Vector Group Ltd. (VGR) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $4.23 million, or $ 0.03 a share in the quarter, against a net profit of $19.34 million, or $0.15 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $18.44 million, or $0.14 a share compared with $18.14 million or $0.14 a share, a year ago.
Revenue during the quarter grew 9.04 percent to $415.21 million from $380.80 million in the previous year period. Gross margin for the quarter contracted 437 basis points over the previous year period to 33.55 percent. Total expenses were 87.25 percent of quarterly revenues, up from 83.68 percent for the same period last year. That has resulted in a contraction of 358 basis points in operating margin to 12.75 percent.
Operating income for the quarter was $52.93 million, compared with $62.16 million in the previous year period.
However, the adjusted operating income for the quarter stood at $54.08 million compared to $65.22 million in the prior year period. At the same time, adjusted operating margin contracted 410 basis points in the quarter to 13.02 percent from 17.13 percent in the last year period.
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