Continued Strong Earnings Momentum in
Tobacco Segment, with Full Year Tobacco Segment Operating Income up
13% vs. Prior Year
Douglas Elliman Inc. Business Accounted for
as Discontinued Operations for all Periods Presented, Excluded from
Adjusted Results
Fourth Quarter 2021 Highlights:
- Consolidated revenues of $313.7 million, up 9% or $26.5
million compared to the prior year period
- Reported net income attributed to Vector Group of $45.3
million or $0.29 per diluted share, up $13.1 million compared to
the prior year period; Adjusted Net Income from Continuing
Operations of $41.4 million or $0.26 per diluted share, up $19.3
million compared to the prior year period
- Reported operating income of $68.6 million, down $5.5
million compared to the prior year period
- Tobacco segment operating income of $83.8 million, up $4.0
million compared to the prior year period
- Adjusted EBITDA from Continuing Operations of $84.3 million,
up 10% or $7.6 million compared to the prior year period
- Tobacco segment Adjusted EBITDA from Continuing Operations of
$85.5 million, up $3.6 million compared to the prior year
period
Full Year 2021 Highlights:
- Consolidated revenues of $1.22 billion, down 1% or $8.0
million compared to the prior year period
- Reported net income attributed to Vector Group of $219.5
million or $1.40 per diluted share, up $126.5 million compared to
the prior year period; Adjusted Net Income from Continuing
Operations of $174.8 million or $1.12 per diluted share, up $44.9
million compared to the prior year period
- Reported operating income of $320.4 million, up $26.0
million compared to the prior year period
- Tobacco segment operating income of $360.3 million, up 13% or
$40.8 million compared to the prior year period
- Adjusted EBITDA from Continuing Operations of $349.9
million, up 12% or $38.6 million compared to the prior year
period
- Tobacco segment Adjusted EBITDA from Continuing Operations of
$364.4 million, up 11% or $36.4 million compared to the prior year
period
- Strong liquidity with cash and cash equivalents of $193.4
million and investment securities and long-term investments of
$199.8 million at December 31, 2021
- Cash dividends of $126 million returned to stockholders at a
rate of $0.80 per common share
Vector Group Ltd. (NYSE:VGR) today announced financial results
for the three months and year ended December 31, 2021.
On December 29, 2021, Vector Group completed the spin-off of
Douglas Elliman, Inc. Unless otherwise specified, fourth quarter
and full year results are presented on a continuing operations
basis.
“Vector Group had another outstanding quarter, achieving
all-time high annual Tobacco Segment operating income,” said Howard
M. Lorber, President and Chief Executive Officer of Vector
Group.
“We are excited by the continued strong performance of our
tobacco business, which validates our market strategy and reflects
the competitive advantages we have in the highly attractive deep
discount segment. With the spin-off of Douglas Elliman complete, we
are laser focused on continuing to capitalize on opportunities in
the growing deep discount segment, while leveraging our
value-focused brand portfolio and broad national distribution to
meet evolving market demands.”
Discontinued Operations
With the spin-off of Douglas Elliman, Inc. completed on December
29, 2021, Douglas Elliman’s operational activity has been
reclassified to Vector Group’s discontinued operations results in
accordance with U.S. Generally Accepted Accounting Principles
(“GAAP”) and are not included in the discussion of continuing
operations below.
GAAP Financial Results
Three months ended December 31, 2021 and 2020. Fourth quarter
2021 revenues were $313.7 million, compared to revenues of $287.1
million in the fourth quarter of 2020. The Company recorded
operating income of $68.6 million in the fourth quarter of 2021,
compared to operating income of $74.0 million in the fourth quarter
of 2020. Net income attributed to Vector Group Ltd. for the fourth
quarter of 2021 was $45.3 million, or $0.29 per diluted common
share, compared to net income of $32.3 million, or $0.21 per
diluted common share, in the fourth quarter of 2020.
