MGP Ingredients, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2024
Published on 2025-02-26 at 07:34
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MGP Ingredients, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, the company reported sales was USD 180.8 million compared to USD 214.89 million a year ago. Net loss was USD 41.96 million compared to net income of USD 31.07 million a year ago. Basic loss per share from continuing operations was USD 1.91 compared to basic earnings per share from continuing operations of USD 1.39 a year ago. Diluted loss per share from continuing operations was USD 1.91 compared to diluted earnings per share from continuing operations of USD 1.39 a year ago.
For the full year, sales was USD 703.63 million compared to USD 836.52 million a year ago. Net income was USD 34.66 million compared to USD 107.48 million a year ago. Basic earnings per share from continuing operations was USD 1.56 compared to USD 4.82 a year ago. Diluted earnings per share from continuing operations was USD 1.56 compared to USD 4.8 a year ago.
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.
