Universal Corp delays fiscal Q3 filing amid $16.7M embezzlement probe
Universal Corp said preliminary results for the quarter ended December 31, 2024 show sales and other operating revenue of $937.2 million and diluted earnings per share of $2.27, but it has delayed its third-quarter earnings release and Form 10-Q. The delay follows an internal investigation into embezzlement at its Mozambique subsidiary, which has identified about $16.7 million in unauthorized payments over fiscal years 2016 through 2025, and the company expects to report one or more material weaknesses in internal control over financial reporting.
Key points
- Preliminary quarter ended December 31, 2024: sales and other operating revenue $937.2 million, operating income $100.7 million, net income $57.1 million, diluted EPS $2.27.
- Internal investigation has identified about $16.7 million in unauthorized payments in fiscal 2016 through 2025, including about $7 million in fiscal 2022 through 2025.
- On February 10, 2025, lenders agreed to extend the deadline for delivering the quarterly financials to June 16, 2025; the company paid a consent fee of 0.05% of each consenting lender's commitment and term loans.
- The company does not believe material adjustments to previously issued financial statements will be necessary, but it expects to report one or more material weaknesses in internal control over financial reporting.
The filing
Written by AI on Nov 8, 2026, 6:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 10, 2025.
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