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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.
MGP Ingredients, Inc. (Nasdaq:MGPI) will discuss its first-quarter 2021 financial results on a conference call/webcast scheduled for May 5, 2021, at 10 a.m. ET. Financial results will be released pre-market on the same day. President and CEO David Colo, along with CFO Brandon Gall, will lead the discussion. The conference call will be accessible via a dedicated phone line and webcast on the company's investor relations website.
The newly launched Vita Frute Vodka Soda features a Blood Orange flavor, along with a 12-pack mix that includes Lime Basil, Pineapple Coconut, and Grapefruit. This product aims to meet the rising demand for hard seltzer beverages, which grew by 136% in 2020. Priced competitively, these beverages are 5% ABV, 100 calories, and gluten-free, targeting health-conscious consumers. The new flavors will be available nationwide this month, providing further opportunities for Luxco and its merged counterpart, MGP Ingredients (Nasdaq: MGPI).
MGP Ingredients, Inc. (MGPI) has completed its acquisition of Luxco, Inc. effective April 1, 2021. This strategic move significantly boosts MGP's scale in the branded spirits sector and diversifies its portfolio. The acquisition is expected to enhance MGP's gross margin and cash flow, with management projecting a low to middle single-digit percentage accretion in EPS in the first full year, excluding one-time expenses. CEO David Colo emphasized the potential for sustainable growth through operational optimization and synergy realization.
MGP Ingredients (Nasdaq:MGPI) reported strong financial results for 2020, with consolidated sales up 9.0% to $395.5 million. The fourth quarter saw a 9.1% increase in sales to $100.9 million, driven by premium beverage alcohol and Ingredient Solutions segments. Gross profit for the year rose 29.1% to $98.8 million. Adjusted operating income increased 20.9% to $57.1 million, despite a decrease in EPS to $2.37. However, ongoing pandemic uncertainties prevent the company from providing 2021 guidance.
MGP Ingredients, Inc. (Nasdaq: MGPI) has declared a quarterly dividend of $0.12 per share of common stock, payable on March 26, 2021, to stockholders of record by March 12, 2021. The announcement reflects the company's ongoing commitment to returning value to its shareholders. MGP, known for its premium distilled spirits and specialty wheat proteins, continues to navigate the evolving economic landscape while managing potential risks associated with its acquisition of Luxco.
MGP has appointed Tony Kavanagh as their new Export Sales Manager based in London, enhancing their international sales strategy in the spirits market. Kavanagh has nearly 30 years of experience, having held senior roles in renowned companies like Beam Suntory and Cooley Distillery. His expertise in European markets and knowledge of consumer preferences will strengthen MGP's collaborative distilling efforts. Established in 1941, MGP is a significant supplier of distilled spirits and specialty wheat proteins, with operations in multiple locations, including Kansas and Indiana.
MGP (Nasdaq: MGPI) has announced its plans to expand the distribution of Green Hat Gin, the first licensed distillery in Washington, D.C. since Prohibition. Scheduled for rollout in the first half of 2021, the gin is available in four styles: Original Batch, Navy Strength, Citrus Floral, and Summer Cup Cordial, with prices ranging from $29.99 to $32.99 per 750-ml bottle. MGP aims to enhance its brand presence, with promising feedback from distribution partners. Green Hat Gin, acquired in March 2020, is inspired by the bootlegger George Cassiday.
MGP Ingredients, Inc. (Nasdaq:MGPI) will hold a conference call/webcast on February 25, 2021, at 10 a.m. ET to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The company plans to release its financial results before the market opens that day. Key management figures, David Colo (CEO) and Brandon Gall (CFO), will participate in the call. A replay will be available on the MGP Ingredients website after the call concludes, providing insights into the company’s performance.
MGP (Nasdaq: MGPI) has announced a partnership with RNDC to enhance the distribution of its spirits brands in Colorado. This collaboration aims to boost sales and brand recognition for MGP’s portfolio, which includes TILL American Wheat Vodka, George Remus Straight Bourbon Whiskey, and Green Hat Gin. MGP's premium spirits are crafted in Atchison, Kansas, with operations also in Indiana and Washington, D.C. The partnership reflects MGP's commitment to quality and market expansion, particularly for Green Hat Gin, which will be available in additional markets throughout 2021.
MGP (Nasdaq: MGPI) has formed a partnership with Standard Beverage to enhance the growth of its proprietary spirits brands in Kansas. The collaboration aims to bolster brand recognition and business impact amidst challenging times for the local hospitality sector. MGP distills a diverse range of spirits, including TILL American Wheat Vodka and George Remus Straight Bourbon Whiskey, which will now be represented fully by Standard Beverage. The partnership signifies MGP's commitment to the Kansas market and its expansion strategy for various premium spirits, including the recently acquired Green Hat Gin.
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