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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.
Lux Row Distillers has launched Rebel 100 Straight Rye Whiskey, enhancing the Rebel brand portfolio. Set to retail at $19.99 per 750 ml bottle, the new whiskey features a mash bill of 51% rye, 45% corn, and 4% malt with 100 proof. Rebel 100 Rye promises a smooth, spicy flavor profile, echoing the success of its bourbon counterpart. Brand manager Eric Winter stated that this variant amplifies the taste experience, ideal for classic cocktails. Lux Row Distillers operates under MGP Ingredients, Inc. (NASDAQ: MGPI), showcasing an extensive range of award-winning spirits.
MGP Ingredients, Inc. (Nasdaq:MGPI) reported strong financial results for Q4 and the full year 2022, with consolidated sales rising 25% year-over-year to $782.4 million. Q4 sales grew 15% to $191 million, while gross profit increased 20% to $63.2 million. However, operating income fell 34% due to a prior favorable insurance recovery. Adjusted net income for 2022 reached $108.9 million, up 20%. The company projected 2023 sales between $815 million and $835 million, with adjusted EBITDA expectations of $178 million to $183 million. The growth reflects success in premium spirits and specialty ingredients.
MGP Ingredients, Inc. (Nasdaq: MGPI) declared a quarterly dividend of $0.12 per share, payable on March 24, 2023, to stockholders of record as of March 10, 2023. The company, a leading provider in distilled and branded spirits, has a strong presence in the U.S. with operations in multiple states, including Kentucky and Indiana. MGP caters to a diverse clientele, producing premium spirits and offering ingredient solutions. Their continued commitment to excellence is evident in their extensive product range and strategic growth initiatives.
MGP Ingredients, Inc. (Nasdaq: MGPI), a prominent producer of distilled spirits and food ingredient solutions, will hold a conference call/webcast on February 23, 2023, at 10 a.m. ET to discuss its fourth quarter and full year results ending December 31, 2022. Financial results are expected to be released before the market opens that same morning. Leadership on the call will feature CEO David Colo and CFO Brandon Gall. The event will be accessible via the company’s investor relations website and through a dedicated conference call line for domestic and international participants.
Daviess County Bourbon has partnered with Ducks Unlimited, launching a three-year collaboration starting January 2023. This partnership designates all Daviess County Bourbon variants as Proud Partner of Ducks Unlimited, the organization's highest partnership level. The branding will feature Ducks Unlimited logos on all labels and promotional materials, enhancing community engagement. Previous collaborations, such as the successful introduction of Daviess County Double Barrel Bourbon in 2021, set a positive precedent for this expanded partnership, expected to bolster brand visibility and sales.
MGP Ingredients, Inc. (Nasdaq: MGPI) is supporting the 'We Don't Serve Teens' campaign aimed at preventing underage drinking in the U.S. Launched on Nov. 15, 2022, the initiative promotes community awareness regarding alcohol access for teens. Using social media and point-of-sale materials, the campaign emphasizes the role of parents and retailers. Notably, a December 2021 survey indicated that 77% of high school seniors find alcohol easily accessible. MGP's participation showcases its commitment to corporate responsibility and safe alcohol consumption.
MGP Ingredients, Inc. reported a 14% increase in consolidated sales, reaching $201.2 million for Q3 2022, driven by growth across all business segments. Gross profit rose 3% to $59.1 million with an operating income increase of 3%. However, net income slightly decreased to $23.6 million, and basic earnings per share fell to $1.07. The company revised its 2022 sales guidance up to $765 million-$780 million. Strong demand for premium spirits and plant-based food ingredients contributed positively, despite challenges in industrial alcohol profits.
MGP Ingredients, Inc. (Nasdaq: MGPI) announced a quarterly dividend of $0.12 per share on November 3, 2022. This dividend will be payable on December 2, 2022, to shareholders on record as of November 18, 2022. MGP Ingredients is a key player in the distilled spirits and food ingredient markets, known for its diverse portfolio that includes bourbon, rye whiskeys, vodka, and specialty food ingredients. The company continues to leverage its extensive distillation expertise and infrastructure across several states, focusing on quality and innovation to meet market demands.
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