By Amira McKee

Shares of Universal dropped after the tobacco supplier named a new chief financial officer and logged lower third-quarter sales and net income.

The stock fell 10% to $52.15 in Monday morning trading. The shares have retreated around 1% in the past year.

The Richmond, Va., company had a third-quarter net income of $33.2 million, or $1.32 a share, compared with $59.6 million, or $2.37 a share, a year earlier.

Revenue fell 8% to $861.3 million on lower tobacco sales volumes and prices. The company said ingredients product mix also hurt its top-line.

Universal named Steven Diel as its next chief financial officer, effective April 1. Diel, 54 years old, has served as financial chief for Universal's ingredients segment since January. He succeeds Johan Kroner, who will retire from his role after 32 years with the company.

Write to Amira McKee at amira.mckee@wsj.com

(END) Dow Jones Newswires

February 09, 2026 11:47 ET (16:47 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.