Year ended December 31, 2021 and 2020. For the year ended
December 31, 2021, revenues were $1.22 billion, compared to
revenues of $1.23 billion for the year ended December 31, 2020. The
Company recorded operating income of $320.4 million for the year
ended December 31, 2021, compared to operating income of $294.4
million for the year ended December 31, 2020. Net income attributed
to Vector Group Ltd. for the year ended December 31, 2021 was
$219.5 million, or $1.40 per diluted common share, compared to net
income of $92.9 million, or $0.60 per diluted common share, for the
year ended December 31, 2020.
Non-GAAP Financial Results
Non-GAAP financial results include adjustments for change in
fair value of derivatives embedded within convertible debt, loss on
extinguishment of debt, litigation settlements and judgment
expense, impact of Master Settlement Agreement settlements,
transaction expenses, acceleration of stock compensation expense
(for purposes of Adjusted Net Income from Continuing Operations and
Adjusted Operating Income only) and net gains on sales of assets
(for purposes of Adjusted EBITDA from Continuing Operations and
Adjusted Operating Income only). For purposes of Adjusted EBITDA
from Continuing Operations only, adjustments include equity in
earnings from investments, equity in (earnings) losses from real
estate ventures, stock-based compensation expense, and other, net.
For purposes of Adjusted Net Income from Continuing Operations
only, adjustments include non-cash amortization of debt discount on
convertible debt, and net interest expense capitalized to real
estate ventures. Reconciliations of non-GAAP financial measures to
the comparable GAAP financial results for the three months and year
ended December 31, 2021 and 2020 are included in Tables 2 through
5.
Three months ended December 31, 2021 compared to the three
months ended December 31, 2020
Adjusted EBITDA from Continuing Operations attributed to Vector
(as described in Table 2 attached hereto) were $84.3 million for
the fourth quarter of 2021, compared to $76.7 million for the
fourth quarter of 2020.
Adjusted Net Income from Continuing Operations (as described in
Table 3 attached hereto) was $41.4 million, or $0.26 per diluted
share, for the fourth quarter of 2021, and $22.1 million or $0.14
per diluted share, for the fourth quarter of 2020.
Adjusted Operating Income (as described in Table 4 attached
hereto) was $80.1 million for the fourth quarter of 2021, compared
to $72.0 million for the fourth quarter of 2020.
Year ended December 31, 2021 compared to the year ended December
31, 2020
Adjusted EBITDA from Continuing Operations attributed to Vector
(as described in Table 2 attached hereto) were $349.9 million for
the year ended December 31, 2021, compared to $311.4 million for
the year ended December 31, 2020.
Adjusted Net Income from Continuing Operations (as described in
Table 3 attached hereto) was $174.8 million, or $1.12 per diluted
share, for the year ended December 31, 2021, compared to $129.9
million, or $0.85 per diluted share, for the year ended December
31, 2020.
Adjusted Operating Income (as described in Table 4 attached
hereto) was $331.8 million for the year ended December 31, 2021,
compared to $292.8 million for the year ended December 31,
2020.
Consolidated Balance Sheet
Vector maintained significant liquidity at December 31, 2021
with cash and cash equivalents of $193.4 million, including $14.9
million of cash at Liggett, and investment securities of $146.7
million and long-term investments of $53.1 million.
Vector continued its longstanding history of paying a quarterly
cash dividend in the fourth quarter of 2021. For the year ended
December 31, 2021, Vector returned a total of $126 million to
stockholders at a quarterly rate of $0.20 per common share.
Tobacco Segment Financial Results
For the fourth quarter of 2021, the Tobacco segment had revenues
of $306.6 million, compared to $286.1 million for the fourth
quarter of 2020. For the year ended December 31, 2021, the Tobacco
segment had revenues of $1.202 billion, compared to $1.205 billion
for the year ended December 31, 2020.
Operating Income from the Tobacco segment was $83.8 million and
$360.3 million for the three months and year ended December 31,
2021, respectively, compared to $79.7 million and $319.5 million
for the three months and year ended December 31, 2020,
respectively.
Non-GAAP Financial Measures
Tobacco Adjusted Operating Income (as described in Table 5
attached hereto) for the fourth quarter of 2021 and 2020 was $84.0
million and $80.0 million, respectively. Tobacco Adjusted Operating
Income for the year ended December 31, 2021 was $357.8 million,
compared to $320.2 million for the year ended December 31,
2020.
