Earlier shipments shrink Universal 4Q profit 49 percent

For the quarter ending March 31, the Richmond, Va., company's net income was nearly halved to $9.9 million, or 23 cents per share, from $19.5 million, or 59 cents per share a year earlier. Revenue fell 7 percent, to $467.2 million from $504.5 million.

Universal said shipments to South America, Europe and Asia were completed earlier in the year, decreasing fourth-quarter revenue. Sales in Africa were down, and costs up, because of smaller crops of burley tobacco in Malawi and Mozambique.

The stock skidded $9.36, or 15.2 percent, to $52.41 in afternoon trading. The company posted its results late Thursday.

For the full year, profit more than doubled to $119.2 million from $44.4 million, and revenue increased 7 percent, to $2.15 billion from $2 billion.

Davenport analyst Ann Gurkin kept a "Buy" rating on the stock, forecasting a profit of $5.25 per share in fiscal 2009. She thinks the company will post double-digit sales growth overseas and high-single-digit revenue growth in the U.S.