Universal reports Q1 revenue up 23% to $429.8M; adj. diluted EPS down 17% to $0.25

UNIVERSAL CORP /VA/

2023-Q1 EPS reported $0.27 revenue$429,122,000

Revenue $429.8M (+23% YoY); gross margin improved 70 bps to 18.5%; as-reported diluted EPS $0.27 (+4% YoY).
Tobacco ops revenue $348.1M (+18% YoY) but operating income down 9% to $8.1M on strong USD and cost pressures.
Ingredients ops revenue $81.8M (+46% YoY) driven by strong volumes in human and pet food categories.
Board declared quarterly dividend of $0.79/share, payable Nov 7 to holders of record Oct 10.
Management cites rising green leaf tobacco costs and shipping constraints; expects seasonal borrowing to decline in H2.

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