Loading...
•
Jun 30, 2023
MGP Ingredients Q2 2023 Earnings Report
MGP Ingredients reported record second quarter results, with increased sales and profitability.
Key Takeaways
MGP Ingredients reported a 7% increase in sales to $209.0 million and a 26% increase in net income. The company's performance was driven by strong demand for brown goods and the acquisition of Penelope Bourbon. The Ingredient Solutions business also generated record sales.
Consolidated sales increased 7% to a quarterly record of $209.0 million.
Net income and adjusted EBITDA increased 26% and 28%, respectively.
Sales of brown goods grew 30% from the prior year period.
Branded Spirits segment completed the acquisition of Penelope Bourbon in June, further strengthening portfolio of premium plus brands, which grew 29% in sales from the prior year period.
Revenue by Segment
Forward Guidance
MGP is offering the following revised consolidated guidance for fiscal 2023:
Positive Outlook
- Sales are projected to be in the range of $815 million to $835 million.
- Adjusted EBITDA is expected to be in the range of $187 million to $192 million.
- Adjusted basic EPS is forecasted to be in the $5.35 to $5.50 range.
- Basic weighted average shares outstanding expected to be approximately 22.1 million at year end.
- Projected sales growth indicates continued strong demand for MGP Ingredients' products.
Challenges Ahead
- The guidance is based on current market conditions and expectations, which are subject to change.
- Unforeseen events or circumstances could negatively impact the company's ability to achieve its projected results.
- Fluctuations in commodity prices or supply chain disruptions could affect profitability.
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...