MGP Ingredients Q1 net income down 34% to $20.6M; reaffirms FY2024 guidance

MGP INGREDIENTS INC

2024-Q1 EPS reported $0.92 revenue$170,563,000

Sales decreased 15% to $170.6M; gross profit down 10% to $62.8M.
Diluted EPS of $0.92 (adjusted $1.07) vs $1.39 prior year.
Branded Spirits premium plus portfolio grew 12% YoY; Ingredient Solutions record sales up 15%.
Distilling Solutions sales -25% to $84.9M; ex-Atchison distillery closure up 2%.
FY2024 guidance reaffirmed: sales $742-756M, adj. EBITDA $218-222M, adj. EPS $6.12-6.23.

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, 2024 results: revenue $170.6 million, net income $20.6 million, EPS $0.92 per share. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $170.6 million
Net income: $20.6 million
EPS: $0.92 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

the first quarter ended March 31, 2024. 2024 first quarter consolidated results compared to 2023 first quarter: • Due to the Atchison distillery closure, sales decreased 15% to $170.6 million. Excluding the impact of the Atchison distillery in both periods, consolidated sales were in line with the prior year period. • As expected, gross profit decreased 10% to $62.8

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Source: SEC EDGAR

accession 0001628280-24-019788

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