Universal Corp. boosts profit on weakening dollar
- February 5, 2010
Tobacco leaf processor Universal Corp. increased its net income 22 percent in the first three quarters of its fiscal year as its currency costs fell.
Universal Corp. reported a $142 million profit for the nine months ended Dec. 31, compared with $116 million during the same period the year before.
The previous year’s earnings included $45 million in currency-related costs because of the strengthening dollar. The current year included a $42 million reduction in those costs.
The Richmond company saw a 5 percent decline in revenues to $662 million during the first nine months, partly because of shipment delays from Africa and North America.
In the third quarter, profit was down 16 percent to $45.7 million, compared with $53.1 million the year before.