Tag: vector

  • Tobacco Income Up at Vector

    Tobacco Income Up at Vector

    Image: Vadym

    Vector Group announced financial results for the three months and nine months ended Sept. 30, 2023.

    Consolidated revenues for the third quarter were $364.1 million, down 3.7 percent, or $13.9 million, compared to the prior year period.

    The tobacco segment wholesale market share declined to 5.3 percent from 5.7 percent in the prior year period, and retail market share increased to 5.9 percent from 5.7 percent in the prior year period.

    Montego wholesale market share increased to 3.5 percent from 2.8 percent in the prior year period, and retail market share increased to 3.8 percent from 2.8 percent in the prior year period.

    Operating income was $90.5 million, up 7.9 percent, or $6.6 million, compared to the prior year period.

    Tobacco segment operating income was $94.8 million, up 7.6 percent, or $6.7 million, compared to the prior year period.

    Adjusted EBITDA was $94.9 million, up 8.8 percent, or $7.7 million, compared to the prior year period. Tobacco Adjusted EBITDA was $96.3 million, up 7.4 percent, or $6.7 million, compared to the prior year period.

    Year-to-date consolidated revenues were $1.06 billion, down 1.2 percent, or $13.3 million, compared to the prior year period. Tobacco segment revenues were $1.06 billion, up 0.2 percent, or $2.6 million, compared to the prior year period. Tobacco segment wholesale and retail market share increased to 5.5 percent and 5.8 percent from 5.4 percent and 5.4 percent, respectively, in the prior year period.

    Year-to-date Montego wholesale market share increased to 3.4 percent from 2.4 percent in the prior year period, and retail market share increased to 3.6 percent from 2.4 percent in the prior year period. Operating income was $236.4 million, down 5.3 percent, or $13.3 million, compared to the prior year period. Tobacco segment operating income was $248.5 million, down 2.2 percent, or $5.5 million, compared to the prior year period. Adjusted EBITDA was $267.1 million, up 2.9 percent, or $7.6 million, compared to the prior year period. Tobacco adjusted EBITDA was $271.0 million, up 5.6 percent, or $14.4 million, compared to the prior year period.

    Tobacco segment wholesale and retail market share increased to 5.5 percent and 5.8 percent from 5.1 percent and 5.2 percent, respectively, in the last 12 months ended Sept. 30, 2022.

    Montego wholesale and retail market share increased to 3.3 percent and 3.5 percent from 2 percent and 2 percent, respectively, in the last 12 months ended Sept. 30, 2022.

    “We are proud that Montego grew to be the largest discount brand in the United States in the third quarter of 2023, demonstrating the strength of our strategy and the skillful execution by Liggett to offer the best value proposition in the U.S. cigarette industry,” said Howard M. Lorber, president and CEO of Vector Group, in a statement. “As Liggett continues to outperform the market, we remain focused on optimizing long-term profit and driving value for stockholders by effectively managing its volume, pricing and market share.”

  • Ballard Joins Vector as Technology Officer

    Ballard Joins Vector as Technology Officer

    Image: Skypixel | Dreamstime.com

    Vector Group has appointed veteran industry operations and technology leader David Ballard as senior vice president of enterprise efficiency and chief technology officer. In this newly created role, Ballard will be responsible for seeking out new technologies and operational efficiencies for the company and its subsidiaries. Ballard has served as a consultant to the company since February 2020.

    “We are delighted to welcome David to the company,” said Howard M. Lorber, president and chief executive officer of Vector Group. “With over 30 years of experience, David will bring to our management team a level of technology and operations expertise that will be highly addictive. In this rapidly evolving industry landscape, bringing aboard a visible and respected leader of his caliber underscores our commitment to remaining at the forefront of technology and digital operations.”

    Ballard most recently served as senior vice president of enterprise services of Ladenburg Thalmann Financial Services. Prior to joining Ladenburg, Ballard served as president and chief operating officer for Docupace Technologies. Ballard was previously the executive vice president and chief operating officer at Cetera Financial Group and held management positions at several firms in the independent financial advisory and asset management industries, including AIG Advisor Group, SunAmerica Mutual Funds and AIG Retirement Services.