For the fourth quarter of 2021, the Tobacco segment had
conventional cigarette (wholesale) shipments of approximately 2.22
billion units, compared to 2.12 billion units for the fourth
quarter of 2020. For the year ended December 31, 2021, the Tobacco
segment had conventional cigarette (wholesale) shipments of
approximately 8.63 billion units, compared to 9.16 billion units
for the year ended December 31, 2020.
According to data from Management Science Associates, for the
fourth quarter of 2021, Liggett’s retail market share increased to
4.37% compared to 4.21% for the fourth quarter of 2020. For the
year ended December 31, 2021, Liggett’s retail market share
declined to 4.21%, compared to 4.24% for the year ended December
31, 2020. Compared to the fourth quarter of 2020, Liggett’s retail
shipments in the fourth quarter of 2021 declined by 3.0% while the
overall industry’s retail shipments declined by 6.7%. Compared to
the year ended December 31, 2020, Liggett’s retail shipments for
year ended December 31, 2021 declined by 5.5% while the overall
industry’s retail shipments declined by 4.8%.
Non-GAAP Financial Measures
Adjusted EBITDA from Continuing Operations, Adjusted Net Income
from Continuing Operations, Adjusted Operating Income, Tobacco
Adjusted Operating Income, Tobacco Adjusted EBITDA, (“the Non-GAAP
Financial Measures”) are financial measures not prepared in
accordance with GAAP. The Company believes that the Non-GAAP
Financial Measures are important measures that supplement
discussions and analysis of its results of operations and enhances
an understanding of its operating performance. The Company believes
the Non-GAAP Financial Measures provide investors and analysts with
a useful measure of operating results unaffected by differences in
capital structures and ages of related assets among otherwise
comparable companies.
Management uses the Non-GAAP Financial Measures as measures to
review and assess operating performance of the Company’s business,
and management and investors should review both the overall
performance (GAAP net income) and the operating performance (the
Non-GAAP Financial Measures) of the Company’s business. While
management considers the Non-GAAP Financial Measures to be
important, they should be considered in addition to, but not as
substitutes for or superior to, other measures of financial
performance prepared in accordance with GAAP, such as operating
income, net income and cash flows from operations. In addition, the
Non-GAAP Financial Measures are susceptible to varying calculations
and the Company’s measurement of the Non-GAAP Financial Measures
may not be comparable to those of other companies. Attached hereto
as Tables 2 through 5 is information relating to the Company’s
Non-GAAP Financial Measures for the fourth quarter and full year
ended December 31, 2021 and 2020.
Conference Call to Discuss Fourth Quarter and Full Year 2021
Results
As previously announced, the Company will host a conference call
and webcast on Tuesday, March 1, 2022 at 4:30 PM (ET) to discuss
its fourth quarter 2021 results. Investors can access the call by
dialing 800-420-1271 and entering 765218 as the conference ID
number. The call will also be available via live webcast at
https://www.webcaster4.com/Webcast/Page/2271/44736. Webcast
participants should allot extra time to register before the webcast
begins.
A replay of the call will be available shortly after the call
ends on March 1, 2022 through March 15, 2022. To access the replay,
dial 888-269-5324 and enter 765218 as the conference ID number. The
archived webcast will also be available at
https://www.webcaster4.com/Webcast/Page/2271/44736 for one
year.
About Vector Group Ltd.
Vector Group is a holding company for Liggett Group LLC, Vector
Tobacco Inc., and New Valley LLC. Additional information concerning
the Company is available on the Company’s website,
www.VectorGroupLtd.com.
Investors and others should note that we may post information
about the Company or its subsidiaries on our website at
www.VectorGroupLtd.com and/or at the websites of those subsidiaries
or, if applicable, on their accounts on Facebook, Instagram,
LinkedIn, TikTok, Twitter, YouTube or other social media platforms.
