Vector Group Reports Second Quarter 2024 Financial Results
Vector Group (NYSE: VGR) reported its Q2 2024 financial results, showing modest growth. Consolidated revenues increased to $371.9 million, up 1.7% from the previous year. Tobacco segment wholesale market share rose to 5.7%, with Montego brand shares climbing to 4.1%. Operating income surged 36.5% to $97.8 million. However, H1 2024 revenues dipped slightly by 0.5% to $696.5 million compared to H1 2023.
Q2 net income reached $54.2 million, or $0.34 per diluted share, a significant rise from $38.1 million, or $0.24 per share, in Q2 2023. Adjusted EBITDA for the quarter was $103.3 million, up 9.7%. First half net income was $89 million, or $0.56 per diluted share, compared to $72.8 million, or $0.46 per share, in H1 2023.
Vector maintained its quarterly dividend of $0.20 per share, returning $63.9 million to shareholders in H1 2024. Liquidity remained strong with $390.8 million in cash and equivalents.
Vector Group (NYSE: VGR) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando una modesta crescita. I ricavi consolidati sono aumentati a $371,9 milioni, con un incremento dell'1,7% rispetto allo scorso anno. La quota di mercato all'ingrosso del settore del tabacco è salita al 5,7%, con le quote del marchio Montego che sono arrivate al 4,1%. Il reddito operativo è aumentato del 36,5% a $97,8 milioni. Tuttavia, i ricavi del primo semestre 2024 sono leggermente diminuiti dello 0,5% a $696,5 milioni rispetto al primo semestre 2023.
Il reddito netto del Q2 ha raggiunto $54,2 milioni, equivalente a $0,34 per azione diluita, un significativo aumento rispetto ai $38,1 milioni, o $0,24 per azione, del Q2 2023. L'EBITDA rettificato per il trimestre è stato di $103,3 milioni, con un aumento del 9,7%. Il reddito netto del primo semestre è stato di $89 milioni, o $0,56 per azione diluita, rispetto ai $72,8 milioni, o $0,46 per azione, del primo semestre 2023.
Vector ha mantenuto il suo dividendo trimestrale di $0,20 per azione, restituendo $63,9 milioni agli azionisti nel primo semestre 2024. La liquidità è rimasta forte con $390,8 milioni in contante e equivalenti.
Vector Group (NYSE: VGR) informó sus resultados financieros del segundo trimestre de 2024, mostrando un crecimiento modesto. Los ingresos consolidados aumentaron a $371.9 millones, un incremento del 1.7% con respecto al año anterior. La participación de mercado del segmento de tabaco en el mercado mayorista subió al 5.7%, con las acciones de la marca Montego alcanzando el 4.1%. El ingreso operativo se disparó un 36.5% hasta $97.8 millones. Sin embargo, los ingresos del primer semestre de 2024 bajaron ligeramente un 0.5% a $696.5 millones en comparación con el primer semestre de 2023.
El ingreso neto del Q2 alcanzó los $54.2 millones, o $0.34 por acción diluida, un aumento significativo en comparación con los $38.1 millones, o $0.24 por acción, del Q2 2023. El EBITDA ajustado para el trimestre fue de $103.3 millones, un aumento del 9.7%. El ingreso neto del primer semestre fue de $89 millones, o $0.56 por acción diluida, en comparación con los $72.8 millones, o $0.46 por acción, del primer semestre de 2023.
Vector mantuvo su dividendo trimestral de $0.20 por acción, devolviendo $63.9 millones a los accionistas en el primer semestre de 2024. La liquidez se mantuvo sólida con $390.8 millones en efectivo y equivalentes.
Vector Group(NYSE: VGR)은 2024년 2분기 재무 결과를 보고하며, 보통의 성장을 보여주었습니다. 연결 매출은 3억 7천 190만 달러로, 전년 대비 1.7% 증가했습니다. 담배 부문의 도매 시장 점유율은 5.7%로 상승하였으며, 몬테고 브랜드의 점유율은 4.1%로 올라갔습니다. 운영 수익은 3천 780만 달러로 36.5% 급증했습니다. 그러나 2024년 상반기 매출은 2023년 상반기 대비 0.5% 감소한 6억 9천 650만 달러에 그쳤습니다.
