MGP Ingredients, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 07:34 am EDT
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MGP Ingredients, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 211.62 million compared to USD 201.15 million a year ago. Net income was USD 13.21 million compared to USD 23.81 million a year ago. Basic earnings per share from continuing operations was USD 0.59 compared to USD 1.07 a year ago. Diluted earnings per share from continuing operations was USD 0.58 compared to USD 1.06 a year ago.
For the nine months, sales was USD 621.64 million compared to USD 591.36 million a year ago. Net income was USD 76.41 million compared to USD 86.81 million a year ago. Basic earnings per share from continuing operations was USD 3.43 compared to USD 3.91 a year ago. Diluted earnings per share from continuing operations was USD 3.41 compared to USD 3.91 a year ago.
MGP Ingredients, Inc. is a producer and supplier of distilled spirits, branded spirits, and food ingredients. The Company operates through three segments: Distilling Solutions, Branded Spirits, and Ingredient Solutions. The Distilling Solutions segment consists of food grade alcohol and distillery co-products, such as distillers feed, fuel grade alcohol, and corn oil. This segment also includes warehouse services, including barrel put away, storage, and retrieval services, as well as blending services. The Branded Spirits segment consists of a portfolio of high-quality brands, which it produces through its distilleries and bottling facilities and sell to distributors pursuant to customer contracts and purchase orders. Its Ingredient Solutions segment consists primarily of specialty wheat starches, specialty wheat proteins, commodity wheat starches, and commodity wheat proteins. It is also a producer of industrial alcohol for use in both food and non-food applications.
MGP INGREDIENTS, INC. 
