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.”