Why Vector Group Ltd (NYSE: VGR) stock is rising

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Vector Group Ltd (NYSE: VGR) stock rose 1% on September 13th, 2019 (As of 12:29 pm GMT-4; Source: Google finance) as the firm recently announced a project to build New Zealand’s largest solar array in the heart of Auckland’sNorth Shore, by floating it on top of the Rosedale wastewater treatment pond near the Northern Motorway. The project is funded and hosted by Watercare and delivered by Vector PowerSmart. First floating solar has confirmed for deployment in New Zealand. The project is located on Watercare’s Rosedale Wastewater Treatment Plant on Auckland’sNorth Shore. It is visible to road users heading north along State highway 1, which is adjacent to the site

First megawatt-scale solar system confirmed in NZ, which each year will generate enough electricity to power 200 average NZ homes for a year. More than 2700 solar panels (Vector Lights has 248) and 3000 floating pontoons. Largest solar project of any type so far confirmed in New Zealand and more than twice the size of the country’s current largest solar array. There will be reduction of 145 tonnes of CO2e each year, equivalent to the emissions from driving 66 cars in NZ.

Why Vector Group Ltd (NYSE: VGR) stock is rising

On the other hand, second quarter 2019 revenues were $538.4 million, compared to revenues of $481.5 million in the second quarter of 2018. The Company recorded operating income of $76.2 million in the second quarter of 2019, compared to operating income of $61.9 million in the second quarter of 2018. Net income attributed to Vector Group Ltd. for the second quarter of 2019 was $39.3 million, or $0.27 per diluted common share, compared to net income of $17.8 million, or $0.12 per diluted common share, in the second quarter of 2018. Second quarter of 2019 Adjusted EBITDA attributed to Vector Group were $83.5 million, compared to $67.5 million for the second quarter of 2018.

Moreover, Tobacco Adjusted Operating Income for the second quarter of 2019 and 2018 was $69.3 million and $60.2 million, respectively. For the second quarter of 2019, the Real Estate segment had revenues of $243.9 million, compared to $206.7 million for the second quarter of 2018. Further, Liggett’s retail market share increased to 4.2% for both the second quarter and the six months ended June 30, 2019, compared to 4.1% for both the second quarter and the six months ended June 30, 2018. Compared to the second quarter of 2018, Liggett’s retail shipments declined by 3.4% while the overall industry’s retail shipments declined by 6.1%.

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