Vector Group Reports Second Quarter 2023 Financial Results
Tobacco segment continues to benefit from Montego brand strategy
Second Quarter 2023 Highlights:
-
Consolidated revenues of
, down$365.7 million 5.6% or compared to the prior year period.$21.5 million -
Tobacco segment revenues of
, down$365.7 million 2.3% or compared to the prior year period.$8.7 million -
Tobacco segment wholesale and retail market share increased to
5.4% and5.8% from5.3% and5.5% , respectively, in the prior year period.
-
Tobacco segment revenues of
-
Operating income of
, down$71.6 million 21.0% or compared to the prior year period.$19.1 million -
Tobacco segment operating income of
, down$75.1 million 15.0% or compared to the prior year period. The decline resulted from an accrual of$13.2 million to settle long-standing litigation and was partially offset by a higher gross margin from price increases.$18 million
-
Tobacco segment operating income of
-
Adjusted EBITDA of
, down$94.1 million 1.1% or compared to the prior year period.$1.0 million -
Tobacco Adjusted EBITDA of
, up$94.7 million 5.3% or compared to the prior year period.$4.8 million
-
Tobacco Adjusted EBITDA of
First Half 2023 Highlights:
-
Consolidated revenues of
, up$699.8 million 0.1% or compared to the prior year period.$0.6 million -
Tobacco segment revenues of
, up$699.8 million 2.4% or compared to the prior year period.$16.4 million -
Tobacco segment wholesale and retail market share increased to
5.5% and5.8% from5.3% and5.3% , respectively, in the prior year period.
-
Tobacco segment revenues of
-
Operating income of
, down 12.0% or$145.9 million compared to the prior year period.$19.9 million -
Tobacco segment operating income of
, down$153.7 million 7.4% or compared to the prior year period.$12.3 million
-
Tobacco segment operating income of
-
Adjusted EBITDA remained flat at
compared to the prior year period.$172.2 million -
Tobacco Adjusted EBITDA of
, up$174.6 million 4.6% or compared to the prior year period.$7.7 million
-
Tobacco Adjusted EBITDA of
“Vector Group performed well in the first half of 2023 as we continued to benefit from the gradual transition of our Montego brand strategy,” said Howard M. Lorber, President and Chief Executive Officer of Vector Group Ltd. “In the second half of 2023, we remain focused on optimizing long-term profit by effectively managing our volume, pricing and market share to generate long-term value for our stockholders.”
GAAP Financial Results
Three months ended June 30, 2023 and 2022. Second quarter 2023 revenues were
Six months ended June 30, 2023 and 2022. For the six months ended June 30, 2023, revenues were
Non-GAAP Financial Measures
Three months ended June 30, 2023 compared to the three months ended June 30, 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
Six months ended June 30, 2023 compared to the six months ended June 30, 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 June 30, 2023 with cash and cash equivalents of
Vector Group continued its longstanding history of paying a quarterly cash dividend in the second quarter of 2023. For the six months ended June 30, 2023, Vector Group returned a total of
Tobacco Segment Financial Results
For the second 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 second quarter of 2023 was
Operational Metrics
For the second quarter of 2023, the Tobacco segment had conventional cigarette (wholesale) shipments of approximately 2.52 billion units, compared to 2.74 billion units for the second quarter of 2022. For the six months ended June 30, 2023, the Tobacco segment had conventional cigarette (wholesale) shipments of approximately 4.87 billion units, compared to 5.04 billion units for the six months ended June 30, 2022.
According to data from Management Science Associates, Inc., for the second quarter of 2023, the Tobacco segment’s wholesale market share increased to
According to data from Management Science Associates, Inc., for the second quarter of 2023, the Tobacco segment’s retail market share increased to
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 three and six months ended June 30, 2023 and 2022 are included in Tables 2 through 5.
Conference Call to Discuss Second Quarter 2023 Results
As previously announced, the Company will host a conference call and webcast on Friday, August 4, 2023 at 8:30 AM (ET) to discuss its quarterly period and six months results. Investors may access the call via live webcast at https://www.webcaster4.com/Webcast/Page/2271/48791. 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 August 4, 2023 through August 18, 2023 at https://www.webcaster4.com/Webcast/Page/2271/48791.
