- Vector Group Ltd (NYSE:VGR) reported a Q1 2023 revenue increase of 7.1% Y/Y to $334.1 million, marginally above the consensus.
- EPS of $0.22 missed the consensus of $0.29.
- Tobacco segment revenues grew 8.1% Y/Y to $334.1 million, with the Tobacco segment wholesale and retail market share increasing to 5.7% and 5.8%, respectively.
- In Q1 2023, the Tobacco segment’s conventional cigarette (wholesale) shipments rose to around 2.35 billion units from 2.30 billion units a year ago.
- According to Management Science Associates data, Liggett’s wholesale shipments increased by 2.3% Y/Y versus an industry decline of 6% Y/Y. Liggett’s retail shipments rose 1.6% Y/Y compared to an industry decrease of 8.9% Y/Y in the quarter.
- Adjusted EBITDA was up 1.3% Y/Y to $78.1 million, with the Tobacco segment adjusted EBITDA rising 3.8% Y/Y on Montego brand strategy transition to income-based from volume-based.
- Cash and cash equivalents stood at $282 million at the end of the quarter.
- Vector paid a dividend per share of $0.20 in Q1 2023.
- Price Action: VGR shares are trading lower by 11.99% at $10.98 on the last check Tuesday.
General Motors Teams Up With Google Cloud On AI Initiatives
Companies share new details on AI collaboration and announce future generative AI explorations
DETROIT and SUNNYVALE, Calif., Aug. 29, 2023 /PRNewswire/ -- General Motors and Google Cloud today
