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MGP Ingredients Inc. (Nasdaq: MGPI) is a prominent U.S. supplier of premium distilled spirits and a leading producer of specialty wheat proteins and starches. Headquartered in Atchison, Kansas, the company has over 150 years of experience in the crafting of distilled spirits, including gin, vodka, bourbon, and rye whiskey. MGP's operations are diversified into three main segments: Distillery Solutions, Branded Spirits, and Ingredient Solutions.
The Distillery Solutions segment encompasses the production and sale of distillery co-products such as distillers feed, fuel-grade alcohol, and corn oil. This segment also offers warehouse services like barrel storage and retrieval. The majority of MGP's revenue is derived from this segment, driven by the rising demand for premium beverage alcohol.
The Branded Spirits segment focuses on premium and super-premium spirit brands. The company's portfolio includes renowned brands from Luxco, a leading producer merged with MGP in 2021. Luxco's brands span across four distilleries in the U.S. and internationally, offering products like bourbon, rye whiskey, tequila, and gin. This segment has seen significant growth, particularly in the premium plus price tier, contributing to the company's gross margin expansion.
The Ingredient Solutions segment provides specialty wheat proteins and starches that enhance the nutritional and sensory qualities of various food products. These non-GMO ingredients align with MGP's focus on improving food quality and sustainability. The segment has recorded robust sales growth, driven by the increasing demand for specialty wheat proteins and starches.
Recent developments include record-breaking financial results, with a 20% increase in full-year gross profit compared to the previous year. The company's focus on premiumization has led to a 39% sales increase in brown goods during the fourth quarter of 2023. Additionally, the Ingredient Solutions segment reported a 15% sales increase in the fourth quarter, highlighting the company's strong market presence.
MGP is also committed to social responsibility and innovation. The company actively monitors market trends and consumer preferences to stay ahead in the competitive landscape. With facilities in Kansas and Indiana, MGP continues to invest in infrastructure and technology to sustain its growth and deliver high-quality products to its customers.
For more information, visit mgpingredients.com.
Lux Row Distillers has unveiled the Blood Oath Trilogy – Second Edition, comprising limited-release bourbons, Pacts 4, 5, and 6. Limited to 1,400 sets, priced at $799, this collection will be available in late September 2021. Master Distiller John Rempe created the original Blood Oath bourbons in 2014, ensuring each Pact remains unique and unrepeated. The Trilogy highlights bourbons aged from 7 to 14 years, featuring distinctive flavor profiles. Lux Row, merged with MGP Ingredients (Nasdaq: MGPI), is known for its award-winning spirits portfolio.
Luxco has announced that customized bottles of Rossville Union Single Barrel rye whiskey are set to arrive at participating retailers this August for National Rye Month. Retailers previously selected their unique barrels from three mash bills during a virtual tasting event. Master Blender David Whitmer emphasized the program's success, catering to diverse consumer tastes. MGP, known as the 'Masters of Rye,' highlights its expertise through this unique offering, enhancing its portfolio of award-winning spirits, particularly from its historic distillery in Lawrenceburg, Indiana.
MGP Ingredients reported strong Q2 2021 results, achieving consolidated sales of $174.9 million, up 89% year-over-year, driven by record performance across all segments. Gross profit soared 174.5% to $56.8 million, while non-GAAP gross profit rose 186.7% to $59.4 million. Operating income increased 144% to $27.7 million. The company also experienced significant growth in premium beverage alcohol sales, up 54.2%. Full-year sales are projected between $570 million and $580 million.
MGP Ingredients, Inc. (Nasdaq:MGPI) has declared a quarterly dividend of $0.12 per share, payable on September 3, 2021, to stockholders of record as of August 20, 2021. This announcement reflects the company's ongoing commitment to returning value to shareholders.
MGP Ingredients is a prominent producer of distilled spirits and food ingredients, serving various markets from craft brands to multinational entities. The firm operates several U.S. distilleries and bottling facilities, ensuring extensive reach and quality in its offerings.
MGP Ingredients, Inc. (Nasdaq: MGPI) is set to hold a conference call/webcast on August 4, 2021, at 10 a.m. ET to discuss its second-quarter results for the period ending June 30, 2021. Financial results will be made available before the market opens that morning. David Colo, president and CEO, and Brandon Gall, CFO, will lead the call. Interested parties can access the call via webcast at ir.mgpingredients.com. A replay will be accessible post-call on the website.
MGP Ingredients (Nasdaq:MGPI) has appointed Amel Pasagic as Chief Information Officer to enhance its IT strategy following the acquisition of Luxco. Previously Vice President of IT at Luxco, Pasagic brings a decade of IT leadership experience. He will report to CEO Dave Colo and is expected to drive the company's IT initiatives, crucial for its growth post-acquisition. The acquisition of Luxco aims to expand MGP's branded spirits portfolio, enhancing market presence. MGP focuses on producing premium distilled spirits and ingredient solutions, backed by an extensive infrastructure across the U.S.
MGP Ingredients, Inc. (MGPI) has appointed David Bratcher as its new Chief Operating Officer. Previously, Bratcher served as President at Luxco, Inc., whose acquisition by MGP has been pivotal. He brings over 20 years of leadership experience from Luxco, playing a key role in its growth. His appointment aims to facilitate the integration of Luxco and bolster MGP's strategic initiatives, as noted by CEO Dave Colo. MGP specializes in distilled spirits and food ingredient solutions, with a diverse product portfolio and extensive operational infrastructure.
MGP Ingredients, Inc. (Nasdaq: MGPI) has appointed Erika Lapish as Vice President of Human Resources. With over 20 years in HR management, Lapish has experience in workforce integration due to business growth and mergers. MGP is focusing on growth following its recent acquisition of Luxco and shows ongoing strength in its Distilled Spirits and Ingredient Solutions segments. President and CEO Dave Colo emphasized the importance of talent in the company's success, marking Lapish's hire as significant during this pivotal time.
MGP Ingredients, Inc. (Nasdaq:MGPI) reported a strong Q1 2021 performance, with consolidated sales up 9.3% to $108.3 million, driven by a 31.1% increase in premium beverage alcohol sales. Operating income surged 49.6% to $20.5 million, while non-GAAP operating income rose 56.7% to $22.4 million. EPS increased to $0.90 from $0.57. The company has experienced temporary softness in its Ingredient Solutions segment due to natural gas curtailment but expects improved results in Q2. MGP also aims for 0% to 2% adjusted sales growth in fiscal 2021, excluding Luxco's integration.
MGP Ingredients, Inc. (Nasdaq:MGPI) has declared a quarterly dividend of $0.12 per share, payable on June 4, 2021, to stockholders of record as of May 21, 2021. This dividend reflects the company's ongoing commitment to returning value to shareholders amidst its operations in premium distilled spirits and specialty food ingredients. MGP operates multiple distilleries in the U.S. and offers a diverse range of well-known brands.
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