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Sep 30, 2022
MGP Ingredients Q3 2022 Earnings Report
MGP Ingredients reported strong results, with sales increasing across all business segments and brown goods sales growth driving premium beverage alcohol sales.
Key Takeaways
MGP Ingredients reported a strong third quarter in 2022, with consolidated sales increasing by 14% to $201.2 million. The company saw record sales across all three business segments, driven by strong demand for new distillate and aged whiskey. While brown goods gross profit remained healthy, industrial alcohol and white goods gross profits were negatively impacted by increased commodity costs and excess supply.
Consolidated sales increased 14% to $201.2 million due to record third quarter sales across all three business segments.
Gross profit increased 3% to $59.1 million, representing 29.4% of sales.
Operating income increased 3% to $33.9 million.
Basic earnings per common share decreased to $1.07 per share from $1.08 per share.
Revenue by Segment
Forward Guidance
MGP is revising upward its previous consolidated guidance for fiscal 2022:
Positive Outlook
- Sales are projected to be in the range of $765 million to $780 million.
- Adjusted EBITDA is expected to be in the range of $162 million to $167 million.
- Adjusted basic earnings per common share are forecasted to be in the $4.62 to $4.80 range
- Basic weighted average shares outstanding expected to be approximately 22.0 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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