Business
MGP Ingredients Reports First Quarter 2020 Results
Premium Beverage Brown Goods Sales Increased 17.1% ATCHISON, Kan., April 30, 2020 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading supplier
About this update from Mgp Ingredients, Inc.
[{"type":"text","content":"Premium Beverage Brown Goods Sales Increased 17.1%\nATCHISON, Kan., April 30, 2020 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today reported results for the first quarter ended March 31, 2020.\n 2020 first quarter results compared to 2019 first quarter results Consolidated sales increased 11.2% to $99.1 million, reflecting a 7.3% increase in the Distillery Products segment and a 31.4% increase in the Ingredient Solutions segment.Consolidated gross profit increased 39.3% to $23.2 million, due to increased gross profit in both the Distillery Products and Ingredient Solutions segments.Consolidated operating income increased 61.0% to $13.7 million due to increased gross profit in both the Distillery Products and Ingredient Solutions segments, partially offset by increased corporate selling, general and administrative expenses.Non-GAAP operating income increased 67.9% to $14.3 million, exclusive of CEO transition costs.Earnings per share (\"EPS\") was $0.57 per share for both the first quarter of 2020 and 2019. EPS was affected by improved operating results, partially offset by a prior year period tax benefit resulting from vested share-based awards.Non-GAAP EPS increased to $0.61 per share from $0.57 per share, exclusive of CEO transition costs. “We are very pleased with our results this quarter, which reflect strong customer demand in both business segments and improved effectiveness in our tactical execution,” said Gus Griffin, CEO of MGP Ingredients. “As the COVID-19 pandemic continues to create a period of uncertainty and potential challenges, we remain committed to responding to these challenges while ensuring the safety and well-being of our employees.” Distillery Products Segment - Premium Beverage Brown Goods Growth of 17.1%In the first quarter of 2020, sales for the Distillery Products segment increased 7.3% to $80.0 million, primarily driven by a 17.1% increase in sales of brown goods within premium beverage alcohol, reflecting growth of new distillate and aged brown goods sales. Sales of industrial alcohol experienced a 5.7% increase from the prior year period. Gross profit increased to $18.2 million or 22.8% of segment sales, compared to $15.2 million, or 20.4% of segment sales in the first quarter 2019. “The improved...