Vector Group Ltd. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 13, 2024 at 04:30 pm EST
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Vector Group Ltd. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 360.35 million compared to USD 363.77 million a year ago. Net income was USD 58 million compared to USD 48.15 million a year ago. Basic earnings per share from continuing operations was USD 0.37 compared to USD 0.3 a year ago. Diluted earnings per share from continuing operations was USD 0.37 compared to USD 0.3 a year ago.
For the full year, revenue was USD 1,424.27 million compared to USD 1,441.01 million a year ago. Net income was USD 183.53 million compared to USD 158.7 million a year ago. Basic earnings per share was USD 1.17 compared to USD 1.01 a year ago. Diluted earnings per share was USD 1.16 compared to USD 1.01 a year ago.
Vector Group Ltd. is a holding company for Liggett Group LLC, Vector Tobacco LLC, and New Valley LLC. The Company operates through two segments: Tobacco and Real Estate. Tobacco segment is engaged in the manufacture and sale of discount cigarettes in the United States through its Liggett Group LLC and Vector Tobacco LLC subsidiaries. Liggett Group LLC manufactures and markets approximately 100 different cigarette brand styles. Liggetts Group LLCâs brand portfolio includes Montego, Eagle 20âs, Pyramid and Grand Prix, Liggett Select, Eve, USA and various partner brands and private label brands. Real Estate segment is engaged in the real estate investment business through its subsidiary, New Valley LLC, which acquires and invests in real estate properties or projects. It invests in numerous real estate projects in different asset classes, including planned communities, condominium and mixed-use developments, apartment buildings, hotels and commercial properties.