Vector Group Reports Fourth-Quarter and Full-Year Results

Source from:  Tobaccoreporter 02/26/2021

Vector Group reported revenues of $554.6 million in the fourth quarter of 2020, compared to revenues of $439.6 million in the fourth quarter of 2019. The company recorded operating income of $87.3 million in the fourth quarter of 2020, compared to operating income of $45.6 million in the fourth quarter of 2019. Net income attributed to Vector Group for the fourth quarter of 2020 was $32.3 million, compared to net income of $10.7 million in the fourth quarter of 2019.

For the year ended Dec. 31, 2020, revenues were $2 billion, compared to revenues of $1.9 billion for the year ended Dec. 31, 2019. The company recorded operating income of $245.1 million for 2020, compared to operating income of $231.1 million for 2019. Net income attributed to Vector Group for 2020 was $92.9 million, compared to net income of $101.0 million for 2019.

For the fourth quarter of 2020, the tobacco segment had revenues of $286.1 million, compared to $260.3 million for the fourth quarter of 2019. For the full year of 2020, the tobacco segment had revenues of $1.21 billion, compared to $1.12 billion for 2019.

Operating Income from the tobacco segment was $79.7 million and $319.5 million for the three months and the full year 2020, respectively, compared to $60 million and $261.6 million for the three months and year ended December 31, 2019, respectively.

“Vector Group’s strong fourth quarter results reflect our ongoing commitment to creating long-term stockholder value,” said Howard M. Lorber, president and CEO of Vector Group, in a statement. “We are pleased that both our tobacco and real estate segments reported significant increases in operating income this quarter including record operating income at Liggett, which is well into the income growth phase of its Eagle 20’s brand strategy.”