Business
MGP Ingredients Reports Fourth Quarter and Full Year 2019 Results
ATCHISON, Kan., Feb. 26, 2020 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading supplier of premium distilled spirits and specialty wheat
About this update from Mgp Ingredients, Inc.
[{"type":"text","content":"ATCHISON, Kan., Feb. 26, 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 fourth quarter and full year ended December 31, 2019.\n 2019 fourth quarter results compared to 2018 fourth quarter results Consolidated sales decreased 11.8% to $92.5 million, as a result of a decline in Distillery Products segment sales, which was partially offset by an increase in Ingredient Solutions segment sales.Consolidated gross profit decreased 15.8% to $21.6 million, due to lower Distillery Products segment gross profits, partially offset by an increase in Ingredients Solutions segment gross profits.Consolidated operating income decreased 2.2% to $16.3 million, due to lower sales and gross profit, partially offset by lower incentive compensation expense.Earnings per share (\"EPS\") increased to $0.76 per share from $0.69 per share, due to lower income tax expense, partially offset by lower operating income. 2019 full year results compared to 2018 full year results Consolidated sales decreased 3.5% to $362.7 million, as a result of a decline in Distillery Products segment sales, partially offset by Ingredient Solutions segment sales growth.Consolidated gross profit decreased 8.5% to $76.5 million, due to lower Distillery Products and Ingredients Solutions segment gross profits.Consolidated operating income decreased 5.8% to $47.2 million, due to lower sales and gross profit, partially offset by reductions in incentive compensation expense.EPS was $2.27 per share compared to $2.17 per share in 2018, due to lower income tax expense, partially offset by lower operating income. “We are certainly disappointed in our results, both for the quarter and the year; however, we do not believe these results reflect significant changes in key consumer trends affecting the categories in which we compete, or significant changes in our competitive position within those categories,” said Gus Griffin, president and CEO of MGP Ingredients. “While we remain very confident about the long-term potential of our business, we also realize that we must continually refine the effectiveness of our tactical execution and the pace of our strategic implementation. We believe we have learnings from this year that will help us in both these areas.”...