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WoW>Vector Group 1Q profit up 62 percent
Vector Group says 1Q profit rose 62 percent, with revenue up 17 percent

May 5, 2011, 5:27 pm EDT

MIAMI (AP) -- Discount cigarette maker Vector Group Ltd. said on Thursday that its first-quarter profit jumped more than 62 percent, boosted by several one-time gains.

The company earned $19.4 million, or 25 cents per share, for the quarter that ended March 31. That was up from $11.9 million, or 14 cents per share, during the same period last year.

Revenue rose 17.2 percent to $260.4 million, from $222.1 million.

The company said its operating income rose by $500,000 to $31.5 million.

Vector makes cigarettes sold under the Ligett Select, Grand Prix, Eve, Pyramid, and USA names, as well as under partner and private label brands.

Its shares rose 22 cents to $18.25 in extended trading following the release of the earnings report.