Vector Group Reports Fourth Quarter and Full Year 2023 Financial Results
- Vector Group Ltd. (VGR) continues to lead as the largest discount brand in the U.S.
- Consolidated revenues for Q4 2023 were $360.4 million, a slight decrease from the prior year.
- Tobacco segment market shares increased, with operating income rising by 2.6% in Q4 2023.
- Full-year 2023 revenues amounted to $1.42 billion, with adjusted EBITDA showing a 3.1% increase.
- Vector Group is optimistic about its strategy and future prospects for 2024.
- None.
Insights
Vector Group's financial announcement provides a mixed picture, with consolidated revenues experiencing a slight decline both quarterly and annually. However, the company's operating income and Adjusted EBITDA have shown improvements. This suggests Vector Group has been successful in enhancing its operational efficiency, potentially through cost management strategies or improved pricing dynamics.
Despite the overall decline in cigarette shipments, Vector Group's tobacco segment has increased its market share, indicating the company's strength in the discount brand segment and its resilience in a declining industry. Investors may view the increased market share as a positive sign of competitive advantage and brand strength.
The consistent quarterly dividend payments reflect a strong commitment to returning value to shareholders, which can be attractive to income-focused investors. The stable dividend, alongside the company's liquidity position, suggests financial stability and prudent capital management.
Vector Group's net income increase and higher earnings per share (EPS) are positive indicators for investors, reflecting a stronger bottom line. The increase in net income, despite reduced revenues, could be attributed to improved margins or lower expenses relative to sales. This demonstrates the company's ability to maintain profitability in a challenging market.
However, the slight revenue decline year-over-year could raise concerns about the company's growth trajectory in a declining industry. The company's performance must be contextualized within the broader tobacco industry, which is facing regulatory pressures and a long-term decrease in smoking rates.
Vector Group's liquidity position, with substantial cash and cash equivalents, provides flexibility for future investments or to weather potential market downturns. This financial cushion is crucial for sustaining operations and pursuing strategic growth initiatives amidst uncertain market conditions.
Vector Group's performance must be analyzed in the context of the broader tobacco industry. The company's increase in wholesale and retail market share, particularly for its Montego brand, indicates an effective strategy in capturing more of a contracting market. This could be due to Montego's positioning as a discount brand, which may be more appealing to consumers in economic downturns.
The decline in cigarette shipments industry-wide is consistent with the ongoing trend of reduced smoking prevalence and the shift towards alternative nicotine products. Vector Group's lesser decline compared to the industry suggests they are somewhat insulated from the full impact of these trends, likely due to their discount pricing strategy.
Understanding the conventional cigarette shipment volumes is key to assessing future revenue stability. The company's ability to mitigate the volume decline better than industry averages is a testament to its operational resilience and market strategy.
Montego maintains position as largest discount brand in the
Fourth Quarter 2023 Highlights:
-
Consolidated revenues of
$360.4 million 0.9% or$3.4 million -
Tobacco segment wholesale market share increased to
5.7% from5.5% in the prior year period and retail market share remained at5.8% in the current period. -
Montego wholesale market share increased to
3.8% from3.0% in the prior year period and retail market share increased to3.8% from3.2% in the prior year period.
-
Tobacco segment wholesale market share increased to
-
Operating income of
$91.6 million 2.6% or$2.3 million -
Tobacco segment operating income of
$98.1 million 5.6% or$5.2 million
-
Tobacco segment operating income of
-
Adjusted EBITDA of
$96.0 million 3.6% or$3.3 million -
Tobacco Adjusted EBITDA of
$99.6 million 5.4% or$5.1 million
-
Tobacco Adjusted EBITDA of
Full Year 2023 Highlights:
-
Consolidated revenues of
$1.42 billion 1.2% or$16.7 million -
Tobacco segment revenues of
$1.42 billion 0.1% or$0.9 million -
Tobacco segment wholesale and retail market share increased to
5.5% and5.8% from5.4% and5.5% , respectively, in the prior year. -
Montego wholesale market share increased to
3.5% from2.5% in the prior year and retail market share increased to3.6% from2.6% in the prior year.
