,315 Segment operating income 226,288 183,455 174,335 Net income 132,971 130,236 103,604 Net income attributable to Universal Corporation 119,598 124,052 86,577 PER COMMON SHARE Net income attributable to Universal Corporation common shareholders diluted* 4.78 4.97 3.47 Dividends declared 3.20 3.16 3.12 Market price at year end 51.72 52.89 58.07 1,391,183 $ 1,360,903 1,437,207 1,397,088 1,229,287 22 21 120 126.4 147.8 1,340,543 160.3 180 181.1 3.12 3.16 3.20 240 2.86 3.53 3.47 4.97 4.78 300 222.0 Total Universal Corporation shareholders equity 3.04 Working capital 3.08 AT YEAR END 60 24 23 22 21 20 24 23 22 21 20 0 24 23 20 NET INCOME PER DILUTED SHARE * DIVIDENDS DECLARED OPERATING INCOME in dollars in dollars in millions of dollars * Attributable to Universal Corporation common shareholders after deducting amounts attributable to non-controlling interests in consolidated subsidiaries. 2024 ANNUAL REPORT 1
BOARD OF DIRECTORS UNIVERSAL CORPORATION George C. Freeman, III 1 * 2 Thomas H. Johnson 1 4 * 5 Arthur J. Schick, Jr. 2 3 5 Thomas H. Tullidge, Jr. 2 3 5 Chairman, President and Chief Executive Officer Universal Corporation Chief Executive Officer The Taffrail Group, LLC President Alpha Sierra Global LLC Chief Strategy Officer, Legal and Finance Cary Street Partners Financial LLC Diana F. Cantor 2 4 5 * Michael T. Lawton 1 3 * 4 Robert C. Sledd 2 * 4 5 Jacqueline T. Williams 2 3 5 Partner Alternative Investment Management, LLC Retired Executive Vice President and Chief Financial Officer Domino s Pizza, Inc. Managing Partner Sledd Properties, LLC Retired Director, Ohio Department of Commerce Lennart R. Freeman 1 3 4 Retired President and Chief Executive Officer, North American Division, Swedish Match AB COMMITTEE CODES 1 Executive Committee 5 2 Finance and Pension Investment Committee * Committee Chairman 3 Audit Committee Nominating and Corporate Governance Committee Lead Independent Director 4 Compensation Committee OFFICERS UNIVERSAL CORPORATION George C. Freeman, III Catherine H. Claiborne Joseph W. Hearington, Jr. E. Blair Powell Chairman, President and Chief Executive Officer Vice President, General Counsel and Secretary Vice President, Internal Auditing Senior Counsel Airton L. Hentschke Scott J. Bleicher Beth Ann Luther Jennifer S. Rowe Senior Vice President and Chief Operating Officer Vice President and Controller Vice President, Taxes Assistant Treasurer Johan C. Kroner Benjamin S. Dessart Wushuang Ma Harvard B. Smith Senior Vice President and Chief Financial Officer Vice President, External Affairs Vice President and Treasurer Vice President and Chief Compliance Officer Preston D. Wigner Steven S. Diel J. Patrick O Keefe Senior Vice President Vice President, Business Development Vice President, Ingredients CHAIRMEN EMERITUS Allen B. King 2 UNIVERSAL CORPORATION
DIRECTORS* UNIVERSAL LEAF TOBACCO COMPANY, INC. | UNIVERSAL GLOBAL VENTURES, Inc. George C. Freeman, III Catherine H. Claiborne Clayton G. Frazier J. Patrick O Keefe Chairman, President and Chief Executive Officer Senior Vice President, General Counsel and Secretary Managing Director, North America Senior Vice President, Universal Global Ventures, Inc. Airton L. Hentschke McKeen Starke Rory E. Micklem Steven S. Diel Executive Vice President and Chief Operating Officer Senior Vice President and Sales Director Managing Director, Africa Director, Universal Global Ventures, Inc. Johan C. Kroner Paul G. Beevor Jonathan R. Wertheimer Kent DeVries Executive Vice President and Chief Financial Officer Managing Director, Asia President, Socotab, L.L.C. and Managing Director, Europe President, Silva International, Inc. Preston D. Wigner Cesar A. B necker Richard G. Wood Gregory P. Robertson Executive Vice President Managing Director, South America Managing Director, Dark Air-Cured President, Shank s Extracts, LLC 2024 ANNUAL REPORT 3
 • shareholder letter icon 7/1/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/23/2023 UVV Stockholder Letter
 • stockholder letter icon More "Cigarettes & Tobacco" Category Stockholder Letters
 • Benford's Law Stocks icon UVV Benford's Law Stock Score = 75


UVV Shareholder/Stockholder Letter Transcript:

EST. 1918

ABOUT US
Universal Corporation is a global business-to-business agriproducts company with over 100 years of experience
supplying products and innovative solutions to meet our customers    evolving needs. With operations in over 30
countries on five continents, we are uniquely positioned to leverage our worldwide network to access a diverse, reliable
supply of plant-based materials. This presence, combined with our supply chain expertise, integrated processing
capabilities, and commitment to sustainability, enables us to deliver high-quality, customizable, and traceable valueadded agriproducts essential to our customers    success.
We have two primary businesses: tobacco and plant-based ingredients. Our tobacco business involves procuring
and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for manufacturers of consumer tobacco
products, as well as performing related services. Through our plant-based ingredients business, we procure raw
materials globally and process the raw materials through a variety of value-added manufacturing processes to
produce high-quality, innovative, specialty plant-based ingredients, including fruits, vegetables, botanical extracts,
and flavorings for consumer-packaged goods manufacturers, retailers, and food and beverage companies.
In our tobacco business, we remain committed to maintaining our position as the leading global leaf tobacco
supplier by continuing to drive supply chain efficiencies, expand our range of services provided to our customers,
and improve our market share. At the same time, we are investing in and enhancing Universal Ingredients, our
plant-based ingredients platform. We have increased the capabilities of Universal Ingredients and achieved
operational synergies across the platform with the goal of providing a total solutions-based portfolio of value-added
product offerings to our customers. Over the longer term, we intend to continue to enhance our product offerings by
leveraging Universal   s existing global sourcing capabilities, strong relationships with our farmer base, sustainability
practices, and agronomic expertise.

