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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 (Nasdaq: MGPI), a leading provider of branded and distilled spirits and food ingredient solutions, has announced a quarterly dividend of $0.12 per share of common stock. The dividend will be payable on August 30, 2024 to stockholders of record as of August 16, 2024. This declaration by the board of directors demonstrates the company's commitment to returning value to shareholders and may indicate confidence in its financial stability and future prospects.
Limestone Branch Distillery has unveiled its 2024 Yellowstone Bourbon Edition Kentucky Straight Bourbon Whiskey. This ninth annual release, crafted by Master Distiller Stephen Beam, features a unique blend of 7-year and 17-year aged bourbons, marking the distillery's first-ever double finish in French brandy and cognac casks. Bottled at 101 proof (50.5% ABV), the edition will be available in September with an allocation of 10,000 cases at a suggested price of $99.99 per 750mL bottle.
The 2024 expression boasts a rich amber color with aromas of pear, panela sugar, ripe apple, and leather. Its flavor profile includes American basswood honey, ripe stone fruits, citrus, caramel, and vanilla, culminating in a warm finish of honey, Bosc pear, butterscotch, and leather. The bourbon is presented in custom-designed bottles featuring embossing and a high-end natural cork.
MGP Ingredients (Nasdaq: MGPI), a leading provider of branded and distilled spirits and food ingredient solutions, has announced its plans to report second quarter 2024 financial results on Thursday, August 1, 2024. The company will release its financial results before the markets open, followed by a conference call at 10 a.m. ET. CEO and President David Bratcher and CFO Brandon Gall will lead the call to discuss the results.
Investors can access the live webcast through the company's Investor Relations website or dial in to listen to the call. A replay will be available on the website after the call concludes. This announcement sets the stage for MGP Ingredients to provide insights into its financial performance for the quarter ended June 30, 2024.
Remus Bourbon announces the release of Remus Babe Ruth Reserve, a collector's edition bourbon in collaboration with the Babe Ruth estate. This special release features a blend of three high-rye mash bills aged for six to seven years, offered at 111 proof (55.5% ABV). A total of 10,624 bottles, matching Babe Ruth's plate appearances, will be available from July at a suggested price of $149.99 per 750mL bottle. The bottle includes a QR code for fans to learn about Ruth's plate appearances. Remus is also hosting a sweepstakes for four winners to attend the 2024 All-Star Game in Arlington, Texas, and will hold launch parties during the event week.
MGP Ingredients has announced the appointment of David Colyott as Executive Vice President of Operations, effective July 2024. Colyott replaces Steve Glaser, who is retiring after a 13-year tenure. Colyott brings over 30 years of experience in supply chain operations and has held significant roles at Mars Petcare, Nestlé Waters, Ryder, and The Home Depot. He holds a Bachelor of Science in Marketing from Eastern Illinois University and has completed executive leadership programs at London School of Business, Nestlé, and Mars Petcare. MGP Ingredients' CEO, David Bratcher, expressed optimism about Colyott's leadership aligning with the company’s strategy of transitioning into a branded spirits company.
Lux Row Distillers announced the release of Rebel 10-Year Single Barrel Bourbon, aged for a decade and hand bottled at 100 proof. Priced at $99.99 for a 750mL bottle, this -edition bourbon features a unique flavor profile with vanilla, dark fruits, citrus, and oak, culminating in a smooth oak finish with a hint of spice. Each bottle is labeled with the barrel number and 'aged since' date. This release underscores Rebel Bourbon's commitment to quality and innovation, having recently won Double Platinum at the ASCOT Awards and Platinum - Best of Class at the SIP Awards. Additionally, Rebel Bourbon has become the official bourbon of Richard Childress Racing and offers two new barrel programs for retailers.
Ross & Squibb Distillery has unveiled enhancements to its Remus Bourbon and Rossville Rye Single Barrel programs for 2024. The historic Lawrenceburg, Indiana-based distillery offers unique kits for each brand with the option of private, guided tastings led by Master Distiller Ian Stirsman, either in-person or virtually.
The in-person experience includes a tour of the 175-year-old distillery, a private sampling, and is available by reservation only. The virtual tasting kits come in a natural wood case with three different mash bill samples, branded glassware, and detailed information about each offering.
These enhancements aim to provide a unique and personalized experience for whiskey enthusiasts.
MGP Ingredients has appointed Amit Sharma as Vice President of Investor Relations as of May 20, 2024. Sharma brings over 18 years of experience, previously serving in a similar role at Hostess Brands, where he enhanced investor engagement and drove shareholder value. In his new role, Sharma will lead MGP's investor relations strategy, aiming to improve communication with investors and stakeholders. CEO David Bratcher and CFO Brandon Gall both express confidence in Sharma’s capabilities to support the company's growth objectives. Sharma holds a Bachelor’s in Computer Science from Delhi University, an MBA from Baruch College, and is a CFA.
MGP Ingredients, Inc. (MGPI: Nasdaq) has appointed Paul Lux as Vice President of Sales for the Distilling Solutions segment, effective immediately. Lux, an industry veteran, brings extensive experience in beverage alcohol business to the role. He will work closely with Amel Pasagic, Chief Commercial Officer, to execute MGP's strategy for the segment.
MGP Ingredients reported its first-quarter results for 2024, with sales decreasing by 15% due to the closure of the Atchison distillery. Gross profit decreased by 10%, operating income by 30%, and net income by 34%. Adjusted EBITDA decreased by 17%, and EPS also declined. Despite these decreases, the company remains optimistic about its performance for the rest of the year.
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