Vector Group Reports Fourth Quarter and Full Year 2022 Financial Results
Vector Group Ltd. reported record annual tobacco segment revenues, achieving consolidated revenues of $1.44 billion for 2022, up 18.0% year-over-year. Fourth-quarter results showed revenues of $363.8 million, a 16.0% increase compared to the same period last year. Operating income in 2022 was $339.0 million, while fourth-quarter operating income rose to $89.3 million. However, tobacco segment operating income declined 3.7% for the year, reflecting investments in the Montego brand's growth. The company continues to optimize its profit strategy in 2023, focusing on managing volume and market share.
- Record consolidated revenues of $1.44 billion for 2022, up 18.0%.
- Fourth-quarter revenues of $363.8 million, up 16.0% year-over-year.
- Operating income growth in fourth quarter to $89.3 million, up $20.7 million.
- Tobacco segment operating income declined 3.7% for the year to $347.0 million.
- Tobacco Adjusted EBITDA down from $364.4 million in the prior year.
Record Annual Tobacco Segment Revenues Fueled by Continued Strong Volume
Fourth Quarter 2022 Highlights:
-
Consolidated revenues of
$363.8 million 16.0% or$50.1 million -
Tobacco segment revenues of
$363.8 million 18.6% or$57.2 million -
Tobacco segment wholesale and retail market share increased to
5.5% and5.8% from4.4% and4.4% , respectively, in the prior year period.
-
Tobacco segment revenues of
-
Reported operating income of
$89.3 million $20.7 million -
Tobacco segment operating income of
$93.0 million 11.0% or$9.2 million
-
Tobacco segment operating income of
-
Adjusted EBITDA from Continuing Operations of
$92.7 million 10.0% or$8.4 million -
Tobacco Adjusted EBITDA of
$94.5 million 10.5% or$9.0 million
-
Tobacco Adjusted EBITDA of
Full Year 2022 Highlights:
-
Record consolidated revenues of
$1.44 billion 18.0% or$220.3 million -
Tobacco segment revenues of
$1.43 billion 18.5% or$222.6 million -
Tobacco segment wholesale and retail market share increased to
5.4% and5.5% from4.1% and4.2% , respectively, in the prior year.
-
Tobacco segment revenues of
-
Reported operating income of
$339.0 million $18.6 million -
Tobacco segment operating income of
$347.0 million 3.7% or$13.3 million
-
Tobacco segment operating income of
-
Adjusted EBITDA from Continuing Operations of
$352.2 million 0.7% or$2.3 million -
Tobacco Adjusted EBITDA of
$351.1 million $364.4 million
-
Tobacco Adjusted EBITDA of
“Vector Group delivered record revenues in 2022 by capitalizing on opportunities to substantially increase our market share, thus driving value for stockholders,” said
GAAP Financial Results
Three months ended
Year ended
Non-GAAP Financial Measures
Three months ended
Adjusted EBITDA from Continuing Operations (as described in Table 2 attached hereto) were
Adjusted Net Income from Continuing Operations (as described in Table 3 attached hereto) was
Adjusted Operating Income (as described in Table 4 attached hereto) was
Year ended
Adjusted EBITDA from Continuing Operations (as described in Table 2 attached hereto) were
Adjusted Net Income from Continuing Operations (as described in Table 3 attached hereto) was
Adjusted Operating Income (as described in Table 4 attached hereto) was
Consolidated Balance Sheet
Tobacco Segment Financial Results
For the fourth quarter of 2022, the Tobacco segment had revenues of
Operating Income from the Tobacco segment was
Non-GAAP Financial Measures
Tobacco Adjusted Operating Income (as described in Table 5 attached hereto) for the fourth quarter of 2022 was
Operational Metrics
For the fourth quarter of 2022, the Tobacco segment had conventional cigarette (wholesale) shipments of approximately 2.56 billion units, compared to 2.22 billion units for the fourth quarter of 2021. For the year ended
According to data from
According to data from
Non-GAAP Financial Measures
Adjusted EBITDA from Continuing Operations, Adjusted Net Income from Continuing Operations, Adjusted Operating Income, Tobacco Adjusted Operating Income, and Tobacco Adjusted EBITDA (the “Non-GAAP Financial Measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussions and analysis of its results of operations and enhance an understanding of its operating performance. The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.
