Universal Swings to Loss

Tobacco buyer and packager Universal(UVV Quote) swung to a loss in the fourth quarter, hurt by restructuring and impairment charges.

The company lost $24.7 million, or 96 cents a share, in the quarter, compared with a profit of $33.8 million, or $1.31 a share, a year earlier. Excluding restructuring and impairment charges associated with the closure of its tobacco processing plant in Danville, Va., earnings were 23 cents a share. Analysts were expecting earnings of 83 cents a share.

Revenue increased 3.23% from a year ago to $853.1 million. Revenue from the tobacco business increased 3.36% to $409.3 million and in lumber and building products it grew 4.48% to $239.1 million. Revenue from agri-products sales rose 1.56% to $204.7 million. ...