2분기 순이익은 5천 420만 달러로, 주당 희석된 기준으로는 $0.34로, 2분기 2023년의 3천 810만 달러, 주당 $0.24에서显著 증가했습니다. 조정된 EBITDA는 1억 330만 달러로 9.7% 증가했습니다. 상반기 순이익은 8천 900만 달러, 주당 $0.56로, 2023년 상반기 7천 280만 달러, 주당 $0.46에 비해 증가했습니다.
Vector는 분기 배당금을 주당 $0.20으로 유지하며, 2024년 상반기에 주주에게 6천 390만 달러를 환원했습니다. 유동성은 3억 9천 80만 달러의 현금 및 현금성 자산으로 강력하게 유지되었습니다.
Vector Group (NYSE: VGR) a annoncé ses résultats financiers pour le deuxième trimestre 2024, montrant une croissance modeste. Les revenus consolidés ont augmenté pour atteindre 371,9 millions USD, soit une hausse de 1,7 % par rapport à l'année précédente. La part de marché en gros du secteur du tabac a grimpé à 5,7 %, avec les parts de la marque Montego atteignant 4,1 %. Le revenu opérationnel a augmenté de 36,5 % pour atteindre 97,8 millions USD. Cependant, les revenus du premier semestre 2024 ont légèrement diminué de 0,5 % pour s'établir à 696,5 millions USD par rapport au premier semestre 2023.
Le revenu net du 2e trimestre a atteint 54,2 millions USD, soit 0,34 USD par action diluée, une augmentation significative par rapport à 38,1 millions USD, ou 0,24 USD par action, au 2e trimestre 2023. L'EBITDA ajusté pour le trimestre s'élève à 103,3 millions USD, soit une hausse de 9,7 %. Le revenu net du premier semestre s'élève à 89 millions USD, soit 0,56 USD par action diluée, contre 72,8 millions USD, soit 0,46 USD par action, au premier semestre 2023.
Vector a maintenu son dividende trimestriel à 0,20 USD par action, restituant 63,9 millions USD aux actionnaires au premier semestre 2024. La liquidité est restée forte avec 390,8 millions USD en espèces et équivalents.
Vector Group (NYSE: VGR) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht, die ein moderates Wachstum zeigen. Die konsolidierten Einnahmen stiegen auf 371,9 Millionen USD, ein Anstieg von 1,7% im Vergleich zum Vorjahr. Der Marktanteil des Tabaksegments im Großhandel erhöhte sich auf 5,7%, während die Marktanteile der Marke Montego auf 4,1% kletterten. Der Betriebsgewinn sprang um 36,5% auf 97,8 Millionen USD. Im ersten Halbjahr 2024 sanken die Einnahmen jedoch leicht um 0,5% auf 696,5 Millionen USD im Vergleich zum ersten Halbjahr 2023.
Der Nettogewinn im 2. Quartal erreichte 54,2 Millionen USD, entsprechend 0,34 USD pro verwässerter Aktie, ein erheblicher Anstieg gegenüber 38,1 Millionen USD, bzw. 0,24 USD pro Aktie, im 2. Quartal 2023. Das bereinigte EBITDA für das Quartal betrug 103,3 Millionen USD, ein Anstieg von 9,7%. Der Nettogewinn für das erste Halbjahr betrug 89 Millionen USD, oder 0,56 USD pro verwässerter Aktie, im Vergleich zu 72,8 Millionen USD, oder 0,46 USD pro Aktie, im ersten Halbjahr 2023.
Vector hielt seine vierteljährliche Dividende von 0,20 USD pro Aktie aufrecht und gab im ersten Halbjahr 2024 63,9 Millionen USD an die Aktionäre zurück. Die Liquidität blieb mit 390,8 Millionen USD in bar und liquiden Mitteln stark.
- Revenue increased by 1.7% in Q2 2024 to $371.9 million.
- Tobacco segment's wholesale market share rose to 5.7%.
- Montego brand's wholesale market share increased to 4.1%.
- Operating income increased by 36.5% to $97.8 million in Q2 2024.
- Net income for Q2 2024 increased to $54.2 million or $0.34 per share.
- Adjusted EBITDA rose by 9.7% to $103.3 million in Q2 2024.
- First half net income increased to $89 million or $0.56 per share.
- Maintained strong liquidity with $390.8 million in cash and equivalents.
- Returned $63.9 million to shareholders via dividends in H1 2024.
- First half 2024 revenues decreased by 0.5% to $696.5 million.
- Tobacco segment's wholesale shipments declined by 5.1% in Q2 2024.
- Tobacco segment's retail shipments declined by 9.6% in Q2 2024.
