---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-019788"
form_type: "8-K"
ticker: "MGPI"
cik: "0000835011"
company_name: "MGP INGREDIENTS INC"
filed_at: "2024-05-02T23:59:59+00:00"
generated_at: "2026-06-03T01:18:19.848286+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-24-019788
- form_type: 8-K
- ticker: MGPI
- cik: 0000835011
- company_name: MGP INGREDIENTS INC
- filed_at: 2024-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/835011/000162828024019788/0001628280-24-019788-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/835011/000162828024019788/mgpi-20240502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-019788
- JSON: https://secwatch.observer/filing/0001628280-24-019788.json
- Plain text: https://secwatch.observer/filing/0001628280-24-019788.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/835011/000162828024019788/0001628280-24-019788-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.