Universal Corp Q2 prelim EPS $1.10; discloses ~$7M embezzlement, delays 10-Q filing

UNIVERSAL CORP /VA/

Preliminary Q2 revenue $710.8M, operating income $70.7M, diluted EPS $1.10.
Tobacco ops rev $630.2M, op income $79.3M; Ingredients ops rev $80.6M, op income $1.3M.
Embezzlement by former senior finance employee at Mozambique subsidiary; ~$7M unauthorized payments FY2022-2025, investigation ongoing.
Delayed 10-Q filing; expects NYSE delinquency notice with six-month cure period; extended debt covenant deadline to Dec 31, 2024.
Restructuring costs $10.6M from European sheet consolidation.

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