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, TikTok, 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 2022 Annual Report on Form 10-K and, when filed, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 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
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Tobacco* |
$ |
365,662 |
|
|
$ |
374,312 |
|
|
$ |
699,807 |
|
|
$ |
683,360 |
|
Real estate |
|
— |
|
|
|
12,890 |
|
|
|
— |
|
|
|
15,884 |
|
Total revenues |
|
365,662 |
|
|
|
387,202 |
|
|
|
699,807 |
|
|
|
699,244 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Tobacco* |
|
248,984 |
|
|
|
265,189 |
|
|
|
481,270 |
|
|
|
476,726 |
|
Real estate |
|
— |
|
|
|
6,049 |
|
|
|
— |
|
|
|
7,327 |
|
Total cost of sales |
|
248,984 |
|
|
|
271,238 |
|
|
|
481,270 |
|
|
|
484,053 |
|
|
|
|
|
|
|
|
|
||||||||
Operating, selling, administrative and general expenses |
|
26,930 |
|
|
|
25,196 |
|
|
|
54,222 |
|
|
|
49,225 |
|
Litigation settlement and judgment expense |
|
18,105 |
|
|
|
57 |
|
|
|
18,375 |
|
|
|
129 |
|
Operating income |
|
71,643 |
|
|
|
90,711 |
|
|
|
145,940 |
|
|
|
165,837 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expenses): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(27,124 |
) |
|
|
(30,724 |
) |
|
|
(54,598 |
) |
|
|
(55,822 |
) |
Loss on extinguishment of debt |
|
(40 |
) |
|
|
— |
|
|
|
(181 |
) |
|
|
— |
|
Equity in earnings (losses) from investments |
|
959 |
|
|
|
(2,311 |
) |
|
|
800 |
|
|
|
(4,553 |
) |
Equity in earnings (losses) from real estate ventures |
|
2,954 |
|
|
|
(460 |
) |
|
|
1,061 |
|
|
|
(2,337 |
) |
Other, net |
|
4,791 |
|
|
|
(3,094 |
) |
|
|
8,411 |
|
|
|
(4,239 |
) |
Income before provision for income taxes |
|
53,183 |
|
|
|
54,122 |
|
|
|
101,433 |
|
|
|
98,886 |
|
Income tax expense |
|
15,094 |
|
|
|
14,969 |
|
|
|
28,603 |
|
|
|
27,191 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
38,089 |
|
|
$ |
39,153 |
|
|
$ |
72,830 |
|
|
$ |
71,695 |
|
|
|
|
|
|
|
|
|
||||||||
Per basic common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income applicable to common shares |
$ |
0.24 |
|
|
$ |
0.25 |
|
|
$ |
0.46 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income applicable to common shares |
$ |
0.24 |
|
|
$ |
0.25 |
|
|
$ |
0.46 |
|
|
$ |
0.45 |
|
* Revenues and cost of sales include federal excise taxes of
TABLE 2
|
|||||||||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income |
$ |
159,836 |
|
|
$ |
158,701 |
|
|
$ |
38,089 |
|
|
$ |
39,153 |
|
|
$ |
72,830 |
|
|
$ |
71,695 |
|
Interest expense |
|
109,441 |
|
|
|
110,665 |
|
|
|
27,124 |
|
|
|
30,724 |
|
|
|
54,598 |
|
|
|
55,822 |
|
Income tax expense |
|
63,273 |
|
|
|
61,861 |
|
|
|
15,094 |
|
|
|
14,969 |
|
|
|
28,603 |
|
|
|
27,191 |
|
Depreciation and amortization |
|
6,998 |
|
|
|
7,218 |
|
|
|
1,731 |
|
|
|
1,793 |
|
|
|
3,423 |
|
|
|
3,643 |
|
EBITDA |
$ |
339,548 |
|
|
$ |
338,445 |
|
|
$ |
82,038 |
|
|
$ |
86,639 |
|
|
$ |
159,454 |
|
|
$ |
158,351 |
|
Equity in (earnings) losses from investments (a) |
|
(358 |
) |
|
|
4,995 |
|
|
|
(959 |
) |
|
|
2,311 |
|
|
|
(800 |
) |
|
|
4,553 |
|
Equity in losses (earnings) from real estate ventures (b) |
|
2,548 |
|
|
|
5,946 |
|
|
|
(2,954 |
) |
|
|
460 |
|
|
|
(1,061 |
) |
|
|
2,337 |
|
(Gain) loss on extinguishment of debt |
|
(231 |
) |
|
|
(412 |
) |
|
|
40 |
|
|
|
— |
|
|
|
181 |
|
|
|
— |
|
Stock-based compensation expense (c) |
|
7,881 |
|
|
|
7,848 |
|
|
|
2,644 |
|
|
|
2,570 |
|
|
|
4,750 |
|
|
|
4,717 |
|
Litigation settlement and judgment expense (d) |
|