-
Tobacco segment revenues of
-
Operating income of
$328.0 million 3.2% or$11.0 million -
Tobacco segment operating income of
$346.7 million 0.1% or$0.4 million
-
Tobacco segment operating income of
-
Adjusted EBITDA of
$363.2 million 3.1% or$11.0 million -
Tobacco Adjusted EBITDA of
$370.6 million 5.5% or$19.4 million
-
Tobacco Adjusted EBITDA of
“Vector Group delivered a solid performance in 2023 amid a dynamic operating environment, as the successful execution of our targeted investment strategy enabled Montego’s continued growth as the largest discount brand in the United States,” said Howard M. Lorber, President and Chief Executive Officer of Vector Group Ltd. “The Company is well positioned in 2024 and we are confident we have the right strategy and team in place to continue optimizing long-term profit and driving value for our stockholders.”
GAAP Financial Results
Three months ended December 31, 2023 and 2022. Fourth quarter 2023 revenues were
Year ended December 31, 2023 and 2022. For the year ended December 31, 2023, revenues were
Non-GAAP Financial Measures
Three months ended December 31, 2023 compared to the three months ended December 31, 2022
Adjusted EBITDA (as described in Table 2 attached hereto) were
Adjusted Net Income (as described in Table 3 attached hereto) was
Adjusted Operating Income (as described in Table 4 attached hereto) was
Year ended December 31, 2023 compared to the year ended December 31, 2022
Adjusted EBITDA (as described in Table 2 attached hereto) were
Adjusted Net Income (as described in Table 3 attached hereto) was
Adjusted Operating Income (as described in Table 4 attached hereto) was
Consolidated Balance Sheet
Vector Group maintained significant liquidity at December 31, 2023 with cash and cash equivalents of
Vector Group continued its longstanding history of paying a quarterly cash dividend in the fourth quarter of 2023. For the year ended December 31, 2023, Vector Group returned a total of
Tobacco Segment Financial Results
For the fourth quarter of 2023, 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 2023 was
Operational Metrics
For the fourth quarter of 2023, the Tobacco segment had conventional cigarette (wholesale) shipments of approximately 2.37 billion units, compared to 2.56 billion units for the fourth quarter of 2022. For the year ended December 31, 2023, the Tobacco segment had conventional cigarette (wholesale) shipments of approximately 9.69 billion units, compared to 10.35 billion units for the year ended December 31, 2022.
According to data from Management Science Associates, Inc., for the fourth quarter of 2023, the Tobacco segment’s wholesale market share increased to
According to data from Management Science Associates, Inc., for the fourth quarter of 2023, the Tobacco segment’s retail market share remained at
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted Net Income, 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 December 31, 2023 and 2022 are included in Tables 2 through 5.
Conference Call to Discuss Fourth Quarter and Full Year 2023 Results
As previously announced, the Company will host a conference call and webcast on Wednesday, February 14, 2024 at 8:00 AM (ET) to discuss its fourth quarter and full year results. Investors may access the call via live webcast at https://www.webcaster4.com/Webcast/Page/2271/49823. Please join the webcast at least ten minutes prior to the start time.
A replay of the call will be available shortly after the call ends on February 14, 2024 through February 28, 2024 at https://www.webcaster4.com/Webcast/Page/2271/49823.
About Vector Group Ltd.
Vector Group is a holding company for Liggett Group LLC, Vector Tobacco LLC, and New Valley LLC. Additional information concerning the Company is available on the Company’s website, www.VectorGroupLtd.com.
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, Twitter or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in the Company to review the information we post on our website at www.VectorGroupLtd.com, on the websites of our subsidiaries and on their social media accounts.
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 December 31, 2022 and, when filed, in our Annual Report on Form 10-K for the year ended December 31, 2023. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law.
