MGP Ingredients reports Q2 adjusted EPS $1.49, consensus $1.25

Reports Q2 revenue $209M, consensus $205.12M. “We are very pleased with our continued momentum during the second quarter. Our strong performance underpins our long-term strategy and the value we bring to our global customer base,” said David Colo, president and CEO of MGP Ingredients. “Sales of brown goods grew 30% from the prior year period, driven by strong demand for our new distillate and aged whiskey. Within our Branded Spirits segment, we completed the acquisition of Penelope Bourbon in June, further strengthening our portfolio of premium plus brands, which grew 29% in sales from the prior year period. We expect our continued investment in premium plus spirits brands to position us well for incremental growth and margin expansion opportunities in the future. Our Ingredient Solutions business generated record sales during the quarter, which continued to benefit from the shift in consumer behavior toward plant-based diets. We believe our strong performance underscores the strength of our business model, and we remain committed to executing against our strategy to create further shareholder value.”