Vector Group Ltd (VGR) has reported 59.57 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $25.71 million, or $0.18 a share in the quarter, compared with $16.11 million, or $0.10 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $24.32 million, or $0.19 a share compared with $13.10 million or $0.10 a share, a year ago. Revenue during the quarter went up marginally by 2.04 percent to $459.10 million from $449.93 million in the previous year period. Gross margin for the quarter contracted 23 basis points over the previous year period to 33.90 percent. Total expenses were 84.89 percent of quarterly revenues, up from 84.58 percent for the same period last year. That has resulted in a contraction of 31 basis points in operating margin to 15.11 percent.
Operating income for the quarter was $69.36 million, compared with $69.37 million in the previous year period.
However, the adjusted operating income for the quarter was almost stable at $71.14 million when compared with the prior year period. At the same time, adjusted operating margin contracted 26 basis points in the quarter to 15.49 percent from 15.75 percent in the last year period.
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