Universal Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to $1.09 per share, a gain of 22.0% from 89 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $30.3 million, an increase of 19.7% from $25.3 million in the year-earlier period.
The normalized profit margin increased to 3.9% from 3.7% in the year-earlier period.
Total revenue increased 12.8% on an annual basis to $778.2 million from $689.9 million, and total operating expenses climbed 12.7% on an annual basis to $729.1 million from $647.2 million.
Reported net income rose 71.8% from the prior-year period to $45.8 million, or $1.64 per share, from $26.7 million, or 94 cents per share.
For the year, the company's normalized net income totaled $3.13 per share, a fall from $3.21 per share in the prior year.
Normalized net income was $88.3 million, a fall from $91.2 million in the prior year.
Full-year total revenue decreased 10.6% year over year to $2.27 billion from $2.54 billion, and total operating expenses fell 10.9% on an annual basis to $2.11 billion from $2.37 billion.
The company said reported net income decreased 23.1% on an annual basis to $114.6 million, or $4.06 per share, in the full year, from $149.0 million, or $5.25 per share.