Loading...
•
Dec 31, 2022
MGP Ingredients Q4 2022 Earnings Report
Reported strong results with sales increasing and gross profit improving, despite a decrease in operating and net income due to a prior year insurance recovery.
Key Takeaways
MGP Ingredients reported strong fourth quarter and full year results for 2022. Fourth quarter sales increased 15% to $191.0 million, and gross profit increased 20% to $63.2 million. However, operating income and net income decreased due to a favorable insurance recovery recorded in the previous year. The company remains confident in the long-term sustainability of its business model.
Consolidated sales increased 15% to $191.0 million.
Gross profit increased 20% to $63.2 million, representing 33.1% of sales.
Operating income decreased 34% to $29.7 million due to a $16.3 million favorable insurance recovery in Q4 2021.
Net income decreased 29% to $22.5 million due to a $12.2 million tax-effected, favorable insurance recovery in Q4 2021.
Revenue by Segment
Forward Guidance
MGP is offering the following 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 $178 million to $183 million.
- Adjusted basic earnings per common share are forecasted to be in the $5.05 to $5.20 range.
- Basic weighted average shares outstanding expected to be approximately 22.2 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...