The following is a summary of the Vector Group Ltd. (VGR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vector Group reported a slight decrease in Q1 2024 revenue to $324.6 million, compared to $334.1 million in Q1 2023.

• Despite the decrease in revenue, net income saw a marginal increase to $34.8 million, equating to $0.22 per diluted share.

• Positive progress is noted in Adjusted EBITDA and Adjusted net income, with increases to $82.8 million and $37.2 million respectively.

Business Progress:

• The tobacco segment has seen growth in its operating income by $4.4 million, while maintaining a steady market share at 5.8%.

• Notable strides have been made in the removal of retail market share for Montego's, increasing from 3.4% to 4%, supported by expansion to approximately 97,500 stores.

• Expectations are set for stable market share while increasing margins gradually, indicating forward momentum.

• On the regulatory front, a delay in final decision making on menthol rulings open opportunities for the expansion of discourse.

More details: Vector IR

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