Management uses the Non-GAAP Financial Measures as measures to review and assess operating performance of the Company’s business, and management does and investors should review both the overall performance (GAAP net income) and the operating performance (the Non-GAAP Financial Measures) of the Company’s business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income, net income and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company’s measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies.
Reconciliations of Non-GAAP Financial Measures to the comparable GAAP financial results for the fourth quarter and full year ended
Conference Call to Discuss Fourth Quarter and Full Year 2022 Results
As previously announced, the Company will host a conference call and webcast on
A replay of the call will be available shortly after the call ends on
About
Investors and others should note that we may post information about the Company or its subsidiaries on our website at www.VectorGroupLtd.com and/or at the websites of those subsidiaries or, if applicable, on their accounts on LinkedIn,
Forward-Looking and Cautionary Statements
This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue,” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons.
Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our Annual Report on Form 10-K for the year ended
[Financial Tables Follow]
TABLE 1
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
On
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
(Unaudited) |
|
(Unaudited) |
||||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Tobacco* |
$ |
363,770 |
|
|
$ |
306,596 |
|
|
$ |
1,425,125 |
|
|
$ |
1,202,497 |
|
Real estate |
|
— |
|
|
|
7,077 |
|
|
|
15,884 |
|
|
|
18,203 |
|
Total revenues |
|
363,770 |
|
|
|
313,673 |
|
|
|
1,441,009 |
|
|
|
1,220,700 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Tobacco* |
|
247,582 |
|
|
|
201,441 |
|
|
|
991,331 |
|
|
|
758,015 |
|
Real estate |
|
— |
|
|
|
1,859 |
|
|
|
7,327 |
|
|
|
11,527 |
|
Total cost of sales |
|
247,582 |
|
|
|
203,300 |
|
|
|
998,658 |
|
|
|
769,542 |
|
|
|
|
|
|
|
|
|
||||||||
Operating, selling, administrative and general expenses |
|
26,837 |
|
|
|
41,623 |
|
|
|
103,102 |
|
|
|
131,418 |
|
Litigation settlement and judgment expense |
|
79 |
|
|
|
194 |
|
|
|
239 |
|
|
|
211 |
|
Net gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(910 |
) |
Operating income |
|
89,272 |
|
|
|
68,556 |
|
|
|
339,010 |
|
|
|
320,439 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expenses): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(27,245 |
) |
|
|
(27,709 |
) |
|
|
(110,665 |
) |
|
|
(112,728 |
) |
Gain (loss) on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
412 |
|
|
|
(21,362 |
) |
Equity in earnings (losses) from investments |
|
177 |
|
|
|
1,113 |
|
|
|
(4,995 |
) |
|
|
2,675 |
|
Equity in (losses) earnings from real estate ventures |
|
(1,706 |
) |
|
|
(2,255 |
) |
|
|
(5,946 |
) |
|
|
10,250 |
|
Other, net |
|
7,789 |
|
|
|
819 |
|
|
|
2,746 |
|
|
|
10,687 |
|
Income before provision for income taxes |
|
68,287 |
|
|
|
40,524 |
|
|
|
220,562 |
|
|
|
209,961 |
|
Income tax expense |
|
20,137 |
|
|
|
9,813 |
|
|
|
61,861 |
|
|
|
62,807 |
|
Income from continuing operations |
|
48,150 |
|
|
|
30,711 |
|
|
|
158,701 |
|
|
|
147,154 |
|
Income from discontinued operations, net of income taxes |
|
— |
|
|
|
14,531 |
|
|
|
— |
|
|
|
72,119 |
|
Net income |
$ |
48,150 |
|
|
$ |
45,242 |
|
|
$ |
158,701 |
|
|
$ |
219,273 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss from discontinued operations attributed to non-controlling interest |
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
190 |
|
|
|
|
|
|
|
|
|
||||||||
Net income attributed to |
|
48,150 |
|
|
|
30,711 |
|
|
|
158,701 |
|
|
|
147,154 |
|
Net income attributed to |
|
— |
|
|
|
14,601 |
|
|
|
— |
|
|
|
72,309 |
|
Net income attributed to |
$ |
48,150 |
|
|
$ |
45,312 |
|
|
$ |
158,701 |
|
|
$ |
219,463 |
|
|
|
|
|
|
|
|
|
||||||||
Per basic common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations applicable to common shares |
$ |
0.30 |
|
|
$ |
0.20 |
|
|
$ |
1.01 |
