Unaudited Quarterly Financial Data

12 Months Ended

Mar. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

UNAUDITED QUARTERLY FINANCIAL DATA

Unaudited quarterly financial data for the fiscal years ended March 31, 2019 and 2018 is provided in the table below. Due to the seasonal nature of the Company's business, management believes it is generally more meaningful to focus on cumulative rather than quarterly results.



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal Year Ended March 31, 2019
Operating Results:
Sales and other operating revenues	$	379,719	$	539,604	$	636,107	$	671,723
Gross profit	72,221		99,460		115,430		119,480
Net income	11,060		34,293		31,089		33,692
Net income attributable to Universal Corporation	13,179		31,446		28,135		31,361
Earnings per common share:
Basic	0.53		1.25		1.12		1.25
Diluted	0.52		1.24		1.11		1.24
Cash Dividends Declared:
Per share of common stock	0.75		0.75		0.75		0.75
Market Price Range of Common Stock:
High	68.25		71.60		76.98		60.67
Low	46.40		55.66		53.03		52.60

Fiscal Year Ended March 31, 2018
Operating Results:
Sales and other operating revenues	$	284,622	$	488,248	$	653,581	$	607,496
Gross profit	53,857		93,076		108,518		116,497
Net income	3,321		28,306		50,219		34,322
Net income attributable to Universal Corporation	3,577		26,167		45,400		30,518
Earnings per common share:
Basic	0.14		1.03		1.80		1.21
Diluted	0.14		1.02		1.78		1.20
Cash Dividends Declared:
Per share of common stock	0.54		0.54		0.55		0.55
Market Price Range of Common Stock:
High	75.70		65.90		60.45		53.85
Low	63.15		55.00		52.05		45.95


Note:	Earnings per share amounts for each fiscal year may not equal the total of the four quarterly amounts due to differences in weighted-average outstanding shares for the respective periods.

Significant items included in the quarterly results were as follows:

Fiscal Year Ended March 31, 2019

•

First Quarter – Net income attributable to Universal Corporation included a $6.9 million reduction of income tax expense for the reversal of amounts previously recorded for dividend withholding taxes on distributed and undistributed retained earnings of a foreign subsidiary following the resolution of uncertainties with the local country taxing authorities with respect to the inclusion of the tax under a tax holiday applicable to the subsidiary. The reduction of income tax expense increased diluted earnings per share for the quarter by $0.27.

•

Second Quarter – Net income attributable to Universal Corporation included a $0.9 million additional reduction of income tax expense for amounts previously recorded for dividend withholding taxes on distributed and undistributed retained earnings of a foreign subsidiary due to the above-mentioned tax holiday. The reduction of income tax expense increased diluted earnings per share for the quarter by $0.03.

•

Third Quarter – Results included restructuring and impairment costs totaling $19.4 million, related to the Company's operations in Tanzania (see Note 3). The restructuring and impairment costs included employee termination benefits, as well as impairment charges related to certain property, plant, equipment, and goodwill. Those costs reduced net income attributable to Universal Corporation by $15.8 million and diluted earnings per share by $0.62.


•	Fourth Quarter – Results included restructuring costs of approximately $0.9 million related to smaller operations, which reduced net income attributable to Universal Corporation by approximately $0.6 million and diluted earnings per share by $0.02.

Fiscal Year Ended March 31, 2018


•	Third Quarter – Net income attributable to Universal Corporation included a $10.5 million reduction of income tax expense from the initial provisional accounting for the enactment of the Tax Cuts and Jobs Act in December 2017, which increased diluted earnings per share for the quarter by $0.41.

•

Fourth Quarter – Net income attributable to Universal Corporation included a $6.0 million adjustment to the initial provisional accounting for the enactment of the Tax Cuts and Jobs Act, which lowered the net reduction in income tax expense recorded in the third quarter from $10.5 million to $4.5 million and reduced diluted earnings per share for the quarter by $0.24.