MGP Ingredients (MGPI) Tops Q2 EPS by 24c

November 2, 2016 7:33 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

MGP Ingredients (NASDAQ: MGPI) reported Q2 EPS of $0.55, $0.24 better than the analyst estimate of $0.31. Revenue for the quarter came in at $79.9 million versus the consensus estimate of $84.48 million.

2016 and Long Term Guidance

MGP is providing revised guidance for 2016. The 2016 net sales percentage growth projection has been revised downward to reflect year-to-date sales declines. The anticipated effective tax rate has improved. The three-year operating income guidance is unchanged and excludes the favorable litigation settlement and asset sale gain.

  • Operating income is expected to increase by a compound annual growth rate in the ten to fifteen percent range through fiscal 2018.
  • 2016 net sales are expected to decline in the low-single digits on a percentage basis.
  • 2016 gross margin gains are expected to be moderate following strong 2015 improvement.
  • 2016 effective tax rate is forecast to be 31%, reflecting the adoption of ASU 2016-09, and shares outstanding are expected to be approximately 16.7 million at year end.
  • Due to challenging and volatile conditions in the fuel ethanol market, ICP's level of profitability is expected to be modest in 2016.

For earnings history and earnings-related data on MGP Ingredients (MGPI) click here.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Earnings, Guidance

Related Entities


Add Your Comment