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Business Summary: 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.
Financial Summary: BRIEF: For the fiscal year ended 31 December 2023, MGP Ingredients Inc revenues increased 7% to $836.5M. Net income applicable to common stockholders decreased 2% to $106.4M. Revenues reflect Branded Spirits segment increase of 42% to $253.9M, Distillery Products segment increase of 5% to $450.9M. Net income was offset by Advertising and promotion expense increase of 29% to $38.2M (expense), Interest expense.