Vector Group released its first-quarter 2022 results for the quarter ended March 31, 2022.
Consolidated revenues were $312 million, an increase of 15.1 percent compared to the prior year period. Tobacco Segment revenues were $309 million, an increase of 15.1 percent compared to the prior year period.
Reported net income attributed to Vector Group was $32.5 million compared to $32 million in the previous year. Adjusted net income from continuing operations was $26.6 million compared to $34.9 million in the prior year period. Reported operating income was $75.1 million, a decline of $0.8 million compared to the prior year.
Tobacco segment operating income was $77.6 million, a decline of 4.9 percent compared to the prior year, attributable to the investment in Montego’s significant volume and market share growth.
“Vector Group delivered strong tobacco business revenue performance in the first quarter as we capitalized on favorable market opportunities to substantially increase value and market share,” said Howard M. Lorber, president and CEO of Vector Group, in a statement.
“Our timely investments in expanding our price-fighting Montego brand further demonstrate our proven long-term strategy of optimizing long-term profit through the effective management of volume, pricing and market share growth.”