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Jun 30, 2024
MGP Ingredients Q2 2024 Earnings Report
MGP Ingredients reported strong Q2 performance, driven by premium plus branded spirits and brown goods sales, while reiterating full year guidance.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
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.
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.
- 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
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Avg. Return Before/After Earnings
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