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MGP Ingredients, Inc. (MGPI: Nasdaq) has appointed Paul Lux as Vice President of Sales for the Distilling Solutions segment, effective immediately. Lux, an industry veteran, brings extensive experience in beverage alcohol business to the role. He will work closely with Amel Pasagic, Chief Commercial Officer, to execute MGP's strategy for the segment.
MGP Ingredients reported its first-quarter results for 2024, with sales decreasing by 15% due to the closure of the Atchison distillery. Gross profit decreased by 10%, operating income by 30%, and net income by 34%. Adjusted EBITDA decreased by 17%, and EPS also declined. Despite these decreases, the company remains optimistic about its performance for the rest of the year.
MGP Ingredients, Inc. (Nasdaq: MGPI) declared a quarterly dividend of $0.12 per share of common stock, payable on May 31, 2024, to stockholders of record as of May 17, 2024. MGP is a leading provider of branded and distilled spirits, along with food ingredient solutions.
