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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, Inc. (Nasdaq: MGPI) announced that its Arise® wheat protein isolates received low FODMAP certification from Monash University. This certification is significant as it indicates the product's suitability for those with gastrointestinal issues like IBS, affecting millions globally. MGP aims to address consumer trends in digestive health with high-quality, certified ingredients. The Arise line, which was expanded in 2016, supports health-conscious formulations and is designed to enhance various food applications, contributing to MGP's product portfolio.
MGP Ingredients (Nasdaq: MGPI) announced a conference call/webcast to discuss Q4 and full year results on February 24, 2022, at 10 a.m. ET. Financial results will be released before the market opens that morning. CEO David Colo and CFO Brandon Gall will lead the discussion. The call will be accessible via a webcast or conference call, with replay options available post-event. MGP Ingredients is a prominent producer of distilled spirits and food ingredient solutions, with operations in multiple states and a diverse branded spirits portfolio.
MGP Ingredients, Inc. (Nasdaq: MGPI) has announced an upcoming analyst and investor day on November 18, 2021, at its Lux Row Distillery in Bardstown, Kentucky. This virtual event will feature management presentations focusing on the company's strategic business plan, starting at 9:00 a.m. ET and lasting about three hours. Investors can access a live video webcast on the Investor Relations site, where presentation slides will also be posted.
MGP Ingredients, Inc. (Nasdaq: MGPI) announced the pricing of $175 million in 1.875% convertible senior notes due in 2041. The private offering to institutional buyers is set to close on November 16, 2021. The notes will pay semi-annual interest starting May 2022 and offer an initial conversion rate of 10.3911 shares per $1,000 principal amount, equating to a conversion price of approximately $96.24. Proceeds are estimated at $169.3 million, intended to reduce the company's revolving credit facility.
MGP Ingredients, Inc. (Nasdaq: MGPI) plans to offer $175 million of convertible senior notes due 2041 to qualified institutional buyers. An additional $26.25 million may be available for over-allotments. The notes, which will accrue semi-annual interest, allow for conversion into cash and/or common stock. Proceeds will primarily reduce the revolving credit facility's outstanding balance. The offering is subject to market conditions and will not be registered under the Securities Act.
MGP Ingredients, Inc. (Nasdaq: MGPI) reported record third-quarter results with consolidated sales up 71.5% to $176.6 million and gross profit increasing 146.5% to $57.1 million. Operating income rose 140.9% to $32.9 million, and EPS jumped to $1.08. The strong performance was fueled by a 32.5% increase in premium beverage alcohol sales, particularly brown goods. The company announced an increased full-year 2021 guidance, projecting sales between $570 million and $615 million and adjusted EBITDA of $125 million to $135 million, signaling continued growth across its segments.
MGP Ingredients, Inc. (Nasdaq:MGPI) has declared a quarterly dividend of $0.12 per share, payable on December 3, 2021, to stockholders of record as of November 19, 2021. The company, a leader in distilled spirits and food ingredient solutions, continues to leverage its expertise to enhance product offerings across various segments. With a robust portfolio that includes premium spirits and ingredient solutions, MGP aims to meet growing consumer demands while maintaining a commitment to quality and innovation.
MGP Ingredients, Inc. (Nasdaq: MGPI), a leader in distilled spirits and food ingredient solutions, announced a conference call/webcast to discuss its third-quarter results on November 3, 2021, at 10 a.m. ET. The financial results will be released before the market opens that morning. On the call, management will include David Colo, president and CEO, and Brandon Gall, CFO. The event will be accessible via ir.mgpingredients.com and will be available for replay afterwards.
Luxco announces the arrival of George Remus Single Barrel selections at retailers in September, coinciding with National Bourbon Heritage Month. This marks the second year of the program, which allows retailers to choose from two unique mash bills distilled at MGP's historic distillery in Lawrenceburg, Indiana. The selections are offered at cask strength and come with customizable labels. MGP Master Blender David Whitmer highlights the significance of this program in celebrating the heritage of bourbon.
Lux Row Distillers and Ducks Unlimited have partnered to launch Daviess County Double Barrel Bourbon, a limited-edition bourbon featuring a unique flavor profile. This bourbon, finished in Missouri white-oak barrels, will retail for $49.99 per bottle, available from mid-September 2021. With a mashbill similar to existing Daviess County variants and a proof of 96, it's crafted by Master Distiller John Rempe. The partnership aims to appeal to outdoor enthusiasts and bourbon lovers, with DU members having exclusive access to sample and bid on this release at upcoming events.
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