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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 three months ended 31 March 2024, MGP Ingredients Inc revenues decreased 15% to $170.6M. Net income applicable to common stockholders decreased 34% to $20.4M. Revenues reflect Distillery Products segment decrease of 25% to $84.9M, Branded Spirits segment decrease of 23% to $44M. Net income also reflects Interest costs charged to expense increase from $995K to $2M (expense).