Insights
Vector Group's Q2 2024 results demonstrate robust performance, particularly in its Tobacco segment. The company's consolidated revenues increased by
The standout performer was the Montego brand, which has solidified its position as the largest discount brand in the U.S. Montego's wholesale and retail market share both increased significantly to
Vector Group's financial health appears strong, with a cash position of
However, investors should note that while Vector Group is outperforming the industry, it's still operating in a declining market. The company's wholesale shipments declined by
Vector Group's Q2 2024 results reveal interesting market dynamics in the tobacco industry. The company's Tobacco segment has shown remarkable resilience and growth in a challenging market environment. The increase in wholesale market share to
The performance of the Montego brand is particularly noteworthy. Its wholesale and retail market share both increased to
However, it's important to contextualize this growth within broader industry trends. The tobacco industry as a whole is experiencing declining shipment volumes, with industry-wide wholesale shipments down
The company's success in a declining market raises questions about long-term sustainability. While Vector Group is currently benefiting from market share gains, particularly in the discount segment, the overall shrinking of the market could pose challenges in the future. The company may need to consider diversification strategies or explore alternative product categories to ensure long-term growth in the face of declining traditional tobacco consumption.
Montego maintains position as largest discount brand in the
Second Quarter 2024 Highlights:
-
Consolidated revenues of
$371.9 million 1.7% or$6.3 million -
Tobacco segment wholesale market share increased to
5.7% from5.4% in the prior year period and retail market share remained at5.8% , unchanged from the prior year period. -
Montego wholesale and retail market share both increased to
4.1% from3.4% and3.5% , respectively, in the prior year period.
-
Tobacco segment wholesale market share increased to
-
Operating income of
$97.8 million 36.5% or$26.1 million -
Tobacco segment operating income of
$102.9 million 37.0% or$27.8 million
-
Tobacco segment operating income of
-
Adjusted EBITDA of
$103.3 million 9.7% or$9.2 million -
Tobacco Adjusted EBITDA of
$104.4 million 10.2% or$9.7 million
-
Tobacco Adjusted EBITDA of
First Half 2024 Highlights:
-
Consolidated revenues of
$696.5 million 0.5% or$3.3 million -
Tobacco segment revenues of
$696.5 million 0.5% or$3.3 million -
Tobacco segment wholesale market share increased to
5.7% from5.5% in the prior year period and retail market share remained at5.8% . -
Montego wholesale and retail market share both increased to
4.0% from3.4% in the prior year period.
-
Tobacco segment revenues of
-
Operating income of
$175.6 million 20.3% or$29.6 million -
Tobacco segment operating income of
$185.9 million 21.0% or$32.2 million
-
Tobacco segment operating income of
-
Adjusted EBITDA of
$186.0 million 8.1% or$13.9 million -
Tobacco Adjusted EBITDA of
$188.8 million 8.1% or$14.1 million
-
Tobacco Adjusted EBITDA of
“Vector Group delivered strong performance in the second quarter bolstered by the impressive growth of our Montego brand,” said Howard M. Lorber, President and Chief Executive Officer of Vector Group Ltd. “Montego’s continued expansion as the largest discount brand in the
GAAP Financial Results
Three months ended June 30, 2024 and 2023. Second quarter 2024 revenues were
Six months ended June 30, 2024 and 2023. For the six months ended June 30, 2024, revenues were
Non-GAAP Financial Measures
Three months ended June 30, 2024 compared to the three months ended June 30, 2023
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, 2024 compared to the six months ended June 30, 2023
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, 2024 with cash and cash equivalents of
Vector Group continued its longstanding history of paying a quarterly cash dividend in the second quarter of 2024. For the six months ended June 30, 2024, Vector Group returned a total of
Tobacco Segment Financial Results
For the second quarter of 2024, 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 2024 was
Operational Metrics
For the second quarter of 2024, the Tobacco segment had conventional cigarette (wholesale) shipments of approximately 2.39 billion units, compared to 2.52 billion units for the second quarter of 2023. For the six months ended June 30, 2024, the Tobacco segment had conventional cigarette (wholesale) shipments of approximately 4.50 billion units, compared to 4.87 billion units for the six months ended June 30, 2023.
According to data from Management Science Associates, Inc., for the second quarter of 2024, the Tobacco segment’s wholesale market share increased to
According to data from Management Science Associates, Inc., for the second quarter of 2024, 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 three and six months ended June 30, 2024 and 2023 are included in Tables 2 through 6.
