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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, under master distiller John Rempe, announces the release of Blood Oath Pact 9 Kentucky Straight Bourbon Whiskey finished in Oloroso Sherry casks. This limited edition features a supply of 17,000 (3-pack) cases, launching at a suggested retail price of $129.99 per 750 ml bottle. The bourbon is crafted from a blend of extra-aged bourbons, including a 16-year and a 12-year ryed bourbon, along with a 7-year ryed bourbon. The Oloroso Sherry cask finish imparts unique flavors and aromas, including notes of sweet sherry, ripe fruits, and chocolate. A total of 51,000 bottles will be allocated, with some reserved for a future Trilogy Pack release in 2024.
MGP Ingredients, Inc. (Nasdaq:MGPI), a prominent player in distilled and branded spirits, has scheduled a conference call/webcast for May 4, 2023, at 10 a.m. ET to discuss its financial results for Q1 2023. The financial results will be released before the market opens that day. Key management participating in the call includes David Colo, president and CEO, and Brandon Gall, vice president of finance and CFO. Investors can access the call via a dedicated webcast or conference call numbers provided in the release. MGP Ingredients, established in 1941, operates distilleries in Kentucky, Indiana, and Kansas, producing a diverse range of spirits from bourbon to vodka. The company is also known for its food ingredient solutions, offering specialty proteins and starches for various applications. For more details, visit their investor relations website.
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