Universal Corporation (NYSE:UVV) Q1 2024 Earnings Conference Call August 2, 2023 5:00 PM ET
Company Participants
Jennifer Rowe - AVP
George Freeman - Chairman, President and CEO
Airton Hentschke - COO
Johan Kroner - CFO
Conference Call Participants
Ann Gurkin - Davenport
Operator
Good afternoon, ladies and gentlemen, and welcome to the Universal Corporation First Quarter Fiscal Year 2024 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions].
I would now like to turn the conference over to Jennifer Rowe. Please go ahead.
Jennifer Rowe
Thank you for joining us. George Freeman, our Chairman, President and CEO; Airton Hentschke, our Chief Operating Officer; and Johan Kroner, our Chief Financial Officer are here with me today and will join me in answering questions after these brief remarks.
This call is being webcast live and will be available on our website and on telephone in a taped replay. It will remain on our website through November 2nd, 2023. Other than the replay, we have not authorized and disclaim responsibility for any recording, replay, or distribution of any transcription of this call. This call is copyrighted and may not be used without our permission.
Before I begin to discuss our results, I caution you that we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future and are representative as of today only.
Actual results could differ materially from projected or estimated results, and we assume no obligation to update any forward-looking statements. For information on some of the factors that can affect our estimates, I urge you to read our 10-K for the year ended March 31, 2023.
Such risks and uncertainties include, but are not limited to, impacts of COVID-19, customer-mandated timing of shipments, weather conditions, political and economic environment, government regulation and taxation, changes in interest rates and exchange rates, industry consolidation and evolution, and changes in market structure or sources.
Finally, some of the information I have for you today is based on unaudited allocations and is subject to reclassification. In an effort to provide useful information to investors, our comments today may include non-GAAP financial measures. For details on these measures, including reconciliations to the most comparable GAAP measures, please refer to our current earnings press release.
Our tobacco operations performed well and are off to a good start for our fiscal year 2024. Segment operating income was higher for our tobacco operations segment in the quarter ended June 30th, 2023, compared to the quarter ended June 30th, 2022, even though we did not have the benefit of large shipments of carryover tobacco from certain origins that we had in the first quarter of fiscal year 2023.