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 (Nasdaq:MGPI) reported a strong Q1 2022, with consolidated sales rising 80.2% to $195.2 million. Gross profit surged 122.4% to $71.8 million, representing 36.8% of sales. Operating income increased by 144.3% to $50.1 million, while net income jumped 142.2% to $37.4 million.
The Distilling Solutions segment saw a 25.8% sales increase, boosted by premium beverage alcohol demand. The company remains optimistic for 2022, projecting sales between $690 million and $715 million.
MGP Ingredients (Nasdaq:MGPI) reported impressive Q1 2022 results, with consolidated sales soaring by 80.2% to $195.2 million. This growth was fueled by a 37.7% increase in premium beverage alcohol sales and a substantial 144.3% rise in operating income to $50.1 million. Net income also climbed 142.2% to $37.4 million, while adjusted EBITDA surged 115.2% to $55.4 million. The company anticipates 2022 sales between $690 million and $715 million and adjusted EBITDA in the range of $150 million to $157 million.
MGP Ingredients, Inc. (Nasdaq: MGPI) has declared a quarterly dividend of $0.12 per share of common stock, payable on June 3, 2022. This dividend will benefit stockholders of record as of May 20, 2022. The company is known for its premium distilled spirits and food ingredient solutions, with a rich history dating back to 1941. MGP operates multiple distilleries across the U.S. and offers a diverse product range including whiskey and vodka. The announcement reflects the company's commitment to returning value to shareholders.
Luxco has launched Alias Straight Rye Whiskey, distilled at its Ross & Squibb Distillery in Lawrenceburg, Indiana. Bottled at 90 proof (45% ABV), it features a mash bill of 51% rye, 45% corn, and 4% barley malt, promising tasting notes of sweet fruit and rye spice. As rye whiskey enjoys increasing popularity, this product aims to capture a growing market. A write-in contest will be held, offering a six-day distiller course at Moonshine University as a prize. Luxco, merged with MGP Ingredients (MGPI) in 2021, manages numerous well-known brands.
MGP Ingredients, Inc. (Nasdaq: MGPI) announced a conference call/webcast to discuss its first-quarter financial results for the period ending March 31, 2022. The call is scheduled for May 5, 2022, at 10 a.m. ET, with results anticipated before the market opens. Presenters will include CEO David Colo and CFO Brandon Gall. The call can be accessed via webcast on their website or by conference call. MGP, a major player in distilled and branded spirits, also provides food ingredient solutions and operates multiple distilleries across the U.S.
Lux Row Distillers is set to release Blood Oath Pact 8, a Kentucky Straight Bourbon Whiskey finished in Calvados casks, this April. Limited to 17,000 cases, each 750 ml bottle is priced at $119.99. This unique bourbon features a blend of aged ryed bourbons, including 14-year and 11-year-old options, and promises distinct tasting notes of apples, pears, and butterscotch. The release includes 51,000 bottles, with 1,400 reserved for a future Trilogy Pack. Lux Row is part of MGP Ingredients, Inc. (NASDAQ: MGPI).
MGP Ingredients, Inc. (Nasdaq:MGPI) reported strong financial results for 2021, with consolidated sales up 58.5% year-over-year, totaling $626.7 million. The fourth-quarter sales rose 65.3% to $166.8 million. Gross profit for the full year increased 101.4% to $199.0 million. Operating income surged 133.0%, reaching $126.4 million. Fully diluted EPS improved to $4.34 from $2.37 in 2020. Looking ahead, MGP expects sales in 2022 to reach $690 million to $715 million and plans $33 million in expansion projects.
MGP Ingredients, Inc. (Nasdaq: MGPI) has declared a quarterly dividend of $0.12 per share, payable on March 25, 2022 to shareholders on record as of March 11, 2022. This demonstrates MGP's strong commitment to returning value to its shareholders. MGP is a prominent player in the distilled spirits and food ingredient sectors, operating multiple U.S. distilleries. The company's recent focus on integrating Luxco, Inc. aims to enhance operational efficiencies and product offerings.
MGP Ingredients (Nasdaq: MGPI) announced the construction of a new $16.7 million extrusion plant in Atchison, Kansas, to enhance in-house production of its ProTerra line of texturized proteins. Scheduled for completion by late 2023, the facility aims to produce up to 10 million pounds per year, addressing increasing demand and reducing reliance on co-packers. The plant's design is by 1 Solutions Group, which has partnered with MGP on previous projects. This investment is seen as a strategic move to gain more control over manufacturing and improve operational flexibility.
MGP Ingredients, Inc. (Nasdaq: MGPI) announced a $12 million expansion of its barrel warehouse to meet the rising demand for American whiskey. Located in Williamstown, Kentucky, this facility is set to enhance storage capacity and support sustainable growth. This is MGP's second major investment in distilled spirits recently, following a $4 million expansion of its Lux Row Distillers facility. Both projects aim to accommodate increased production, with expected completion by the end of 2022.
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.?
