MGP Ingredients Q3 sales up 5% to $211.6M; CEO Colo to retire, Bratcher named successor

MGP INGREDIENTS INC

Q3 sales $211.6M (+5% YoY); gross profit $73.4M (+24%); adjusted diluted EPS $1.34 vs $1.06 YoY.
Full-year guidance raised: sales $815-835M, adjusted EBITDA $192-197M, adjusted basic EPS $5.50-5.65.
CEO David Colo to retire Dec 31, 2023; David Bratcher (COO) becomes CEO and President Jan 1, 2024.
Bratcher's base salary $625k, target STI 100%, LTI 170% of base; Colo to advise through April 2024.
Impairment/one-time costs of $18.3M from planned Atchison closure; contingent consideration $4.2M.

item 2.02 item 5.02 item 9.01

Executive movements

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Appointed

David S. Bratcher

Director

MGPI · MGP INGREDIENTS INC

Effective: 2024-01-01
Filed: November 2, 2023, 7:59 PM ET

The Company will seek to have Mr. Bratcher elected as a Class B director of the Company effective January 1, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MGP INGREDIENTS INC reported the third quarter ended September 30, 2023 results: revenue $211.6 million, net income $13.1 million, EPS $0.59 per share. Guidance raised.

Period: the third quarter ended September 30, 2023
Revenue: $211.6 million
Net income: $13.1 million
EPS: $0.59 per share
Guidance: raised
Result: reported results

Exact text from the filing

solutions, today reported results for the third quarter ended September 30, 2023. 2023 third quarter consolidated results compared to 2022 third quarter: • Sales increased 5% to $211.6 million. • Gross profit increased 24% to $73.4 million, representing 34.7% of sales. • Operating income decreased 41% to $19.8 million and net income decreased 45% to $13.1 million,

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

David S. Bratcher was elected as Director at MGP INGREDIENTS INC.

Action: elected
Role: Director

Exact text from the filing

The Company will seek to have Mr. Bratcher elected as a Class B director of the Company effective January 1, 2024.

View on SEC.gov

8 earnings releases filed in the last 30 days. Browse all earnings releases →

MGP INGREDIENTS INC filing history →

Source: SEC EDGAR

accession 0001628280-23-036200

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