MGP Ingredients preliminary Q3 sales down 24%, cuts full-year guidance significantly

MGP INGREDIENTS INC

2024-Q3 EPS reported $3.43 revenue$522,829,000

Preliminary Q3 sales $161.5M, -24% YoY; net income $23.9M (+82%) but adjusted EPS down 5% to $1.29.
Distilling Solutions segment sales -36%; Branded Spirits -6% (premium plus +1%); Ingredient Solutions -18%.
FY 2024 guidance cut: sales $695-705M (prev $742-756M), adj EBITDA $196-200M (prev $218-222M), adj EPS $5.55-5.65 (prev $6.12-6.23).
CEO cites soft spirits trends and elevated whiskey inventories pressuring brown goods, especially craft customers, through year-end.

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