DOUG - Vector Group's stock falls 15% after first earnings miss post Douglas Elliman spin-off

Vector Group (NYSE:VGR) is down 15%, Tuesday, after reporting first quarter's earnings below the consensus mark. The report marks the tobacco company's first quarterly results following the spin-off of Vector's brokerage, services and proptech investment business into a new standalone listed company - Douglas Elliman (DOUG). Q1 Revenue of $312.04M (+15.1% Y/Y) beat estimates by $26.34M. Tobacco segment sales increased 15.1% year-over-year to $309M with unit volume increase of 18.7%. Adjusted EBITDA from continuing operations dropped 1.2% Y/Y to $77.1M where tobacco segment shows 4.4% decline linked to investment in Montego’s volume and market share growth. Non-GAAP EPS of $0.17 missed consensus by $0.08. Cash dividends of $32M returned to stockholders at a rate of $0.20 per common share. The company ended the quarter with $238M in cash and cash equivalents; and $183M in investment securities and long-term investments. “Vector Group delivered strong tobacco business revenue performance in the first quarter as we capitalized on favorable market

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Vector Group's stock falls 15% after first earnings miss post Douglas Elliman spin-off