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Earnings Call Summary | Vector(VGR.US) Q1 2024 Earnings Conference

moomoo AI ·  May 2 11:45  · Conference Call

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

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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