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Vector Group
Vector Group (VGR) investor relations material
Vector Group has been acquired
Vector Group Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary1 Aug, 2024
Executive summary
Q2 2024 revenues increased 1.7% year-over-year to $371.9 million, with net income rising 42.3% to $54.2 million ($0.34 per diluted share) and operating income up 36.5% to $97.8 million, driven by strong tobacco segment performance and price increases.
Six-month 2024 revenues were $696.5 million, nearly flat year-over-year, with net income and adjusted EBITDA both showing growth.
Montego brand expanded as the largest U.S. discount brand, with wholesale and retail market share gains and distribution in over 103,000 stores.
Management remains confident in sustaining momentum, long-term earnings growth, and quarterly cash dividends.
Consolidated cash, marketable securities, and long-term investments totaled $579 million as of June 30, 2024.
Financial highlights
Q2 2024 net income: $54.2 million ($0.34/share) vs. $38.1 million ($0.24/share) in Q2 2023; six-month net income: $89.0 million ($0.56/share) vs. $72.8 million ($0.46/share) in 2023.
Adjusted EBITDA for Q2 2024 was $103.3 million (up 9.7%); first half Adjusted EBITDA was $186.0 million (up 8.1%).
Tobacco segment Q2 operating income rose to $102.9 million (up 37%); first half operating income was $185.9 million.
Cash and cash equivalents as of June 30, 2024 were $390.8 million; total debt outstanding was $1.39 billion.
Real estate investments carried at $122 million as of June 30, 2024.
Outlook and guidance
Management expects to continue its longstanding quarterly cash dividend policy and is confident in sustaining performance and long-term shareholder value.
Perpetual cost advantage in tobacco due to MSA exemptions, with annual cost advantage ranging from $159M to $170M from 2013 to 2023.
Liggett is expected to be less impacted by potential menthol bans due to lower menthol exposure.
Inflationary pressures on raw materials are stabilizing, but continued volume declines in the U.S. cigarette market are anticipated.
Sufficient liquidity is expected to meet obligations over the next 12 months.
Deep discount market share growth outlook?
Capital allocation strategy for growing cash?
Regulatory outlook for tobacco industry?
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Vector Group
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Frequently asked questions
Vector Group Ltd. is a holding company primarily engaged in the tobacco and real estate industries. Through its subsidiaries, the company manufactures and markets cigarettes under various brand names, serving the U.S. tobacco market. In addition to its tobacco business, Vector Group operates a real estate segment that includes investment, brokerage, and development activities, primarily through its subsidiary, Douglas Elliman. Vector Group Ltd. is headquartered in Miami, Florida, and its shares are listed on the NYSE.
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