Vector Reports Results

Vector Group has reported its first-quarter 2024 results, noting that it has had continued strong earnings growth in the tobacco segment.

In the first quarter, consolidated revenues were $324.6 million, down 2.9 percent compared to the prior-year period. Tobacco segment revenues were $324.6 million, down 2.9 percent compared to the prior year.

Tobacco segment wholesale market share declined to 5.6 percent from 5.7 percent in the prior-year period, and retail market share remained at 5.8 percent, unchanged from the prior-year period.

Montego wholesale market share increased to 3.9 percent from 3.3 percent in the prior-year period, and retail market share increased to 4 percent from 3.4 percent in the prior-year period.

Reported operating income was $77.8 million, up 4.7 percent, or $3.5 million, compared to the prior-year period.

Tobacco segment operating income was $83 million, up 5.6 percent, or $4.4 million, compared to the prior-year period, primarily attributable to the continued transition of the Montego brand strategy from volume-based to income-based.

Adjusted EBITDA was $82.8 million, up 6 percent, or $4.7 million, compared to the prior year. Tobacco adjusted EBITDA was $84.4 million, up 5.5 percent, or $4.4 million, compared to the previous year.

“Vector Group delivered strong performance in the first quarter, driven by continued growth of our Montego brand,” said Howard M. Lorber, president and CEO of Vector Group, in a statement. “Our proven ability to increase Montego’s market share and profitability underscores the effectiveness of our brand strategy, market analysis, broad-based distribution and excellent retail execution. We remain confident in our ability to continue driving sustainable growth and creating long-term value for our stockholders.”