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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 hold a conference call/webcast on October 29, 2020, at 10 a.m. ET to discuss its third-quarter results for the period ending September 30, 2020. Financial results are expected to be released before market opening on the same day. Participants will include CEO David Colo and CFO Brandon Gall. The event can be accessed through a dedicated webcast link or via a conference call. A replay will also be available on the company's website after the event.
New Columbia Distillers, a subsidiary of MGP Brands, has been recognized by USA Today as one of the Top 10 Best Craft Gin Distilleries in the U.S., ranking fifth overall. This distinction highlights the quality of their flagship product, Green Hat Gin, known for its unique botanical blend. Acquired by MGP Brands in March 2020, New Columbia Distillers operates in an historic Washington, D.C. warehouse and offers a tasting room and gin garden. MGP, which trades under the ticker MGPI, is a leading supplier of premium distilled spirits and specialty food products.
MGP Ingredients (Nasdaq: MGPI) has appointed Sarah Corwin, PhD, RD, as Principal Scientist. Corwin, a Purdue University PhD graduate, specializes in slow-digesting carbohydrates, aligning with MGP's focus on dietary fiber research. Her role includes developing new products based on resistant starch and plant-based proteins. Corwin has a strong background in food science, having led competitive product development teams and contributed to various professional organizations.
MGP Ingredients, Inc. (Nasdaq: MGPI) has been awarded the 2019 Pinnacle Award by Union Pacific Railroad, recognizing its commitment to safe transportation of chemical products. MGP was one of 69 recipients of this award, which celebrates companies adhering to strict release prevention protocols, corrective action plans, and achieving zero non-accident releases of hazardous materials. This marks MGP's second consecutive year receiving the Pinnacle Award, highlighting its dedication to safety throughout its operations.
MGP has launched its first Single Barrel release of George Remus Bourbon, offered at cask strength in two distinct mash bills. Early 2020 saw participating retailers collaborate with the distillery to select their preferred barrels. The program's debut has exceeded expectations, highlighting strong demand. Available through select retailers, this offering emphasizes MGP's expertise in high-rye bourbon production. Additionally, the company introduced Rossville Union Single Barrel Straight Rye Whiskey in August 2020, underscoring its commitment to quality and exclusivity in the premium spirits market.
MGP Ingredients, Inc. (Nasdaq: MGPI) has appointed Yvette Hirang as its new Culinary Chef, focusing on the growing plant-based food trend. Hirang will be pivotal in developing ProTerra textured wheat and pea proteins, enhancing the company’s food service initiatives. Her diverse background covers culinary arts, sales, and strategic management, which will support MGP's collaboration with product developers. Previously a consultant with Reinhart Foodservice, she holds an AAS in Culinary Arts and degrees in communications and management technology.
MGP Ingredients (Nasdaq: MGPI) has appointed Jeffrey Ruger as Vice President of Information Technology, a newly created role. Ruger brings over 20 years of IT experience, previously serving as CIO for Fortune 500 companies, where he developed global business strategies. His responsibilities will include leading technological strategy development and administering an ERP system. CFO Brandon Gall emphasized the importance of robust technological infrastructure for business growth. Ruger has prior experience with WIRECO Group and Jarden Corp, where he managed significant IT initiatives and integrations.
MGP Ingredients (Nasdaq: MGPI) has elected Lori L.S. Mingus to its Board of Directors effective June 30, 2020. Mingus, owner of Torpa Design Co., brings extensive experience in graphic design and community involvement as part of the founding Cray family. CEO Dave Colo emphasized her valuable industry knowledge. The company, established in 1941, is known for premium distilled spirits and specialty wheat products, with operations in Atchison, Kansas, and other locations.
MGP (Nasdaq: MGPI) has launched its first Single Barrel release of Rossville Union Rye whiskey, a bottled-in-bond specialty product offered at $49.99 for 750-ml. The program invites select retailers to choose their preferred mash bills, resulting in a personalized offering. Demand has surpassed expectations in its inaugural year, according to Andrew Mansinne, VP of Brands. This launch coincides with National Rye Month and emphasizes MGP's position as a leading rye whiskey distiller.
MGP Ingredients, Inc. (Nasdaq:MGPI) reported a 2.3% increase in consolidated sales for Q2 2020, totaling $92.6 million. This was driven by a 5.4% rise in the Ingredient Solutions segment, despite a 1.6% increase in the Distillery Products segment. Gross profit surged 6.0% to $20.7 million. A cyberattack affected production but operations have resumed. Non-GAAP EPS rose to $0.54, up from $0.46. The company remains optimistic about demand for aged whiskey and industrial alcohol, indicating resilience amid COVID-19 challenges.
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