Earnings: Universal Corp.

Local firms: Universal Corp.

Higher prices for North American tobacco have boosted Universal Corp.'s earnings so far this fiscal year despite a drop in shipments of leaf.

Volumes rose in South America and Asia, while Universal's African operations got a boost from a better mix of leaf and increased income from processing.

Richmond-based Universal's profit for the second quarter ended Sept 30 rose 26 percent from the year before to $52.5 million, or $1.77 a share, despite a 17.5 percent drop in revenue to $647.9 million.

The company's directors, meanwhile, voted to increase the quarterly dividend by a penny to 47 cents a share and approved a program to repurchase up to $150 million of its shares.

Universal's shares rose 5 percent, or $2.19, yesterday to close at $43.46.

-- David Ress