MGP Ingredients (MGPI) Tops Q1 EPS by 6c

MGP Ingredients (NASDAQ: MGPI) reported Q1 EPS of $0.50, $0.06 better than the analyst estimate of $0.44. Revenue for the quarter came in at $87.2 million versus the consensus estimate of $78.36 million.

• First quarter consolidated net sales increased 13.4% to $87.2 million as net sales of premium beverage alcohol significantly increased while net sales of industrial alcohol were flat.
• First quarter consolidated gross profit increased 11.7% to $19.0 million, reflecting stronger gross profit results in both the Distillery Products and Ingredient Solutions segments.
• Consolidated gross margin decreased 40 basis points to 21.8% for the first quarter, reflecting an 80 basis point decline in Distillery Products margins, partially offset by a 150 basis point expansion in Ingredient Solutions.
• First quarter operating income increased 6.2% to $11.4 million.
• Equity in joint venture earnings decreased from $517,000 to $471,000 in the first quarter.
• Net income increased 22.9% to $8.7 million for the first quarter.
• First quarter earnings per share, calculated on the two-tier method, increased 22.0% to $0.50 per share.

"Our first quarter results mark continued progress against our long term strategic plan," said Gus Griffin, president and CEO of MGP. "Revenues grew as volumes in premium beverage alcohol increased and gross profit improved in both our Distillery Products and Ingredient Solutions segments. We are off to a good start and are optimistic about the outlook for 2017."

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

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