|
|
$ |
0.94 |
|
Net income from discontinued operations applicable to common shares |
|
— |
|
|
|
0.09 |
|
|
|
— |
|
|
|
0.46 |
|
Net income applicable to common shares |
$ |
0.30 |
|
|
$ |
0.29 |
|
|
$ |
1.01 |
|
|
$ |
1.40 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations applicable to common shares |
$ |
0.30 |
|
|
$ |
0.20 |
|
|
$ |
1.01 |
|
|
$ |
0.94 |
|
Net income from discontinued operations applicable to common shares |
|
— |
|
|
|
0.09 |
|
|
|
— |
|
|
|
0.46 |
|
Net income applicable to common shares |
$ |
0.30 |
|
|
$ |
0.29 |
|
|
$ |
1.01 |
|
|
$ |
1.40 |
|
* Revenues and cost of sales include federal excise taxes of
TABLE 2
RECONCILIATION OF ADJUSTED EBITDA FROM CONTINUING OPERATIONS
(Unaudited)
(Dollars in Thousands)
Table 2 reflects a reconciliation of GAAP to non-GAAP financial information on a continuing operations basis. Because Douglas Elliman Inc.’s results are reflected within discontinued operations, they are excluded from the financial information provided below.
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
||||||||||||
Net income |
$ |
48,150 |
|
|
$ |
45,312 |
|
|
$ |
158,701 |
|
|
$ |
219,463 |
|
Net income from discontinued operations |
|
— |
|
|
|
(14,601 |
) |
|
|
— |
|
|
|
(72,309 |
) |
Interest expense |
|
27,245 |
|
|
|
27,709 |
|
|
|
110,665 |
|
|
|
112,728 |
|
Income tax expense |
|
20,137 |
|
|
|
9,813 |
|
|
|
61,861 |
|
|
|
62,807 |
|
Net loss attributed to non-controlling interest |
|
— |
|
|
|
(70 |
) |
|
|
— |
|
|
|
(190 |
) |
Depreciation and amortization |
|
1,788 |
|
|
|
1,895 |
|
|
|
7,218 |
|
|
|
7,816 |
|
EBITDA |
$ |
97,320 |
|
|
$ |
70,058 |
|
|
$ |
338,445 |
|
|
$ |
330,315 |
|
Equity in (earnings) losses from investments (a) |
|
(177 |
) |
|
|
(1,113 |
) |
|
|
4,995 |
|
|
|
(2,675 |
) |
Equity in losses (earnings) from real estate ventures (b) |
|
1,706 |
|
|
|
2,255 |
|
|
|
5,946 |
|
|
|
(10,250 |
) |
(Gain) loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(412 |
) |
|
|
21,362 |
|
Stock-based compensation expense (c) |
|
1,573 |
|
|
|
6,684 |
|
|
|
7,848 |
|
|
|
14,799 |
|
Litigation settlement and judgment expense (d) |
|
79 |
|
|
|
194 |
|
|
|
239 |
|
|
|
211 |
|
Impact of MSA settlement (e) |
|
— |
|
|
|
— |
|
|
|
(2,123 |
) |
|
|
(2,722 |
) |
Transaction expenses (f) |
|
— |
|
|
|
7,042 |
|
|
|
— |
|
|
|
10,468 |
|
Net gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(910 |
) |
Other, net |
|
(7,789 |
) |
|
|
(819 |
) |
|
|
(2,746 |
) |
|
|
(10,687 |
) |
Adjusted EBITDA from Continuing Operations |
$ |
92,712 |
|
|
$ |
84,301 |
|
|
$ |
352,192 |
|
|
$ |
349,911 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA from Continuing Operations by Segment |
|
|
|
|
|
|
|
||||||||
Tobacco |
$ |
94,540 |
|
|
$ |
85,519 |
|
|
$ |
351,131 |
|
|
$ |
364,399 |
|
Real Estate |
|
177 |
|
|
|
4,661 |
|
|
|
8,082 |
|
|
|
4,125 |
|
Corporate and Other |
|
(2,005 |
) |
|
|
(5,879 |
) |
|
|
(7,021 |
) |
|
|
(18,613 |
) |
Total |
$ |
92,712 |
|
|
$ |
84,301 |
|
|
$ |
352,192 |
|
|
$ |
349,911 |
|
| ___________________________________________ | ||
| a. |
|
Represents equity in (earnings) losses recognized from investments that the Company accounts for under the equity method. |
| b. |
|
Represents equity in losses (earnings) recognized from the Company’s investment in certain real estate ventures that are accounted for under the equity method and are not consolidated in the Company’s financial results. |
| c. |
|
Represents amortization of stock-based compensation. Included in the year ended |
| d. |
|
Represents accruals for product liability litigation in the Tobacco segment. |
e. |
|
Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement. |
| f. |
|
Represents expenses incurred in connection with the Company’s spin-off of |
TABLE 3
RECONCILIATION OF ADJUSTED NET INCOME FROM CONTINUING OPERATIONS
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
Table 3 reflects a reconciliation of GAAP to non-GAAP financial information on a continuing operations basis. Because Douglas Elliman Inc.’s results are reflected within discontinued operations, they are excluded from the financial information provided below.