It is possible that the postings or releases could include
information deemed to be material information. Therefore, we
encourage investors, the media and others interested in the Company
to review the information we post on our website at
www.VectorGroupLtd.com, on the websites of our subsidiaries and on
their social media accounts.
Forward-Looking and Cautionary Statements
This press release includes forward-looking statements within
the meaning of the federal securities law. All statements other
than statements of historical or current facts, including
statements regarding the current or anticipated impact of the
COVID-19 pandemic on our business, made in this document are
forward-looking. We identify forward-looking statements in this
document by using words or phrases such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may be,” “continue’” “could,”
“potential,” “objective,” “plan,” “seek,” “predict,” “project” and
“will be” and similar words or phrases or their negatives.
Forward-looking statements reflect our current expectations and are
inherently uncertain. Actual results could differ materially for a
variety of reasons. In particular, the extent, duration and
severity of the spread of the COVID-19 pandemic and economic
consequences stemming from the COVID-19 crisis (including a
potential significant economic contraction) as well as related
risks and the impact of any of the foregoing on our business,
results of operations and liquidity could affect our future results
and cause actual results to differ materially from those expressed
in forward-looking statements.
Risks and uncertainties that could cause our actual results to
differ significantly from our current expectations are described in
our Annual Report on Form 10-K for the years ended December 31,
2021 and December 31, 2020. We undertake no responsibility to
publicly update or revise any forward-looking statement except as
required by applicable law.
[Financial Tables Follow]
TABLE 1
VECTOR GROUP LTD. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollars
in Thousands, Except Per Share Amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
(Unaudited)
(Unaudited)
Revenues:
Tobacco*
$
306,596
$
286,072
$
1,202,497
$
1,204,501
Real estate
7,077
1,057
18,203
24,181
Total revenues
313,673
287,129
1,220,700
1,228,682
Expenses:
Cost of sales:
Tobacco*
201,441
180,446
758,015
795,904
Real estate
1,859
811
11,527
23,698
Total cost of sales
203,300
181,257
769,542
819,602
Operating, selling, administrative and
general expenses
41,623
33,860
131,418
116,598
Litigation settlement and judgment
expense
194
284
211
337
Net gains on sales of assets
—
(2,283
)
(910
)
(2,283
)
Operating income
68,556
74,011
320,439
294,428
Other income (expenses):
Interest expense
(27,709
)
(28,365
)
(112,728
)
(121,278
)
Loss on extinguishment of debt
—
—
(21,362
)
—
Change in fair value of derivatives
embedded within convertible debt
—
—
—
4,999
Equity in earnings from investments
1,113
2,069
2,675
56,268
Equity in (losses) earnings from real
estate ventures
(2,255
)
(17,401
)
10,250
(44,728
)
Other, net
819
1,713
10,687
(8,646
)
Income before provision for income
taxes
40,524
32,027
209,961
181,043
Income tax expense
9,813
10,188
62,807
54,121
Income from continuing operations
30,711
21,839
147,154
126,922
Income (loss) from discontinued
operations, net of income taxes
14,531
10,417
72,119
(33,984
)
Net income
45,242
32,256
219,273
92,938
Net loss from discontinued operations
attributed to non-controlling interest
70
—
190
—
Net income attributed to Vector Group Ltd.
from continuing operations
30,711
21,839
147,154
126,922
Net income (loss) attributed to Vector
Group Ltd. from discontinued operations
14,601
10,417
72,309
(33,984
)
Net income attributed to Vector Group
Ltd.
$
45,312
$
32,256
$
219,463
$
92,938
Per basic common share:
Net income from continuing operations
applicable to common shares attributed to Vector Group Ltd.
$
0.20
$
0.14
$
0.94
$
0.83
Net income (loss) from discontinued
operations applicable to common shares attributed to Vector Group
Ltd.
0.09
0.07
0.46
(0.23
)
Net income applicable to common share
attributed to Vector Group Ltd.
$
0.29
$
0.21
$
1.40
$
0.60
Per diluted common share:
Net income from continuing operations
applicable to common shares attributed to Vector Group Ltd.
$
0.20
$
0.14
$
0.94
$
0.83
Net income (loss) from discontinued
operations applicable to common shares attributed to Vector Group
Ltd.
