Business
MGP Ingredients Reports Strong Fourth Quarter and Full Year 2022 Results
Full year consolidated sales increased 25% from prior year periodFull year net income and adjusted EBITDA both increased 20% ATCHISON, Kan., Feb. 23, 2023
About this update from Mgp Ingredients, Inc.
[{"type":"text","content":"Full year consolidated sales increased 25% from prior year periodFull year net income and adjusted EBITDA both increased 20% ATCHISON, Kan., Feb. 23, 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 fourth quarter and full year ended December 31, 2022. 2022 fourth quarter consolidated results compared to 2021 fourth quarter Sales increased 15% to $191.0 million.Gross profit increased 20% to $63.2 million, representing 33.1% of sales. Operating income decreased 34% to $29.7 million due to the $16.3 million favorable insurance recovery recorded in the 2021 fourth quarter. Adjusted operating income increased 3% to $29.7 million.Net income decreased 29% to $22.5 million due to the $12.2 million tax-effected, favorable insurance recovery recorded in the 2021 fourth quarter. Adjusted net income increased 16% to $22.5 million.Adjusted EBITDA increased 2% to $35.1 million.Basic earnings per common share (\"EPS\") decreased to $1.02 per share from $1.44 per share due to the $0.56 per share favorable insurance recovery recorded in the 2021 fourth quarter. Adjusted basic EPS increased to $1.02 per share from $0.88 per share.Diluted EPS decreased to $1.01 per share from $1.44 per share due to the $0.56 per share favorable insurance recovery recorded in the 2021 fourth quarter. Adjusted diluted EPS increased to $1.01 per share from $0.88 per share. 2022 full year consolidated results compared to 2021 full year Sales increased 25% to $782.4 million.Gross profit and adjusted gross profit increased 27% and 26%, respectively, to $253.3 million, representing 32.4% of sales.Operating income and adjusted operating income increased 18% and 23%, respectively, to $149.0 million.Net income and adjusted net income increased 20% and 23%, respectively, to $108.9 million.Adjusted EBITDA increased 20% to $169.3 million.Basic EPS increased to $4.94 per share from $4.37 per share. Adjusted basic EPS increased to $4.94 per share from $4.26 per share.Diluted EPS increased to $4.92 from $4.37 per share. Adjusted diluted EPS increased to $4.92 per share from $4.26 per share. “We are very pleased with our performance for the quarter and full year and remain confident in the long-term sustainability of our business model,” said Dave Co...