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
||||||||||||
Net income |
$ |
48,150 |
|
|
$ |
45,312 |
|
|
$ |
158,701 |
|
|
$ |
219,463 |
|
|
|
|
|
|
|
|
|
||||||||
Net income from discontinued operations |
|
— |
|
|
|
(14,601 |
) |
|
|
— |
|
|
|
(72,309 |
) |
(Gain) loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(412 |
) |
|
|
21,362 |
|
Litigation settlement and judgment expense (a) |
|
79 |
|
|
|
194 |
|
|
|
239 |
|
|
|
211 |
|
Impact of MSA settlement (b) |
|
— |
|
|
|
— |
|
|
|
(2,123 |
) |
|
|
(2,722 |
) |
Impact of net interest expense capitalized to real estate ventures |
|
955 |
|
|
|
(1,013 |
) |
|
|
(2,137 |
) |
|
|
(1,180 |
) |
Expense related to Tax Disaffiliation indemnification (c) |
|
8 |
|
|
|
— |
|
|
|
589 |
|
|
|
— |
|
Transaction expenses (d) |
|
— |
|
|
|
7,042 |
|
|
|
— |
|
|
|
10,468 |
|
Acceleration of stock compensation expense (e) |
|
— |
|
|
|
4,317 |
|
|
|
— |
|
|
|
4,317 |
|
Adjustment for derivative associated with guarantee |
|
— |
|
|
|
— |
|
|
|
(2,646 |
) |
|
|
— |
|
Total adjustments |
|
1,042 |
|
|
|
(4,061 |
) |
|
|
(6,490 |
) |
|
|
(39,853 |
) |
|
|
|
|
|
|
|
|
||||||||
Tax (expense) benefit related to adjustments |
|
(267 |
) |
|
|
130 |
|
|
|
1,144 |
|
|
|
(4,860 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income from Continuing Operations |
$ |
48,925 |
|
|
$ |
41,381 |
|
|
$ |
153,355 |
|
|
$ |
174,750 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income from Continuing Operations applicable to common shares |
$ |
0.31 |
|
|
$ |
0.26 |
|
|
$ |
0.97 |
|
|
$ |
1.12 |
|
| _______________________________________ | ||
| a. |
|
Represents accruals for product liability litigation in the Tobacco segment. |
| b. |
|
Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement. |
| c. |
|
Represents amounts accrued under the Company’s Tax Disaffiliation Agreement related to certain tax liabilities of |
| d. |
|
Represents expenses incurred in connection with the Company’s spin-off of |
| e. |
|
Represents expense related to the acceleration of stock compensation in connection with the Company’s spin-off of |
TABLE 4
RECONCILIATION OF ADJUSTED OPERATING INCOME
(Unaudited)
(Dollars in Thousands)
Table 4 reflects a reconciliation of GAAP to non-GAAP financial information on a continuing operations basis. Because Douglas Elliman Inc.’s results are reflected within discontinued operations, they are excluded from the financial information provided below.