0.09
0.07
0.46
(0.23
)
Net income applicable to common share
attributed to Vector Group Ltd.
$
0.29
$
0.21
$
1.40
$
0.60
* Revenues and cost of sales include
federal excise taxes of $111,838, $106,903, $434,695 and $461,532
for the three months and year ended December 31, 2021 and 2020,
respectively.
TABLE 2
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
EBITDA FROM CONTINUING OPERATIONS
(Unaudited)
(Dollars
in Thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Net income attributed to Vector Group
Ltd.
$
45,312
$
32,256
$
219,463
$
92,938
Net (income) loss attributed to Vector
Group Ltd. from discontinued operations
(14,601
)
(10,417
)
(72,309
)
33,984
Interest expense
27,709
28,365
112,728
121,278
Income tax expense
9,813
10,188
62,807
54,121
Net loss attributed to non-controlling
interest
(70
)
—
(190
)
—
Depreciation and amortization
1,895
2,164
7,816
9,092
EBITDA
$
70,058
$
62,556
$
330,315
$
311,413
Change in fair value of derivatives
embedded within convertible debt (a)
—
—
—
(4,999
)
Equity in earnings from investments
(b)
(1,113
)
(2,069
)
(2,675
)
(56,268
)
Equity in losses (earnings) from real
estate ventures (c)
2,255
17,401
(10,250
)
44,728
Loss on extinguishment of debt
—
—
21,362
—
Stock-based compensation expense (d)
6,684
2,471
14,799
9,483
Litigation settlement and judgment expense
(e)
194
284
211
337
Impact of MSA settlement (f)
—
13
(2,722
)
299
Transaction expenses (g)
7,042
—
10,468
—
Net gains on sales of assets
—
(2,283
)
(910
)
(2,283
)
Other, net
(819
)
(1,713
)
(10,687
)
8,646
Adjusted EBITDA from continuing operations
attributed to Vector Group Ltd.
$
84,301
$
76,660
$
349,911
$
311,356
Adjusted EBITDA from Continuing
Operations Attributed to Vector Group Ltd. by Segment
Tobacco
$
85,519
$
81,889
$
364,399
$
328,049
Real Estate
4,661
347
4,125
(273
)
Corporate and Other
(5,879
)
(5,576
)
(18,613
)
(16,420
)
Total
$
84,301
$
76,660
$
349,911
$
311,356
____________________
a.
Represents income recognized from changes
in the fair value of the derivatives embedded in the Company’s
convertible debt.
b.
Represents equity in earnings recognized
from investments that the Company accounts for under the equity
method. Included in the amount are equity in earnings from
Ladenburg Thalmann Financial Services of $53,424 for the year ended
December 31, 2020.
c.
Represents equity in losses (earnings)
recognized from the Company’s investment in certain real estate
ventures that are accounted for under the equity method and are not
consolidated in the Company’s financial results.
d.
Represents amortization of stock-based
compensation. Included in the three months and year ended December
31, 2021 are expenses associated with the acceleration of stock
compensation in connection with the Company’s spin-off of Douglas
Elliman Inc. into a standalone, publicly traded company.
e.
Represents accruals for product liability
litigation in the Company’s Tobacco segment.
f.
Represents the Company’s Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
g.
Represents expenses incurred in connection
with the Company’s spin-off of Douglas Elliman Inc. into a
standalone, publicly traded company.
TABLE 3
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED NET
INCOME FROM CONTINUING OPERATIONS
(Unaudited)
(Dollars
in Thousands, Except Per Share Amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Net income attributed to Vector Group
Ltd.
