MGP Ingredients sees 2024 adjusted EPS $6.12-$6.23, consensus $6.12

MGP is offering the following consolidated guidance for fiscal 2024: Sales are projected to be in the range of $742 million to $756 million, following the closure of the Company’s Atchison, Kansas distillery in December 2023. Revenue consensus $787.82M. Adjusted EBITDA is expected to be in the range of $213 million to $217 million, which excludes the add back of share-based compensation expense. Including the add back of share-based compensation expense, adjusted EBITDA is expected to be in the range of $218 million to $222 million. Adjusted basic earnings per common share are forecasted to be in the $6.12 to $6.23 range, with basic weighted average shares outstanding expected to be approximately 22.3 million at year end. Beginning in the first quarter of 2024, the Company intends to add back share-based compensation expense when reporting adjusted EBITDA. “As we look forward, we continue to monitor the potential impact of inventory levels at distributors, overall American whiskey supply and consumption patterns, and inflation on consumers. Despite these industry headwinds, we feel uniquely positioned to grow as a company in this dynamic operating environment, as evidenced by our implied guidance midpoint growth of 6% of adjusted EBITDA for fiscal 2024,” concluded Bratcher.