MGP Ingredients (MGPI) Tops Q2 EPS by 68c In Record Quarter

MGP Ingredients (NASDAQ: MGPI) reported Q2 EPS of $1.27, $0.68 better than the analyst estimate of $0.59. Revenue for the quarter came in at $174.9 million versus the consensus estimate of $145.33 million.

“The record consolidated quarterly results reflect the progress our team has made toward executing our long-term strategic plan,” said David Colo, president and CEO of MGP Ingredients. “Sales of premium beverage alcohol increased 54.2%, primarily driven by brown goods sales growth of 72.8% from last year, which was due to both higher aged whiskey and new distillate sales. The American Whiskey category remains robust, and we continue to optimize our significant share and scale advantage to grow the business.

“Integration of our recently completed acquisition of Luxco remains on track, including achievement of the synergy expectations we shared earlier in the year”, continued Colo. “This additional platform is already improving our gross profit and cash flow generation profile and provides long term growth opportunities for the company. We also recently announced three key leadership changes, David Bratcher was elevated to Chief Operating Officer, Amel Pasagic was appointed Chief Information Officer and Erika Lapish joined as Vice President Human Resources. David, Amel and Erika are proven leaders and further strengthen our capability of executing our long-term strategies.”

GUIDANCE:

MGP Ingredients sees FY2021 EPS of $2.90-$3.00, versus the consensus of $2.89. MGP Ingredients sees FY2021 revenue of $570-580 million, versus the consensus of $559.8 million.

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

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