[Financial Tables Follow]
TABLE 1 VECTOR GROUP LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Tobacco* |
$ |
360,350 |
|
|
$ |
363,770 |
|
|
$ |
1,424,268 |
|
|
$ |
1,425,125 |
|
Real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,884 |
|
Total revenues |
|
360,350 |
|
|
|
363,770 |
|
|
|
1,424,268 |
|
|
|
1,441,009 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Tobacco* |
|
238,398 |
|
|
|
247,582 |
|
|
|
965,348 |
|
|
|
991,331 |
|
Real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,327 |
|
Total cost of sales |
|
238,398 |
|
|
|
247,582 |
|
|
|
965,348 |
|
|
|
998,658 |
|
|
|
|
|
|
|
|
|
||||||||
Operating, selling, administrative and general expenses |
|
30,352 |
|
|
|
26,837 |
|
|
|
112,086 |
|
|
|
103,102 |
|
Litigation settlement and judgment expense |
|
10 |
|
|
|
79 |
|
|
|
18,799 |
|
|
|
239 |
|
Operating income |
|
91,590 |
|
|
|
89,272 |
|
|
|
328,035 |
|
|
|
339,010 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expenses): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(26,763 |
) |
|
|
(27,245 |
) |
|
|
(108,617 |
) |
|
|
(110,665 |
) |
(Loss) gain on extinguishment of debt |
|
(368 |
) |
|
|
— |
|
|
|
(549 |
) |
|
|
412 |
|
Equity in earnings (losses) from investments |
|
1,403 |
|
|
|
177 |
|
|
|
1,262 |
|
|
|
(4,995 |
) |
Equity in (losses) earnings from real estate ventures |
|
(2,598 |
) |
|
|
(1,706 |
) |
|
|
2,202 |
|
|
|
(5,946 |
) |
Other, net |
|
10,601 |
|
|
|
7,789 |
|
|
|
26,119 |
|
|
|
2,746 |
|
Income before provision for income taxes |
|
73,865 |
|
|
|
68,287 |
|
|
|
248,452 |
|
|
|
220,562 |
|
Income tax expense |
|
15,868 |
|
|
|
20,137 |
|
|
|
64,926 |
|
|
|
61,861 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
57,997 |
|
|
$ |
48,150 |
|
|
$ |
183,526 |
|
|
$ |
158,701 |
|
|
|
|
|
|
|
|
|
||||||||
Per basic common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income applicable to common shares |
$ |
0.37 |
|
|
$ |
0.30 |
|
|
$ |
1.17 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income applicable to common shares |
$ |
0.37 |
|
|
$ |
0.30 |
|
|
$ |
1.16 |
|
|
$ |
1.01 |
|
* Revenues and cost of sales include federal excise taxes of
TABLE 2 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA (Unaudited) (Dollars in Thousands) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
||||||||||||
Net income |
$ |
57,997 |
|
|
$ |
48,150 |
|
|
$ |
183,526 |
|
|
$ |
158,701 |
|
Interest expense |
|
26,763 |
|
|
|
27,245 |
|
|
|
108,617 |
|
|
|
110,665 |
|
Income tax expense |
|
15,868 |
|
|
|
20,137 |
|
|
|
64,926 |
|
|
|
61,861 |
|
Depreciation and amortization |
|
1,756 |
|
|
|
1,788 |
|
|
|
6,941 |
|
|
|
7,218 |
|
EBITDA |
$ |
102,384 |
|
|
$ |
97,320 |
|
|
$ |
364,010 |
|
|
$ |
338,445 |
|
Equity in (earnings) losses from investments (a) |
|
(1,403 |
) |
|
|
(177 |
) |
|
|
(1,262 |
) |
|
|
4,995 |
|
Equity in losses (earnings) from real estate ventures (b) |
|
2,598 |
|
|
|
1,706 |
|
|
|
(2,202 |
) |
|
|
5,946 |
|
Loss (gain) on extinguishment of debt |
|
368 |
|
|
|
— |
|
|
|
549 |
|
|
|
(412 |
) |
