MGP Ingredients Reports Third Quarter 2019 Results
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MGP Ingredients (MGPI) Misses Q3 EPS by 16c, Revenues Miss; Offers FY19 EPS Mid-Point Guidance Above Consensus
October 31, 2019 8:01 AM EDTMGP Ingredients (NASDAQ: MGPI) reported Q3 EPS of $0.48, $0.16 worse than the analyst estimate of $0.64. Revenue for the quarter came in at $90.7 million versus the consensus estimate of $99.54 million.
2019 third quarter results compared to 2018 third quarter results
Consolidated sales decreased 4.6% to $90.7 million, reflecting a decline in the Distillery Products segment, which was partially offset by sales growth in the Ingredient Solutions segment.Consolidated gross profit decreased 4.1% to $18.8 million, due to declines in the Ingredient Solutions and Distillery Products segments.Consolidated operating income decreased 3.4% to $11.6 million.Earnings per share... More