Welcome to our dedicated page for MGP Ingredients news (Ticker: MGPI), a resource for investors and traders seeking the latest updates and insights on MGP Ingredients stock.
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 has announced Matt Krusemark as the new Vice President of Sales for the Distilling Solutions segment, effective January 1, 2023. He succeeds David Dykstra, who retires after 30 years with the company. Krusemark, a veteran with MGP since 2005, has extensive experience in the alcohol business, having risen through various roles. CEO Dave Colo expressed confidence in Krusemark's ability to lead sales in the company’s most profitable segment. MGP, a major player in the production of distilled spirits and food ingredient solutions, operates several distilleries across the U.S.
MGP Ingredients has appointed Terri Roberts as its first Foodservice Sales Director, focusing on expanding the sales of Proterra® Crumbles to the college and university foodservice market. With over 15 years of food sales experience, Roberts brings a strong background in account growth and contract negotiations from her previous roles. This strategic move is aimed at developing new sales channels for MGP's plant-based products.
MGP Ingredients, Inc. (MGPI) has launched Proterra® Crumbles, a line of chef-seasoned plant-based protein developed for foodservice, addressing the growing consumer demand for flavorful plant-based options. Ready in minutes, these pea protein crumbles come in global-inspired flavors like Zesty Chimichurri and Savory Barbacoa. They are Non-GMO, Kosher, and Halal certified, with a 12-month shelf life, minimizing waste for operators. The product is aimed at college cafeterias, capitalizing on Gen Z's preference for meatless meals.
MGP Ingredients (MGPI) has appointed attorney Curtis Landherr as Chief Legal Officer, effective October 17, 2022. Landherr brings over 25 years of legal experience from various industries, including previous roles as Senior VP and General Counsel at Cirrus Aircraft and General Counsel for North American subsidiaries of CSM. His expertise covers litigation management, intellectual property, and M&A. CEO David Colo highlighted Landherr's arrival during a period of significant growth and impending investments in acquisitions and organic growth.
MGP Ingredients, Inc. (Nasdaq: MGPI) has announced its participation in one-on-one investor meetings and a fireside chat at the Wells Fargo Consumer Conference on September 21, 2022, at 1:40 p.m. ET. Key executives, including president and CEO David Colo, COO David Bratcher, and CFO Brandon Gall, will lead the discussions. Live sessions and replays will be available on MGP’s investor relations website for 30 days. MGP Ingredients is recognized for producing premium distilled spirits and providing innovative food ingredient solutions across various markets.
MGP Ingredients reported a solid second quarter on August 4, 2022, with consolidated sales rising 11% to $195 million, driven by robust demand in Distilling and Ingredient Solutions segments. Operating income jumped 28% to $35.3 million, while net income increased 26% to $25.4 million. However, gross profit saw a slight decrease, and adjusted figures showed mixed results. The company revised its 2022 sales guidance upward to between $745 million and $765 million. Strong performance in premium beverage alcohol sales and strategic marketing investments were key highlights.
MGP Ingredients (Nasdaq: MGPI) has declared a quarterly dividend of $0.12 per share. This dividend is payable on September 2, 2022, to stockholders of record as of August 19, 2022. MGP Ingredients is a major provider of distilled spirits and food ingredient solutions, with a wide range of brands in its portfolio, including bourbon, rye, gins, and vodkas. The company operates U.S. distilleries in multiple states and offers specialty proteins and starches for food products.
MGP Ingredients, Inc. (Nasdaq:MGPI) has announced a conference call/webcast to discuss its second-quarter financial results for 2022 on August 4 at 10 a.m. ET. The company will release its results before the market opens. Key management, including CEO David Colo and CFO Brandon Gall, will participate in the call. Investors can access the call via the company's investor relations website or through provided phone numbers. MGP is a prominent provider of distilled spirits and food ingredient solutions, with a rich portfolio and extensive operations across the U.S.
MGP Ingredients, Inc. (Nasdaq: MGPI) has appointed Sean Wirtz as the new Director of Business Development and Integration, a role aimed at enhancing M&A activity and organic growth initiatives. Wirtz previously served at KPMG LLP, providing strategic accounting and advisory services. The company plans to leverage Wirtz's expertise to identify and integrate opportunities aligned with its strategic goals, particularly in branded spirits and plant-based proteins. This strategic move is expected to optimize value for stakeholders while enhancing operational efficiencies.
Luxco announces the launch of El Mayor Extra Añejo Port Cask Aged, a limited-edition ultra-premium tequila, set to be available nationwide in July 2022. This exceptional tequila, distilled from 100% Blue Weber agave and aged for 42 months in port casks, features notes of dried fruit, oak, cinnamon, and dark chocolate. Only 6,000 bottles will be offered at a suggested retail price of $129.99 per 750-ml bottle. Chef Graciela González highlights its full-bodied profile and unique flavor, while brand manager Chelsi Hofmeister emphasizes the growing demand for ultra-premium tequila.
FAQ
What is the current stock price of MGP Ingredients (MGPI)?
What is the market cap of MGP Ingredients (MGPI)?
What does MGP Ingredients Inc. specialize in?
Where is MGP Ingredients Inc. headquartered?
What are the main business segments of MGP Ingredients Inc.?
Which segment contributes the most to MGP’s revenue?
What types of spirits does MGP produce?
What are some of the well-known brands under MGP’s Branded Spirits segment?
How has MGP performed financially in recent years?
What is unique about MGP’s Ingredient Solutions?
What are MGP's recent achievements?
Where can I find more information about MGP Ingredients Inc.?
