Business
MGP Ingredients Reports Record Second Quarter 2023 Results
Consolidated sales increased 7% to a quarterly record of $209.0 million;Net income and adjusted EBITDA increased 26% and 28%, respectively ATCHISON, Kan.,
About this update from Mgp Ingredients, Inc.
[{"type":"text","content":"Consolidated sales increased 7% to a quarterly record of $209.0 million;Net income and adjusted EBITDA increased 26% and 28%, respectively ATCHISON, Kan., Aug. 03, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today reported results for the second quarter ended June 30, 2023. 2023 second quarter consolidated results compared to 2022 second quarter Sales increased 7% to $209.0 million.Gross profit increased 29% to $76.3 million, representing 36.5% of sales.Operating income increased 25% to $44.1 million. Adjusted operating income increased 29% to $45.6 million.Net income increased 26% to $32.0 million. Adjusted net income increased 31% to $33.1 million.Adjusted EBITDA increased 28% to $51.2 million.Basic and diluted earnings per common share (“EPS”) increased to $1.44 per share from $1.15 per share. Adjusted basic and diluted EPS increased to $1.49 per share from $1.15 per share. “We are very pleased with our continued momentum during the second quarter. Our strong performance underpins our long-term strategy and the value we bring to our global customer base,” said David Colo, president and CEO of MGP Ingredients. “Sales of brown goods grew 30% from the prior year period, driven by strong demand for our new distillate and aged whiskey. Within our Branded Spirits segment, we completed the acquisition of Penelope Bourbon in June, further strengthening our portfolio of premium plus brands, which grew 29% in sales from the prior year period. We expect our continued investment in premium plus spirits brands to position us well for incremental growth and margin expansion opportunities in the future. Our Ingredient Solutions business generated record sales during the quarter, which continued to benefit from the shift in consumer behavior toward plant-based diets. We believe our strong performance underscores the strength of our business model, and we remain committed to executing against our strategy to create further shareholder value.” Distilling SolutionsIn the second quarter 2023, sales for the Distilling Solutions segment increased 9% to $116.9 million year- over-year, reflecting a 22% increase in sales of premium beverage alcohol, due to higher brown goods sales. Gross profit increased to $38.7 million or 33.1% of segment sal...