Tag: Vector Group

  • Discount Brands Boost Revenue, Income at Vector

    Discount Brands Boost Revenue, Income at Vector

    Photo: Mind and I

    Vector Group reported consolidated revenues of $371.9 million for the second-quarter of 2024 financial results, up 1.7 percent compared to the prior-year period.

    Tobacco segment wholesale market share increased to 5.7 percent from 5.4 percent in the prior-year period, and retail market share remained at 5.8 percent, unchanged from the prior-year period.

    Montego wholesale and retail market share both increased to 4.1 percent from 3.4 percent and 3.5 percent, respectively, in the prior-year period.

    Operating income was $97.8 million, up 36.5 percent, or $26.1 million, compared to the prior-year period.

    Tobacco segment operating income was $102.9 million, up 37 percent, or $27.8 million, compared to the prior-year period.

    Adjusted EBITDA was $103.3 million, up 9.7 percent, or $9.2 million, compared to the prior-year period.

    Tobacco adjusted EBITDA was $104.4 million, up 10.2 percent, or $9.7 million, compared to the prior-year period.

    “Vector Group delivered strong performance in the second quarter, bolstered by the impressive growth of our Montego brand,” said Vector Group President and CEO Howard M. Lorber in a statement.

    “Montego’s continued expansion as the largest discount brand in the U.S. highlights the effectiveness of our strategic approach, expert market analysis and proven execution. We are confident in our ability to sustain our momentum in the second half of the year and to drive long-term value for our stockholders.”

  • Vector Group Releases its Year-End Financial Report

    Vector Group Releases its Year-End Financial Report

    Photo: Summit Art Creations

    Vector Group has released its fourth-quarter and full-year financial results for the three months and year ended Dec. 31, 2023.

    In the fourth quarter, consolidated revenues were $360.4 million, down 0.9 percent, or $3.4 million, compared to the prior year period. The tobacco segment wholesale market share increased to 5.7 percent from 5.5 percent in the prior year period, and retail market share remained at 5.8 percent in the current period.

    Montego wholesale market share increased to 3.8 percent from 3 percent in the prior year period, and retail market share increased to 3.8 percent from 3.2 percent in the prior year period.

    Operating income was $91.6 million, up 2.6 percent, or $2.3 million, compared to the prior year period. The tobacco segment operating income was $98.1 million, up 5.6 percent, or $5.2 million, compared to the prior year period.

    Adjusted EBITDA was $96 million, up 3.6 percent, or $3.3 million, compared to the prior year period. Tobacco adjusted EBITDA was $99.6 million, up 5.4 percent, or $5.1 million, compared to the prior year period.

    For full-year 2023, consolidated revenues were $1.42 billion, down 1.2 percent, or $16.7 million, compared to the prior year. Tobacco segment revenues were $1.42 billion, down 0.1 percent, or $0.9 million, compared to the prior year. Tobacco segment wholesale and retail market share increased to 5.5 percent and 5.8 percent from 5.4 percent and 5.5 percent, respectively, in the prior year.

    Montego wholesale market share increased to 3.5 percent from 2.5 percent in the prior year, and retail market share increased to 3.6 percent from 2.6 percent in the prior year.

    Operating income was $328 million, down 3.2 percent, or $11 million, compared to the prior year. Tobacco segment operating income was $346.7 million, down 0.1 percent, or $0.4 million, compared to the prior year.

    Adjusted EBITDA was $363.2 million, up 3.1 percent, or $11 million, compared to the prior year. Tobacco adjusted EBITDA was $370.6 million, up 5.5 percent, or $19.4 million, compared to the prior year.

    “Vector Group delivered a solid performance in 2023 amid a dynamic operating environment as the successful execution of our targeted investment strategy enabled Montego’s continued growth as the largest discount brand in the United States,” said Howard M. Lorber, president and CEO of Vector Group, in a statement. “The company is well positioned in 2024, and we are confident we have the right strategy and team in place to continue optimizing long-term profit and driving value for our stockholders.”