|
Three Months Ended |
|
Year Ended |
||||||||||
|
|
|
|
||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||
|
|
|
|
||||||||||
Operating income |
$ |
89,272 |
|
$ |
68,556 |
|
$ |
339,010 |
|
|
$ |
320,439 |
|
|
|
|
|
|
|
|
|
||||||
Litigation settlement and judgment expense (a) |
|
79 |
|
|
194 |
|
|
239 |
|
|
|
211 |
|
Transaction expenses (b) |
|
— |
|
|
7,042 |
|
|
— |
|
|
|
10,468 |
|
Acceleration of stock compensation expense (c) |
|
— |
|
|
4,317 |
|
|
— |
|
|
|
4,317 |
|
Impact of MSA settlement (d) |
|
— |
|
|
— |
|
|
(2,123 |
) |
|
|
(2,722 |
) |
Net gains on sales of assets |
|
— |
|
|
— |
|
|
— |
|
|
|
(910 |
) |
Total adjustments |
|
79 |
|
|
11,553 |
|
|
(1,884 |
) |
|
|
11,364 |
|
|
|
|
|
|
|
|
|
||||||
Adjusted Operating Income |
$ |
89,351 |
|
$ |
80,109 |
|
$ |
337,126 |
|
|
$ |
331,803 |
|
________________________________________ |
||
| a. |
|
Represents accruals for product liability litigation in the Tobacco segment. |
| b. |
|
Represents expenses incurred in connection with the Company’s spin-off of |
| c. |
|
Represents expense related to the acceleration of stock compensation in connection with the Company’s spin-off of |
d. |
|
Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement. |
TABLE 5
RECONCILIATION OF TOBACCO ADJUSTED OPERATING INCOME
AND TOBACCO ADJUSTED EBITDA
(Unaudited)
(Dollars in Thousands)
|
Three Months Ended |
|
Year Ended |
||||||||||
|
|
|
|
||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||
|
|
|
|
||||||||||
Tobacco Adjusted Operating Income: |
|
|
|
|
|
|
|
||||||
Operating income from Tobacco segment |
$ |
92,966 |
|
$ |
83,760 |
|
$ |
347,044 |
|
|
$ |
360,317 |
|
|
|
|
|
|
|
|
|
||||||
Litigation settlement and judgment expense (a) |
|
79 |
|
|
194 |
|
|
239 |
|
|
|
211 |
|
Impact of MSA settlement (b) |
|
— |
|
|
— |
|
|
(2,123 |
) |
|
|
(2,722 |
) |
Total adjustments |
|
79 |
|
|
194 |
|
|
(1,884 |
) |
|
|
(2,511 |
) |
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted Operating Income |
$ |
93,045 |
|
$ |
83,954 |
|
$ |
345,160 |
|
|
$ |
357,806 |
|
|
Three Months Ended |
|
Year Ended |
||||||||||
|
|
|
|
||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||
Operating income from Tobacco segment |
$ |
92,966 |
|
$ |
83,760 |
|
$ |
347,044 |
|
|
$ |
360,317 |
|
|
|
|
|
|
|
|
|
||||||
Litigation settlement and judgment expense (a) |
|
79 |
|
|
194 |
|
|
239 |
|
|
|
211 |
|
Impact of MSA settlement (b) |
|
— |
|
|
— |
|
|
(2,123 |
) |
|
|
(2,722 |
) |
Total adjustments |
|
79 |
|
|
194 |
|
|
(1,884 |
) |
|
|
(2,511 |
) |
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted Operating Income |
|
93,045 |
|
|
83,954 |
|
|
345,160 |
|
|
|
357,806 |
|
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization |
|
1,475 |
|
|
1,518 |
|
|
5,901 |
|
|
|
6,525 |
|
Stock-based compensation expense |
|
20 |
|
|
47 |
|
|
70 |
|
|
|
68 |
|
Total adjustments |
|
1,495 |
|
|
1,565 |
|
|
5,971 |
|
|
|
6,593 |
|
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted EBITDA |
$ |
94,540 |
|
$ |
85,519 |
|
$ |
351,131 |
|
|
$ |
364,399 |
|
_________________________________ |
||
| a. |
|
Represents accruals for product liability litigation in the Tobacco segment. |
| b. |
|
Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005727/en/
FGS Global
212-687-8080 (
+44 (0)20 3178 8914 (
J. Bryant Kirkland III,
305-579-8000
Source:
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