Universal Reports $12M 4Q; Revenue Up 20.1 Percent

RICHMOND, Va. (AP) — Tobacco leaf producer Universal Corp. said on Thursday its fourth-quarter profit nearly doubled from the year-ago quarter that was restrained by restructuring charges.

The company said it earned $12 million, or 48 cents per share, during the quarter that ended March 31, up from $6.2 million, or 23 cents per share, during the same period last year. Revenue rose 20.1 percent to $563.6 million, from $467.2 million a year ago.

In the fourth quarter of 2008 the company had restructuring charges of $9.6 million, or 21 cents per share.

Universal said much of the revenue increase for the quarter came from increased volumes in North and South America. Another factor was higher retail pricing as the company passed along higher tobacco costs.

Universal said it lost $50 million on currency swings because it buys tobacco in local currencies and was caught by the dollar's sudden strengthening, especially in Brazil. In the previous year it had a $30 million currency gain.

For the full year, the company said it earned $116.9 million, or $4.32 per share, up from $104.3 million, or $3.70 per share, during the previous year. Revenue rose to $2.55 billion, from $2.15 billion a year ago.

Universal shares fell 33 cents to close at $33.60 before the results were released. In after-hours trading, they were up 11 cents at $33.71.