MGP Ingredients reports Q4 adjusted EPS $1.64, consensus $1.36

Reports Q4 revenue $214.9M, consensus $205.39M. “We are very pleased with our performance for the quarter and full year and remain confident in the long-term sustainability of our business model,” said David Bratcher, CEO and president of MGP Ingredients. “Our strong financial results for the quarter and year reflect continued strength in each of our business segments and the dedication of our team. Demand for our new distillate and aged whiskey was strong, which resulted in brown goods sales increasing 39% and 26% for the fourth quarter and full year 2023, respectively, as compared to the prior year periods. In our Branded Spirits segment, we continued our premiumization efforts and are pleased that sales of our premium plus portfolio grew 50% in the quarter and 24% overall for the year, which in turn drove further gross margin expansion across the portfolio. As for our Ingredient Solutions business, we remain encouraged by the traction our specialty wheat proteins and starches continue to gain. The results across all three business segments for the fourth quarter and full year demonstrate the continued success of executing our long-term strategy.”