Conference Call to Discuss Second Quarter 2024 Results
As previously announced, the Company will host a conference call and webcast on Thursday, August 1, 2024 at 8:00 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/2271/50954. 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 1, 2024 through August 15, 2024 at https://www.webcaster4.com/Webcast/Page/2271/50954.
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, X 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 2023 Annual Report on Form 10-K and, when filed, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. 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 |
|
Six Months Ended |
|||||||||||||
|
June 30, |
|
June 30, |
|||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues: |
|
|
|
|
|
|
|
|||||||||
Tobacco* |
$ |
371,914 |
|
|
$ |
365,662 |
|
|
$ |
696,481 |
|
|
$ |
699,807 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Expenses: |
|
|
|
|
|
|
|
|||||||||
Cost of sales: |
|
|
|
|
|
|
|
|||||||||
Tobacco* |
|
244,594 |
|
|
|
248,984 |
|
|
|
462,495 |
|
|
|
481,270 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating, selling, administrative and general expenses |
|
29,461 |
|
|
|
26,930 |
|
|
|
58,155 |
|
|
|
54,222 |
|
|
Litigation settlement and judgment expense |
|
73 |
|
|
|
18,105 |
|
|
|
264 |
|
|
|
18,375 |
|
|
Operating income |
|
97,786 |
|
|
|
71,643 |
|
|
|
175,567 |
|
|
|
145,940 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Other income (expenses): |
|
|
|
|
|
|
|
|||||||||
Interest expense |
|
(26,583 |
) |
|
|
(27,124 |
) |
|
|
(54,032 |
) |
|
|
(54,598 |
) |
|
Loss on extinguishment of debt |
|
— |
|
|
|
(40 |
) |
|
|
— |
|
|
|
(181 |
) |
|
Equity in (losses) earnings from investments |
|
(641 |
) |
|
|
959 |
|
|
|
1,497 |
|
|
|
800 |
|
|
Equity in (losses) earnings from real estate ventures |
|
(1,213 |
) |
|
|
2,954 |
|
|
|
(11,934 |
) |
|
|
1,061 |
|
|
Other, net |
|
5,585 |
|
|
|
4,791 |
|
|
|
11,970 |
|
|
|
8,411 |
|
|
Income before provision for income taxes |
|
74,934 |
|
|
|
53,183 |
|
|
|
123,068 |
|
|
|
101,433 |
|
|
Income tax expense |
|
20,756 |
|
|
|
15,094 |
|
|
|
34,090 |
|
|
|
28,603 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ |
54,178 |
|
|
$ |
38,089 |
|
|
$ |
88,978 |
|
|
$ |
72,830 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Per basic common share: |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income applicable to common shares |
$ |
0.34 |
|
|
$ |
0.24 |
|
|
$ |
0.56 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Per diluted common share: |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income applicable to common shares |
$ |
0.34 |
|
|
$ |
0.24 |
|
|
$ |
0.56 |
|
|
$ |
0.46 |
|
|
* 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) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net income |
$ |
199,674 |
|
|
$ |
183,526 |
|
|
$ |
54,178 |
|
|
$ |
38,089 |
|
|
$ |
88,978 |
|
|
$ |
72,830 |
|
|
Interest expense |
|
108,051 |
|
|
|
108,617 |
|
|
|
26,583 |
|
|
|
27,124 |
|
|
|
54,032 |
|
|
|
54,598 |
|
|
Income tax expense |
|
70,413 |
|
|
|
64,926 |
|
|
|
20,756 |
|
|
|
15,094 |
|
|
|
34,090 |
|
|
|
28,603 |
|
|
Depreciation and amortization |
|
6,780 |
|
|
|
6,941 |
|
|
|
1,629 |
|
|
|
1,731 |
|
|
|
3,262 |
|
|
|
3,423 |
|
|
EBITDA |
$ |
384,918 |
|
|
$ |
364,010 |
|
|
$ |
103,146 |
|
|
$ |
82,038 |
|
|
$ |
180,362 |
|
|
$ |
159,454 |
|
|
Equity in (earnings) losses from investments (a) |
|
(1,959 |
) |
|
|
(1,262 |
) |
|
|
641 |
|
|
|
(959 |
) |
|
|
(1,497 |
) |
|
|
(800 |
) |
|
Equity in losses (earnings) from real estate ventures (b) |
