Universal Leaf Tobacco Company Presentation
First Quarter FY2024 Results
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Highlights
Our tobacco operations performed well and are off to a good start for our fiscal
year 2024
Higher segment operating income for Tobacco Operations segment in the
quarter ended June 30, 2023, even though we did not have the benefit of large
shipments of carryover tobacco from certain origins that we had in first quarter of
fiscal year 2023
Our plant-based ingredients platform faced soft demand, due to high customer
inventory levels, and our earnings for the platform were below our expectations
Our costs, notably interest costs and prices for green leaf tobacco, remained
high in the quarter ended June 30, 2023, compared to the quarter ended June
30, 2022
Higher working capital requirements to fund larger tobacco crops and higher
green tobacco prices were partially offset by increased customer deposits
Summary Financials
Three Months Ended
June 30,
In millions
2023
2022
Revenues
$518
$430
EBITDA¹
$22
$27
Operating income
$11
$13
Adjusted
$11
$13
operating income¹
Segment
$7
$13
operating income
Net income 2
$(2)
$7
Adjusted net
income¹
$(2)
$6
1 Non-GAAP measure. Please see Appendix
2 Attributable to Universal Corporation. Universal holds less than 100% financial interest in certain consolidated subsidiaries, and a portion of net income is attributable
to the non-controlling interests in those subsidiaries
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