Business
MGP Ingredients Reports Record Third Quarter 2021 Results
Increases full-year 2021 guidanceStrong execution in each business segment led to record results ATCHISON, Kan., Nov. 03, 2021 (GLOBE NEWSWIRE) -- MGP
About this update from Mgp Ingredients, Inc.
[{"type":"text","content":"Increases full-year 2021 guidanceStrong execution in each business segment led to record results ATCHISON, Kan., Nov. 03, 2021 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today reported results for the third quarter ended September 30, 2021. 2021 third quarter results compared to 2020 third quarter results Consolidated sales increased 71.5% to $176.6 million as a result of strong growth in each of the reporting segments.Consolidated gross profit increased 146.5% to $57.1 million, due to strong growth in each of the reporting segments.Consolidated operating income increased 140.9% to $32.9 million; adjusted operating income increased 142.6% to $33.2 million.Earnings per share (\"EPS\") increased to $1.08 per share from $0.61 per share; adjusted EPS increased to $1.09 per share from $0.61 per share.Adjusted EBITDA increased to $38.4 million from $17.1 million, representing a 124.2% increase. “The record consolidated quarterly results reflect the progress our team has made toward executing our long-term strategic plan,” said David Colo, president and CEO of MGP Ingredients. “Sales of premium beverage alcohol increased 32.5%, primarily driven by brown goods sales growth of 33.4% from last year, which was due to both higher aged whiskey and new distillate sales. Our Ingredient Solutions business also maintained its positive trajectory, growing sales by 12.5% from the prior year period, as it continues to align with favorable consumer trends. “Integration of our recently completed acquisition of Luxco remains on track, including achievement of the synergy expectations we shared earlier in the year,” continued Colo. “As evidenced in our recent results, this additional platform is improving our gross profit and cash flow generation profile, and provides long term growth opportunities for the company.” Distillery Products Segment In the third quarter of 2021, sales for the Distillery Products segment increased 15.0% to $91.0 million. Gross profit increased to $27.0 million or 29.6% of segment sales, compared to $15.9 million, or 20.1% of segment sales in the third quarter 2020. “We posted another solid quarter in the Distillery Products segment, primarily driven by strong aged whiskey sales, as a result of the continued robust consumer d...