Stock-based compensation expense (c) |
|
2,687 |
|
|
|
1,573 |
|
|
|
10,111 |
|
|
|
7,848 |
|
Litigation settlement and judgment expense (d) |
|
10 |
|
|
|
79 |
|
|
|
18,799 |
|
|
|
239 |
|
Impact of MSA settlement (e) |
|
— |
|
|
|
— |
|
|
|
(734 |
) |
|
|
(2,123 |
) |
Other, net |
|
(10,601 |
) |
|
|
(7,789 |
) |
|
|
(26,119 |
) |
|
|
(2,746 |
) |
Adjusted EBITDA |
$ |
96,043 |
|
|
$ |
92,712 |
|
|
$ |
363,152 |
|
|
$ |
352,192 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA by Segment |
|
|
|
|
|
|
|
||||||||
Tobacco |
$ |
99,625 |
|
|
$ |
94,540 |
|
|
$ |
370,575 |
|
|
$ |
351,131 |
|
Real Estate |
|
19 |
|
|
|
177 |
|
|
|
313 |
|
|
|
8,082 |
|
Corporate and Other |
|
(3,601 |
) |
|
|
(2,005 |
) |
|
|
(7,736 |
) |
|
|
(7,021 |
) |
Total |
$ |
96,043 |
|
|
$ |
92,712 |
|
|
$ |
363,152 |
|
|
$ |
352,192 |
|
| __________________ | ||
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. | |
d. |
Represents accruals for litigation in the Tobacco segment. | |
e. |
Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement. | |
TABLE 3 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED NET INCOME (Unaudited) (Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
||||||||||||
Net income |
$ |
57,997 |
|
|
$ |
48,150 |
|
|
$ |
183,526 |
|
|
$ |
158,701 |
|
|
|
|
|
|
|
|
|
||||||||
Loss (gain) on extinguishment of debt |
|
368 |
|
|
|
— |
|
|
|
549 |
|
|
|
(412 |
) |
Litigation settlement and judgment expense (a) |
|
10 |
|
|
|
79 |
|
|
|
18,799 |
|
|
|
239 |
|
Impact of MSA settlement (b) |
|
— |
|
|
|
— |
|
|
|
(734 |
) |
|
|
(2,123 |
) |
Impact of net interest expense capitalized to real estate ventures |
|
(1,161 |
) |
|
|
955 |
|
|
|
(4,204 |
) |
|
|
(2,137 |
) |
Expense related to Tax Disaffiliation indemnification (c) |
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
589 |
|
Adjustment for derivative associated with guarantee |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,646 |
) |
Total adjustments |
|
(783 |
) |
|
|
1,042 |
|
|
|
14,410 |
|
|
|
(6,490 |
) |
|
|
|
|
|
|
|
|
||||||||
Tax expense (benefit) related to adjustments |
|
284 |
|
|
|
(267 |
) |
|
|
(3,637 |
) |
|
|
1,144 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income |
$ |
57,498 |
|
|
$ |
48,925 |
|
|
$ |
194,299 |
|
|
$ |
153,355 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income applicable to common shares |
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
1.23 |
|
|
$ |
0.97 |
|
| __________________ | ||
a. |
Represents accruals for 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 Douglas Elliman Inc. prior to its distribution on December 29, 2021. | |
TABLE 4 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED OPERATING INCOME (Unaudited) (Dollars in Thousands) |
|||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||
|
December 31, |
|
December 31, |
||||||||||
|
2023 |
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
||
|
|
|
|
||||||||||
Operating income |
$ |
91,590 |
|
$ |
89,272 |
|
$ |
328,035 |
|
|
$ |
339,010 |
|
|
|
|
|
|
|
|
|
||||||
Litigation settlement and judgment expense (a) |
