Loading...
•
Mar 31, 2024
MGP Ingredients Q1 2024 Earnings Report
MGP Ingredients reported first quarter 2024 results, aligning with expectations and reiterating annual guidance.
Key Takeaways
MGP Ingredients reported a decrease in sales by 15% to $170.6 million due to the Atchison distillery closure, but consolidated sales were in line with the prior year period excluding the impact of the closure. The company saw a decrease in net income by 34% to $20.6 million, and a decrease in EPS to $0.92 per share from $1.40 per share.
Sales decreased 15% to $170.6 million due to the Atchison distillery closure.
Gross profit decreased 10% to $62.8 million, representing 36.8% of sales.
Net income decreased 34% to $20.6 million.
Premium plus portfolio sales grew 12% year over year within the Branded Spirits segment.
Revenue by Segment
Forward Guidance
MGP is confirming the following consolidated guidance for fiscal 2024:
Positive Outlook
- Sales are projected to be in the range of $742 million to $756 million.
- Adjusted EBITDA is expected to be in the range of $218 million to $222 million, inclusive of the add back of share-based compensation expense.
- Adjusted basic earnings per common share are forecasted to be in the $6.12 to $6.23 range.
- Basic weighted average shares outstanding expected to be approximately 22.3 million at year end.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...