Universal Q1 Profit Up On Gains

(RTTNews) - Universal Corp. (UVV) Tuesday reported first-quarter earnings of $54.6 million or $2.05 per share, up from $19.4 million or $0.81 per share last year.

Results for the quarter included a gain of $53.1 million after tax, or $1.98 per share, resulted from the favorable outcome of litigation by the company's operating subsidiary in Brazil related to previous years' excise tax credits.

Sales and other operating revenues for the quarter dropped to $433.5 million from $461.4 million last year.

Universal Corp. operates as a leaf tobacco merchant and processor.