Vector Group Slides Despite Improved Results

(RTTNews) - Shares of Vector Group Ltd. (VGR) are falling more than 9% in the morning trade on Tuesday despite improved quarterly results.

The company reported net income of $32.54 million or $0.21 per share for the first quarter, compared with $31.96 million or $0.20 per share in the prior year period

Excluding one-time items, earnings were $26.6 million or $0.17 per share

Revenues were $312.04 million, an increase of 15.1% from the prior year period, helped by growth in tobacco segment revenue.

VGR, currently at $11.26, has traded in the range of $8.14-$13.38 in the past 52 weeks.