|
10,793 |
|
|
|
(2,202 |
) |
|
|
1,213 |
|
|
|
(2,954 |
) |
|
|
11,934 |
|
|
|
(1,061 |
) |
|
Loss on extinguishment of debt |
|
368 |
|
|
|
549 |
|
|
|
— |
|
|
|
40 |
|
|
|
— |
|
|
|
181 |
|
|
Stock-based compensation expense (c) |
|
12,482 |
|
|
|
10,111 |
|
|
|
3,807 |
|
|
|
2,644 |
|
|
|
7,121 |
|
|
|
4,750 |
|
|
Litigation settlement and judgment expense (d) |
|
688 |
|
|
|
18,799 |
|
|
|
73 |
|
|
|
18,105 |
|
|
|
264 |
|
|
|
18,375 |
|
|
Impact of MSA settlement (e) |
|
(592 |
) |
|
|
(734 |
) |
|
|
— |
|
|
|
— |
|
|
|
(169 |
) |
|
|
(311 |
) |
|
Other, net |
|
(29,678 |
) |
|
|
(26,119 |
) |
|
|
(5,585 |
) |
|
|
(4,791 |
) |
|
|
(11,970 |
) |
|
|
(8,411 |
) |
|
Adjusted EBITDA |
$ |
377,020 |
|
|
$ |
363,152 |
|
|
$ |
103,295 |
|
|
$ |
94,123 |
|
|
$ |
186,045 |
|
|
$ |
172,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted EBITDA by Segment |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Tobacco |
$ |
384,680 |
|
|
$ |
370,575 |
|
|
$ |
104,364 |
|
|
$ |
94,687 |
|
|
$ |
188,754 |
|
|
$ |
174,649 |
|
|
Real Estate |
|
18 |
|
|
|
313 |
|
|
|
(56 |
) |
|
|
148 |
|
|
|
(85 |
) |
|
|
210 |
|
|
Corporate and Other |
|
(7,678 |
) |
|
|
(7,736 |
) |
|
|
(1,013 |
) |
|
|
(712 |
) |
|
|
(2,624 |
) |
|
|
(2,682 |
) |
|
Total |
$ |
377,020 |
|
|
$ |
363,152 |
|
|
$ |
103,295 |
|
|
$ |
94,123 |
|
|
$ |
186,045 |
|
|
$ |
172,177 |
|
|
____________________
- 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 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED NET INCOME (Unaudited) (Dollars in Thousands, Except Per Share Amounts) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|||||||||||||
Net income |
$ |
54,178 |
|
|
$ |
38,089 |
|
|
$ |
88,978 |
|
|
$ |
72,830 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Loss on extinguishment of debt |
|
— |
|
|
|
40 |
|
|
|
— |
|
|
|
181 |
|
|
Litigation settlement and judgment expense (a) |
|
73 |
|
|
|
18,105 |
|
|
|
264 |
|
|
|
18,375 |
|
|
Impact of MSA settlement (b) |
|
— |
|
|
|
— |
|
|
|
(169 |
) |
|
|
(311 |
) |
|
Impact of net interest expense capitalized to real estate ventures |
|
(1,233 |
) |
|
|
(1,072 |
) |
|
|
1,985 |
|
|
|
(2,113 |
) |
|
Total adjustments |
|
(1,160 |
) |
|
|
17,073 |
|
|
|
2,080 |
|
|
|
16,132 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Tax expense (benefit) related to adjustments |
|
293 |
|
|
|
(4,407 |
) |
|
|
(525 |
) |
|
|
(4,164 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Income |
$ |
53,311 |
|
|
$ |
50,755 |
|
|
$ |
90,533 |
|
|
$ |
84,798 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Per diluted common share: |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Income applicable to common shares |
$ |
0.34 |
|
|
$ |
0.32 |
|
|
$ |
0.57 |
|
|
$ |
0.54 |
|
|
____________________
- 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 4 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED OPERATING INCOME (Unaudited) (Dollars in Thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating income |
$ |
357,662 |
|
|
$ |
328,035 |
|
|
$ |
97,786 |
|
$ |
71,643 |
|
$ |
175,567 |
|
|
$ |
145,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Litigation settlement and judgment expense (a) |
|
688 |
|
|
|
18,799 |
|
|
|
73 |
|
|
18,105 |
|
|
264 |
|
|
|
18,375 |
|
|
Impact of MSA settlement (b) |
|
(592 |
) |
|
|
(734 |
) |
|
|
— |
|
|
— |
|
|
(169 |
) |
|
|
(311 |
) |
|
Total adjustments |
|
96 |
|
|
|
18,065 |
|
|
|
73 |
|
|
18,105 |
|
|
95 |
|
|
|
18,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted Operating Income |
$ |
357,758 |
|
|
$ |