$
45,312
$
32,256
$
219,463
$
92,938
Net (income) loss attributed to Vector
Group Ltd. from discontinued operations
(14,601
)
(10,417
)
(72,309
)
33,984
Change in fair value of derivatives
embedded within convertible debt
—
—
—
(4,999
)
Non-cash amortization of debt discount on
convertible debt
—
—
—
5,276
Loss on extinguishment of debt
—
—
21,362
—
Litigation settlement and judgment expense
(a)
194
284
211
337
Impact of MSA settlement (b)
—
13
(2,722
)
299
Impact of net interest expense capitalized
to real estate ventures
(1,013
)
102
(1,180
)
3,117
Transaction expenses (c)
7,042
—
10,468
—
Acceleration of stock compensation expense
(d)
4,317
—
4,317
—
Total adjustments
(4,061
)
(10,018
)
(39,853
)
38,014
Tax benefit (expense) related to
adjustments
130
(108
)
(4,860
)
(1,088
)
Adjusted Net Income from continuing
operations attributed to Vector Group Ltd.
$
41,381
$
22,130
$
174,750
$
129,864
Per diluted common share:
Adjusted Net Income from continuing
operations applicable to common shares attributed to Vector Group
Ltd.
$
0.26
$
0.14
$
1.12
$
0.85
____________________
a.
Represents accruals for product liability
litigation in the Company’s Tobacco segment.
b.
Represents the Company’s Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
c.
Represents expenses incurred in connection
with the Company’s spin-off of Douglas Elliman Inc. into a
standalone, publicly traded company.
d.
Represents expense related to the
acceleration of stock compensation in connection with the Company’s
spin-off of Douglas Elliman Inc. into a standalone, publicly traded
company.
TABLE 4
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
OPERATING INCOME
(Unaudited)
(Dollars
in Thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Operating income
$
68,556
$
74,011
$
320,439
$
294,428
Litigation settlement and judgment expense
(a)
194
284
211
337
Transaction expenses (b)
7,042
—
10,468
—
Acceleration of stock compensation expense
(c)
4,317
—
4,317
—
Impact of MSA settlement (d)
—
13
(2,722
)
299
Net gains on sales of assets
—
(2,283
)
(910
)
(2,283
)
Total adjustments
11,553
(1,986
)
11,364
(1,647
)
Adjusted Operating Income
$
80,109
$
72,025
$
331,803
$
292,781
____________________
a.
Represents accruals for product liability
litigation in the Company’s Tobacco segment.
b.
Represents expenses include expenses
incurred in connection with the Company’s spin-off of Douglas
Elliman Inc. into a standalone, publicly traded company.
c,
Represents expense related to the
acceleration of stock compensation in connection with the Company’s
spin-off of Douglas Elliman Inc. into a standalone, publicly traded
company.
d.
Represents the Company’s Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
TABLE 5
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF TOBACCO
ADJUSTED OPERATING INCOME
AND TOBACCO ADJUSTED
EBITDA
(Unaudited)
(Dollars
in Thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Tobacco Adjusted Operating
Income:
Operating income from Tobacco segment
$
83,760
$
79,722
$
360,317
$
319,536
Litigation settlement and judgment expense
(a)
194
284
211
337
Impact of MSA settlement (b)
—
13
(2,722
)
299
Total adjustments
194
297
(2,511
)
636
Tobacco Adjusted Operating Income
$
83,954
$
80,019
$
357,806
$
320,172
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Tobacco Adjusted EBITDA:
Operating income from Tobacco segment
$
83,760
$
79,722
$
360,317
$
319,536
Litigation settlement and judgment expense
(a)
194
284
211
337
Impact of MSA settlement (b)
—
13
(2,722
)
299
Total adjustments
194
297
(2,511
)
636
Tobacco Adjusted Operating Income
83,954
80,019
357,806
320,172
Depreciation and amortization
1,518
1,870
6,525
7,877
Stock-based compensation expense
47
—
68
—
Total adjustments
1,565
1,870
6,593
7,877
Tobacco Adjusted EBITDA
$
85,519
$
81,889
$
364,399
$
328,049
____________________ a.
Represents accruals for product liability
litigation in the Company’s Tobacco segment.
b.
Represents the Company’s Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220301006099/en/
Emily Claffey/Benjamin Spicehandler Sard Verbinnen & Co
212-687-8080
Eve Young Sard Verbinnen & Co - Europe +44 (0)20 3178
8914
J. Bryant Kirkland III, Vector Group Ltd. 305-579-8000
Vector (NYSE:VGR)
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