|
10 |
|
|
79 |
|
|
18,799 |
|
|
|
239 |
|
Impact of MSA settlement (b) |
|
— |
|
|
— |
|
|
(734 |
) |
|
|
(2,123 |
) |
Total adjustments |
|
10 |
|
|
79 |
|
|
18,065 |
|
|
|
(1,884 |
) |
|
|
|
|
|
|
|
|
||||||
Adjusted Operating Income |
$ |
91,600 |
|
$ |
89,351 |
|
$ |
346,100 |
|
|
$ |
337,126 |
|
| __________________ | ||
a. |
Represents accruals for litigation in the Tobacco segment. | |
b. |
Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement. | |
TABLE 5 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF TOBACCO ADJUSTED OPERATING INCOME AND TOBACCO ADJUSTED EBITDA (Unaudited) (Dollars in Thousands) |
|||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||
|
December 31, |
|
December 31, |
||||||||||
|
2023 |
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
||
|
|
|
|
||||||||||
Tobacco Adjusted Operating Income: |
|
|
|
|
|
|
|
||||||
Operating income from Tobacco segment |
$ |
98,131 |
|
$ |
92,966 |
|
$ |
346,673 |
|
|
$ |
347,044 |
|
|
|
|
|
|
|
|
|
||||||
Litigation settlement and judgment expense (a) |
|
10 |
|
|
79 |
|
|
18,799 |
|
|
|
239 |
|
Impact of MSA settlement (b) |
|
— |
|
|
— |
|
|
(734 |
) |
|
|
(2,123 |
) |
Total adjustments |
|
10 |
|
|
79 |
|
|
18,065 |
|
|
|
(1,884 |
) |
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted Operating Income |
$ |
98,141 |
|
$ |
93,045 |
|
$ |
364,738 |
|
|
$ |
345,160 |
|
|
Three Months Ended |
|
Year Ended |
||||||||||
|
December 31, |
|
December 31, |
||||||||||
|
2023 |
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
||
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||
Operating income from Tobacco segment |
$ |
98,131 |
|
$ |
92,966 |
|
$ |
346,673 |
|
|
$ |
347,044 |
|
|
|
|
|
|
|
|
|
||||||
Litigation settlement and judgment expense (a) |
|
10 |
|
|
79 |
|
|
18,799 |
|
|
|
239 |
|
Impact of MSA settlement (b) |
|
— |
|
|
— |
|
|
(734 |
) |
|
|
(2,123 |
) |
Total adjustments |
|
10 |
|
|
79 |
|
|
18,065 |
|
|
|
(1,884 |
) |
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted Operating Income |
|
98,141 |
|
|
93,045 |
|
|
364,738 |
|
|
|
345,160 |
|
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization |
|
1,443 |
|
|
1,475 |
|
|
5,686 |
|
|
|
5,901 |
|
Stock-based compensation expense |
|
41 |
|
|
20 |
|
|
151 |
|
|
|
70 |
|
Total adjustments |
|
1,484 |
|
|
1,495 |
|
|
5,837 |
|
|
|
5,971 |
|
|
|
|
|
|
|
|
|
||||||
Tobacco Adjusted EBITDA |
$ |
99,625 |
|
$ |
94,540 |
|
$ |
370,575 |
|
|
$ |
351,131 |
|
| __________________ | ||
a. |
Represents accruals for 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/20240213665895/en/
FGS Global
212-687-8080 (
VectorGroupIR@fgsglobal.com
J. Bryant Kirkland III, Vector Group Ltd.
305-579-8000
Source: Vector Group Ltd.
FAQ
What were Vector Group Ltd.'s (VGR) consolidated revenues in Q4 2023?
How did the tobacco segment market shares perform in Q4 2023?
What was the change in operating income for Vector Group in Q4 2023?
What was the full-year 2023 revenue for Vector Group Ltd.?
How did the adjusted EBITDA change in 2023 for Vector Group?
