The tobacco business’ performance reflects Vector’s advantages in the deep discount segment, says CEO.
Vector Group reported consolidated revenues of $652.65 million for the third quarter of 2021, up 19 percent over those of the 2020 third quarter. Reported net income increased $10.8 million to $48.9 million. Adjusted net income was $52.6 million, $14.3 million more than in the prior year period.
“Vector had another outstanding quarter, achieving all-time high quarterly revenues and significantly increased operating income,” said Howard M. Lorber, president and CEO of Vector Group, in a statement.
“We are excited by the continued strong performance of our tobacco business, which validates our market strategy and reflects the competitive advantages we have in the deep discount segment. Our Douglas Elliman subsidiary also delivered record revenues up 70 percent during the quarter compared to the year ago period, and closed sales volume was up 62 percent over the same time frame. Combined with expense reductions, Douglas Elliman achieved record quarterly adjusted EBITDA during the third quarter.”
In a press release, Vector Group announced that Douglas Elliman plans to file a Form 10 registration statement with the Securities and Exchange Commission in connection with its intended spin-off into a standalone publicly traded company.