MGP Ingredients Q3 sales down 24%; adjusted EPS $1.29 vs $1.36; plans to cut whiskey production, reaffirms guidance

MGP INGREDIENTS INC

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

Consolidated sales $161.5M, down 24% YoY; excluding Atchison distillery, down 14%.
Net income $23.9M (+82%); adjusted net income $28.8M (-5%); adjusted EPS $1.29 vs $1.36.
Distilling Solutions sales down 36% to $71.9M; Branded Spirits sales down 6% but gross profit up 12%.
Ingredient Solutions sales down 18% to $26.9M; gross profit margin fell to 17.6% from 33.8%.
Plans to lower net aging whiskey put away and scale down production in 2025; reaffirms FY2024 sales guidance $695-705M and adjusted EBITDA $196-200M.

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