MGP Ingredients Q2 2022 sales up 11% to $195M; net income up 26%; raises FY guidance

MGP INGREDIENTS INC

2022-Q2 EPS reported $2.84 revenue$390,217,000

Sales $195.0M (+11% YoY); operating income $35.3M (+28%); net income $25.4M (+26%).
Diluted EPS $1.15 vs $0.91 prior year; adjusted EPS $1.15 vs $1.27 (down 10%).
Distilling Solutions sales +19% to $107.1M; brown goods +29% YoY.
Full-year FY2022 guidance raised: sales $745-765M; adjusted EBITDA $156-163M; basic adj. EPS $4.41-4.65.
Ingredient Solutions record sales $29.3M (+21%); gross margin improved to 29.0%.

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