MGP Ingredients (NASDAQ: MGPI) reported Q1 EPS of $0.52, in-line with the analyst estimate of $0.52. Revenue for the quarter came in at $88 million versus the consensus estimate of $91.72 million.

“We continue to be very pleased with our progress against all parts of our strategic plan, and see no change in the macro consumer trends that are powering our growth. Our results this period reflect quarterly volatility resulting from changes in customer order timing for premium beverage alcohol,” said Gus Griffin, president and CEO of MGP Ingredients. “Since the initial implementation of our strategic plan in early 2015, this is the first time we have experienced a quarterly decline, either versus prior year quarter or sequential quarter, in sales of premium beverage alcohol. Despite that, this quarter was still a very strong period for sales of premium beverage alcohol, our third highest in recent history. Based on that, we are reconfirming our guidance for the full year.”

2018 and Long-Term GuidanceMGP is confirming the following guidance for fiscal 2018 and beyond:

• Operating income is expected to grow between 10% and 15% for fiscal year 2018.
• The Company’s conservative estimate of growth in operating income in 2019 is 15% to 20% as sales of aged whiskey inventory become a more significant factor.
• 2018 net sales growth is projected in the high single-digit percentage range versus 2017, subject to some volatility as the Company continues to shift sales from industrial to premium beverage alcohol.
• 2018 gross margins are expected to continue to grow modestly versus 2017.
• 2018 effective tax rate is forecast to be 25%, and shares outstanding are expected to be approximately 16.9 million at year end.

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