MGP Ingredients (MGPI) Tops Q3 EPS by 7c, Revenues

MGP Ingredients (NASDAQ: MGPI) reported Q3 EPS of $0.61, $0.07 better than the analyst estimate of $0.54. Revenue for the quarter came in at $103 million versus the consensus estimate of $95.91 million.

2020 third quarter results compared to 2019 third quarter results

• Consolidated sales increased 13.5% to $103.0 million, reflecting an increase in both the Distillery Products and Ingredient Solutions segments.
• Consolidated gross profit increased 23.3% to $23.2 million, due to increased gross profit in the Ingredient Solutions and Distillery Products segments.
• Consolidated operating income increased 17.7% to $13.7 million.
• Non-GAAP operating income increased 17.8% to $13.7 million, exclusive of CEO transition costs.
• GAAP and non-GAAP earnings per share increased to $0.61 per share from $0.48 per share, primarily due to improved operating results.

“These quarterly results highlighted the diversity of growth across our product lines and segments,” said David Colo, president and CEO of MGP Ingredients. “Aged whiskey sales experienced a record quarter while new distillate and specialty ingredients also yielded strong double-digit sales growth during the quarter. While we anticipate continued uncertainty related to the pandemic through the end of this year and into 2021, we believe we remain well positioned to execute our long-term strategic plan.”

For earnings history and earnings-related data on MGP Ingredients (MGPI) click here.

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