346,100 |
|
|
$ |
97,859 |
|
$ |
89,748 |
|
$ |
175,662 |
|
|
$ |
164,004 |
|
|
____________________
- 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 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF TOBACCO ADJUSTED OPERATING INCOME AND TOBACCO ADJUSTED EBITDA (Unaudited) (Dollars in Thousands) |
||||||||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
|||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
||||||||||||||||||
Tobacco Adjusted Operating Income: |
|
|
|
|
|
|
||||||||||||||||
Operating income from Tobacco segment |
$ |
378,878 |
|
$ |
346,673 |
|
$ |
102,927 |
$ |
75,122 |
$ |
185,926 |
|
$ |
153,721 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||
Litigation settlement and judgment expense (a) |
|
688 |
|
|
18,799 |
|
|
73 |
|
18,105 |
|
264 |
|
|
18,375 |
|
||||||
Impact of MSA settlement (b) |
|
(592 |
) |
|
(734 |
) |
|
— |
|
— |
|
(169 |
) |
|
(311 |
) |
||||||
Total adjustments |
|
96 |
|
|
18,065 |
|
|
73 |
|
18,105 |
|
95 |
|
|
18,064 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||
Tobacco Adjusted Operating Income |
$ |
378,974 |
|
$ |
364,738 |
|
$ |
103,000 |
$ |
93,227 |
$ |
186,021 |
|
$ |
171,785 |
|
||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
|||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||||||||||
Tobacco Adjusted EBITDA: |
|
|
|
|
|
|
||||||||||||||||
Operating income from Tobacco segment |
$ |
378,878 |
|
$ |
346,673 |
|
$ |
102,927 |
$ |
75,122 |
$ |
185,926 |
|
$ |
153,721 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||
Litigation settlement and judgment expense (a) |
|
688 |
|
|
18,799 |
|
|
73 |
|
18,105 |
|
264 |
|
|
18,375 |
|
||||||
Impact of MSA settlement (b) |
|
(592 |
) |
|
(734 |
) |
|
— |
|
— |
|
(169 |
) |
|
(311 |
) |
||||||
Total adjustments |
|
96 |
|
|
18,065 |
|
|
73 |
|
18,105 |
|
95 |
|
|
18,064 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||
Tobacco Adjusted Operating Income |
|
378,974 |
|
|
364,738 |
|
|
103,000 |
|
93,227 |
|
186,021 |
|
|
171,785 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||
Depreciation and amortization |
|
5,500 |
|
|
5,686 |
|
|
1,298 |
|
1,419 |
|
2,610 |
|
|
2,796 |
|
||||||
Stock-based compensation expense |
|
206 |
|
|
151 |
|
|
66 |
|
41 |
|
123 |
|
|
68 |
|
||||||
Total adjustments |
|
5,706 |
|
|
5,837 |
|
|
1,364 |
|
1,460 |
|
2,733 |
|
|
2,864 |
|
||||||
|
|
|
|
|
|
|
||||||||||||||||
Tobacco Adjusted EBITDA |
$ |
384,680 |
|
$ |
370,575 |
|
$ |
104,364 |
$ |
94,687 |
$ |
188,754 |
|
$ |
174,649 |
|
||||||
____________________
- 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 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF REVENUES (Unaudited) (Dollars in Thousands) |
||||||||||||||||||
|
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
|
June 30, |
|
December 31, |
|
June 30, |
|
June 30, |
||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tobacco (a) |
|
$ |
1,420,942 |
|
$ |
1,424,268 |
|
$ |
371,914 |
|
$ |
365,662 |
|
$ |
696,481 |
|
$ |
699,807 |
____________________
-
Tobacco segment revenues include federal excise taxes of
$467,970 $486,263 $120,452 $226,275 $126,750 $244,568
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731592504/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's Q2 2024 revenues?
How did Vector Group's Tobacco segment perform in Q2 2024?
What was Vector Group's Q2 2024 net income?
Did Vector Group's revenue increase or decrease in the first half of 2024?
What is Vector Group's adjusted EBITDA for Q2 2024?
What is the dividend situation for Vector Group in the first half of 2024?
