Source: Vector Group.

Mini-conglomerate Vector Group (NYSE:VGR)  reported results for the first quarter of 2014 this morning. Vector recently raised its ownership of real estate operator Douglas Elliman Realty from 50% to 70.6%, moving that business from an equity investment to a part of regular operations. This reclassification boosted the Miami-based company's total revenues by 45% in the first quarter, and merits a non-GAAP analysis for oranges-to-oranges comparisons from one year to another.

Treating Douglas Elliman as an integrated business for both 2013 and 2014 yields adjusted revenue growth of 9%, landing at $349 million.

Sixty-seven percent of total sales came from Vector's low-budget tobacco brands. Real estate operations accounted for 31.5% of revenue, and the 1.5% remainder stemmed from sales of Zoom e-cigarettes. On its own, the real estate group saw sales grow 37% from the year-ago period.

Unit sales of tobacco products fell 6% year-over-year. The decline was offset by higher sale prices, and the segment reported a 3% revenue drop.

Non-GAAP earnings rose from $0.12 to $0.15 per diluted share.

Following the report, Vector Group shares opened 2.8% lower. At current prices, the stock has climbed 28% higher over the last 6 months.

Anders Bylund has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days.

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