FINANCIAL HIGHLIGHTS
Fiscal Year Ended
Fiscal Year Ended
Fiscal Year Ended
March 31, 2024
March 31, 2023
March 31, 2022
in thousands, except per share data
OPERATIONS
Sales and other operating revenues
2,748,573
$ 2,569,824
Operating income

222,009
181,072

2,103,601
160,315
Segment operating income
226,288
183,455
174,335
Net income
132,971
130,236
103,604
Net income attributable to Universal Corporation
119,598
124,052
86,577
PER COMMON SHARE
Net income attributable to Universal Corporation
common shareholders   diluted*

4.78


4.97
3.47
Dividends declared
3.20
3.16
3.12
Market price at year end
51.72
52.89
58.07
1,391,183
$ 1,360,903
1,437,207
1,397,088

1,229,287
22
21
120
126.4
147.8
1,340,543
160.3
180
181.1
3.12
3.16
3.20
240
2.86
3.53
3.47
4.97
4.78
300
222.0

Total Universal Corporation shareholders    equity
3.04
Working capital
3.08
AT YEAR END
60
24
23
22
21
20
24
23
22
21
20
0
24
23
20
NET INCOME
PER DILUTED SHARE *
DIVIDENDS
DECLARED
OPERATING
INCOME
in dollars
in dollars
in millions of dollars
* Attributable to Universal Corporation common shareholders after deducting amounts attributable to non-controlling
interests in consolidated subsidiaries.
2024 ANNUAL REPORT
1

BOARD OF DIRECTORS UNIVERSAL CORPORATION
George C. Freeman, III 1 * 2
Thomas H. Johnson 1 4 * 5
Arthur J. Schick, Jr. 2 3 5
Thomas H. Tullidge, Jr. 2 3 5
Chairman, President and
Chief Executive Officer
Universal Corporation
Chief Executive Officer
The Taffrail Group, LLC
President
Alpha Sierra Global LLC
Chief Strategy Officer,
Legal and Finance
Cary Street Partners
Financial LLC
Diana F. Cantor 2 4 5 *
Michael T. Lawton 1 3 * 4
Robert C. Sledd 2 * 4 5
Jacqueline T. Williams 2 3 5
Partner
Alternative Investment
Management, LLC
Retired Executive
Vice President and
Chief Financial Officer
Domino   s Pizza, Inc.
Managing Partner
Sledd Properties, LLC
Retired Director,
Ohio Department
of Commerce
Lennart R. Freeman 1 3 4
Retired President and
Chief Executive Officer,
North American Division,
Swedish Match AB
COMMITTEE CODES
1
Executive Committee
5
2
Finance and Pension Investment
Committee
* Committee Chairman
3
Audit Committee
Nominating and Corporate
Governance Committee
Lead Independent Director
4  Compensation Committee
OFFICERS UNIVERSAL CORPORATION
George C. Freeman, III
Catherine H. Claiborne
Joseph W. Hearington, Jr.
E. Blair Powell
Chairman, President and
Chief Executive Officer
Vice President,
General Counsel and Secretary
Vice President,
Internal Auditing
Senior Counsel
Airton L. Hentschke
Scott J. Bleicher
Beth Ann Luther
Jennifer S. Rowe
Senior Vice President and Chief
Operating Officer
Vice President and
Controller
Vice President,
Taxes
Assistant Treasurer
Johan C. Kroner
Benjamin S. Dessart
Wushuang Ma
Harvard B. Smith
Senior Vice President and Chief
Financial Officer
Vice President,
External Affairs
Vice President and
Treasurer
Vice President and
Chief Compliance Officer
Preston D. Wigner
Steven S. Diel
J. Patrick O   Keefe
Senior Vice President
Vice President,
Business Development
Vice President,
Ingredients
CHAIRMEN EMERITUS
Allen B. King
2
UNIVERSAL CORPORATION

DIRECTORS* UNIVERSAL LEAF TOBACCO COMPANY, INC.
| UNIVERSAL GLOBAL VENTURES, Inc.
George C. Freeman, III
Catherine H. Claiborne
Clayton G. Frazier
J. Patrick O   Keefe
Chairman, President and
Chief Executive Officer
Senior Vice President,
General Counsel and Secretary
Managing Director,
North America
Senior Vice President,
Universal Global Ventures, Inc.
Airton L. Hentschke
McKeen Starke
Rory E. Micklem
Steven S. Diel
Executive Vice President and
Chief Operating Officer
Senior Vice President and
Sales Director
Managing Director,
Africa
Director,
Universal Global Ventures, Inc.
Johan C. Kroner
Paul G. Beevor
Jonathan R. Wertheimer
Kent DeVries
Executive Vice President and
Chief Financial Officer
Managing Director,
Asia
President, Socotab, L.L.C. and
Managing Director,
Europe
President,
Silva International, Inc.
Preston D. Wigner
Cesar A. B  necker
Richard G. Wood
Gregory P. Robertson
Executive Vice President
Managing Director,
South America
Managing Director,
Dark Air-Cured
President,
Shank   s Extracts, LLC
2024 ANNUAL REPORT
3



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