18,485 |
|
|
|
239 |
|
|
|
18,105 |
|
|
|
57 |
|
|
|
18,375 |
|
|
|
129 |
|
Impact of MSA settlement (e) |
|
(311 |
) |
|
|
(2,123 |
) |
|
|
— |
|
|
|
— |
|
|
|
(311 |
) |
|
|
(2,123 |
) |
Other, net |
|
(15,396 |
) |
|
|
(2,746 |
) |
|
|
(4,791 |
) |
|
|
3,094 |
|
|
|
(8,411 |
) |
|
|
4,239 |
|
Adjusted EBITDA |
$ |
352,166 |
|
|
$ |
352,192 |
|
|
$ |
94,123 |
|
|
$ |
95,131 |
|
|
$ |
172,177 |
|
|
$ |
172,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA by Segment |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tobacco |
$ |
358,821 |
|
|
$ |
351,131 |
|
|
$ |
94,687 |
|
|
$ |
89,883 |
|
|
$ |
174,649 |
|
|
$ |
166,959 |
|
Real Estate |
|
384 |
|
|
|
8,082 |
|
|
|
148 |
|
|
|
6,873 |
|
|
|
210 |
|
|
|
7,908 |
|
Corporate and Other |
|
(7,039 |
) |
|
|
(7,021 |
) |
|
|
(712 |
) |
|
|
(1,625 |
) |
|
|
(2,682 |
) |
|
|
(2,664 |
) |
Total |
$ |
352,166 |
|
|
$ |
352,192 |
|
|
$ |
94,123 |
|
|
$ |
95,131 |
|
|
$ |
172,177 |
|
|
$ |
172,203 |
|
- Represents equity in (earnings) losses recognized from investments that the Company accounts for under the equity method.
- 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.
- Represents amortization of stock-based compensation.
- Represents accruals for litigation in the Tobacco segment.
- Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement.
TABLE 3
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
||||||||||||
Net income |
$ |
38,089 |
|
|
$ |
39,153 |
|
|
$ |
72,830 |
|
|
$ |
71,695 |
|
|
|
|
|
|
|
|
|
||||||||
Loss on extinguishment of debt |
|
40 |
|
|
|
— |
|
|
|
181 |
|
|
|
— |
|
Litigation settlement and judgment expense (a) |
|
18,105 |
|
|
|
57 |
|
|
|
18,375 |
|
|
|
129 |
|
Impact of MSA settlement (b) |
|
— |
|
|
|
— |
|
|
|
(311 |
) |
|
|
(2,123 |
) |
Impact of net interest expense capitalized to real estate ventures |
|
(1,072 |
) |
|
|
1,685 |
|
|
|
(2,113 |
) |
|
|
(2,011 |
) |
Expense related to Tax Disaffiliation indemnification (c) |
|
— |
|
|
|
553 |
|
|
|
— |
|
|
|
553 |
|
Adjustment for derivative associated with guarantee |
|
— |
|
|
|
(783 |
) |
|
|
— |
|
|
|
(2,464 |
) |
Total adjustments |
|
17,073 |
|
|
|
1,512 |
|
|
|
16,132 |
|
|
|
(5,916 |
) |
|
|
|
|
|
|
|
|
||||||||
Tax (benefit) expense related to adjustments |
|
(4,407 |
) |
|
|
(449 |
) |
|
|
(4,164 |
) |
|
|
1,034 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income |
$ |
50,755 |
|
|
$ |
40,216 |
|
|
$ |
84,798 |
|
|
$ |
66,813 |
|
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income applicable to common shares |
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.54 |
|
|
$ |
0.42 |
|
- Represents accruals for litigation in the Tobacco segment.
- Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement.
- 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
|
|||||||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating income |
$ |
319,113 |
|
|
$ |
339,010 |
|
|
$ |
71,643 |
|
$ |
90,711 |
|
$ |
145,940 |
|
|
$ |
165,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Litigation settlement and judgment expense (a) |
|
18,485 |
|
|
|
239 |
|
|
|
18,105 |
|
|
57 |
|
|
18,375 |
|
|
|
129 |
|
Impact of MSA settlement (b) |
|
(311 |
) |
|
|
(2,123 |
) |
|
|
— |
|
|
— |
|
|
(311 |
) |
|
|
(2,123 |
) |
Total adjustments |
|
18,174 |
|
|
|
(1,884 |
) |
|
|
18,105 |
|
|
57 |
|
|
18,064 |
|
|
|
(1,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating Income |
$ |
337,287 |
|
|
$ |
337,126 |
|
|
$ |
89,748 |
|
$ |
90,768 |
|
$ |
164,004 |
|
|
$ |
163,843 |
|
- Represents accruals for litigation in the Tobacco segment.
- Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement.
TABLE 5
|
|||||||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
||
|
|
|
|
|
|
|
|
||||||||||||||
Tobacco Adjusted Operating Income: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income from Tobacco segment |
$ |
334,794 |
|
|
$ |
347,044 |
|
|
$ |
75,122 |
|
$ |
88,332 |
|
$ |
153,721 |
|
|
$ |
165,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Litigation settlement and judgment expense (a) |
|
18,485 |
|
|
|
239 |
|
|
|
18,105 |
|
|
57 |
|
|
18,375 |
|
|
|
129 |
|
Impact of MSA settlement (b) |
|
(311 |
) |
|
|
(2,123 |
) |
|
|
— |
|
|
— |
|
|
(311 |
) |
|
|
(2,123 |
) |
Total adjustments |
|
18,174 |
|
|
|
(1,884 |
) |
|
|
18,105 |
|
|
57 |
|
|
18,064 |
|
|
|
(1,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tobacco Adjusted Operating Income |
$ |
352,968 |
|
|
$ |
345,160 |
|
|
$ |
93,227 |
|
$ |
88,389 |
|
$ |
171,785 |
|
|
$ |
163,977 |
|
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tobacco Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income from Tobacco segment |
$ |
334,794 |
|
|
$ |
347,044 |
|
|
$ |
75,122 |
|
$ |
88,332 |
|
$ |
153,721 |
|
|
$ |
165,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Litigation settlement and judgment expense (a) |
|
18,485 |
|
|
|
239 |
|
|
|
18,105 |
|
|
57 |
|
|
18,375 |
|
|
|
129 |
|
Impact of MSA settlement (b) |
|
(311 |
) |
|
|
(2,123 |
) |
|
|
— |
|
|
— |
|
|
(311 |
) |
|
|
(2,123 |
) |
Total adjustments |
|
18,174 |
|
|
|
(1,884 |
) |
|
|
18,105 |
|
|
57 |
|
|
18,064 |
|
|
|
(1,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tobacco Adjusted Operating Income |
|
352,968 |
|
|
|
345,160 |
|
|
|
93,227 |
|
|
88,389 |
|
|
171,785 |
|
|
|
163,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
5,745 |
|
|
|
5,901 |
|
|
|
1,419 |
|
|
1,475 |
|
|
2,796 |
|
|
|
2,952 |
|
Stock-based compensation expense |
|
108 |
|
|
|
70 |
|
|
|
41 |
|
|
19 |
|
|
68 |
|
|
|
30 |
|
Total adjustments |
|
5,853 |
|
|
|
5,971 |
|
|
|
1,460 |
|
|
1,494 |
|
|
2,864 |
|
|
|
2,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tobacco Adjusted EBITDA |
$ |
358,821 |
|
|
$ |
351,131 |
|
|
$ |
94,687 |
|
$ |
89,883 |
|
$ |
174,649 |
|
|
$ |
166,959 |
|
- Represents accruals for litigation in the Tobacco segment.
- Represents the Tobacco segment’s settlement of long-standing disputes related to the Master Settlement Agreement.
TABLE 6
|
||||||||||||||||||
|
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tobacco (a) |
|
$ |
1,441,572 |
|
$ |
1,425,125 |
|
$ |
365,662 |
|
$ |
374,312 |
|
$ |
699,807 |
|
$ |
683,360 |
Real estate |
|
|
— |
|
|
15,884 |
|
|
— |
|
|
12,890 |
|
|
— |
|
|
15,884 |
Total revenues |
|
$ |
1,441,572 |
|
$ |
1,441,009 |
|
$ |
365,662 |
|
$ |
387,202 |
|
$ |
699,807 |
|
$ |
699,244 |
-
Tobacco segment revenues include federal excise taxes of
for the last twelve months ended June 30, 2023,$511,365 for the year ended December 31, 2022, and$520,760 ,$126,750 ,$244,568 and$137,884 for the three and six months ended June 30, 2023 and 2022, respectively.$253,963
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803949343/en/
Columbia Clancy/Catherine Livingston
FGS Global
212-687-8080 (
+44 (0)20 3178 8914 (
J. Bryant Kirkland III, Vector Group Ltd.
305-579-8000
Source: Vector Group Ltd.