MGP Ingredients Q1 sales up 3% to $201M; net income down 17% to $31M; reaffirms FY guidance

MGP INGREDIENTS INC

2023-Q1 EPS reported $1.39 revenue$201,010,000

Diluted EPS fell to $1.39 from $1.69 YoY; adjusted EBITDA down 15% to $47.1M.
Distilling Solutions segment sales up 2% but gross margin fell to 29.2% from 34.9%.
Ingredient Solutions sales up 10% to $30.9M; gross profit rose to 39.5% margin.
Brown goods sales grew 10% to record levels; distribution realigned with RNDC.
FY2023 guidance reaffirmed: sales $815-835M, adjusted EBITDA $178-183M, adj. EPS $5.05-5.20.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MGP INGREDIENTS INC reported first quarter ended March 31, 2023 results: revenue $201.0 million, net income $31.0 million, EPS $1.39 per share. Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $201.0 million
Net income: $31.0 million
EPS: $1.39 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

solutions, today reported results for the first quarter ended March 31, 2023. 2023 first quarter consolidated results compared to 2022 first quarter • Sales increased 3% to $201.0 million. • Gross profit decreased 3% to $69.8 million, representing 34.7% of sales. • Operating income decreased 17% to $41.6 million. • Net income decreased 17% to $31.0 million. •

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Source: SEC EDGAR

accession 0001628280-23-015449

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