MGP Ingredients (MGPI) Tops Q1 EPS by 43c, Announces FY Guidance

MGP Ingredients (NASDAQ: MGPI) reported Q1 EPS of $1.01, $0.43 better than the analyst estimate of $0.58. Revenue for the quarter came in at $108.3 million versus the consensus estimate of $97.77 million.

GUIDANCE:

MGP Ingredients sees FY2021 EPS of $2.05-$2.15, versus the consensus of $2.66.

MGP is offering the following guidance for fiscal 2021, excluding Luxco's financial results and acquisition related costs:

• 2021 adjusted sales growth is projected in the 0% to 2% range versus 2020.
• The Company’s estimate of growth in adjusted operating income in 2021 is 7% to 12%.
• Adjusted earnings per share are forecasted to be in the $2.05 to $2.15 range, with shares outstanding expected to be approximately 22.0 million at year end.

Adjusted sales growth reflects reduced sales of third-party industrial alcohol and reduced average selling prices resulting from selling wet versus dried distillers grains by-products. Full year adjusted earnings per share guidance includes the impact of the 5.0 million shares issued in connection with the Luxco acquisition, while the first quarter earnings per share results were calculated based on 17.0 million shares outstanding prior to the transaction's close.

The Company anticipates providing 2021 consolidated guidance inclusive of Luxco as part of the second quarter earnings announcement, at which point MGP will have completed the finance and accounting requirements associated with the transaction.

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

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