MGP Ingredients reported a decrease in sales by 9% to $190.8 million due to the Atchison distillery closure, but excluding this impact, sales increased by 7%. Net income was largely flat at $32.0 million, while adjusted EBITDA increased by 7% to $57.5 million. The company reiterated its full year sales, adjusted EBITDA, and EPS guidance.
Sales decreased 9% to $190.8 million due to the Atchison distillery closure, but increased 7% excluding this impact.
Net income was largely flat at $32.0 million, with a net income margin increase of 150 basis points to 16.8%.
Adjusted EBITDA increased 7% to $57.5 million, with an adjusted EBITDA margin increase of 450 basis points to 30.2%.
Adjusted basic EPS increased 15% to $1.71 per share from $1.49 per share.
MGP is confirming the following consolidated guidance for fiscal 2024: 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, Adjusted basic earnings per common share are forecasted to be in the $6.12 to $6.23 range.
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