Mgp Ingredients Inc Stock Price, News & Analysis

The newly launched Vita Frute Vodka Soda features a Blood Orange flavor, along with a 12-pack mix that includes Lime Basil, Pineapple Coconut, and Grapefruit. This product aims to meet the rising demand for hard seltzer beverages, which grew by 136% in 2020. Priced competitively, these beverages are 5% ABV, 100 calories, and gluten-free, targeting health-conscious consumers. The new flavors will be available nationwide this month, providing further opportunities for Luxco and its merged counterpart, MGP Ingredients (Nasdaq: MGPI).

MGP Ingredients, Inc. (MGPI) has completed its acquisition of Luxco, Inc. effective April 1, 2021. This strategic move significantly boosts MGP's scale in the branded spirits sector and diversifies its portfolio. The acquisition is expected to enhance MGP's gross margin and cash flow, with management projecting a low to middle single-digit percentage accretion in EPS in the first full year, excluding one-time expenses. CEO David Colo emphasized the potential for sustainable growth through operational optimization and synergy realization.

MGP Ingredients (Nasdaq:MGPI) reported strong financial results for 2020, with consolidated sales up 9.0% to $395.5 million. The fourth quarter saw a 9.1% increase in sales to $100.9 million, driven by premium beverage alcohol and Ingredient Solutions segments. Gross profit for the year rose 29.1% to $98.8 million. Adjusted operating income increased 20.9% to $57.1 million, despite a decrease in EPS to $2.37. However, ongoing pandemic uncertainties prevent the company from providing 2021 guidance.

MGP Ingredients, Inc. (Nasdaq: MGPI) has declared a quarterly dividend of $0.12 per share of common stock, payable on March 26, 2021, to stockholders of record by March 12, 2021. The announcement reflects the company's ongoing commitment to returning value to its shareholders. MGP, known for its premium distilled spirits and specialty wheat proteins, continues to navigate the evolving economic landscape while managing potential risks associated with its acquisition of Luxco.

MGP has appointed Tony Kavanagh as their new Export Sales Manager based in London, enhancing their international sales strategy in the spirits market. Kavanagh has nearly 30 years of experience, having held senior roles in renowned companies like Beam Suntory and Cooley Distillery. His expertise in European markets and knowledge of consumer preferences will strengthen MGP's collaborative distilling efforts. Established in 1941, MGP is a significant supplier of distilled spirits and specialty wheat proteins, with operations in multiple locations, including Kansas and Indiana.

MGP (Nasdaq: MGPI) has announced its plans to expand the distribution of Green Hat Gin, the first licensed distillery in Washington, D.C. since Prohibition. Scheduled for rollout in the first half of 2021, the gin is available in four styles: Original Batch, Navy Strength, Citrus Floral, and Summer Cup Cordial, with prices ranging from $29.99 to $32.99 per 750-ml bottle. MGP aims to enhance its brand presence, with promising feedback from distribution partners. Green Hat Gin, acquired in March 2020, is inspired by the bootlegger George Cassiday.

MGP Ingredients, Inc. (Nasdaq:MGPI) will hold a conference call/webcast on February 25, 2021, at 10 a.m. ET to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The company plans to release its financial results before the market opens that day. Key management figures, David Colo (CEO) and Brandon Gall (CFO), will participate in the call. A replay will be available on the MGP Ingredients website after the call concludes, providing insights into the company’s performance.

MGP (Nasdaq: MGPI) has announced a partnership with RNDC to enhance the distribution of its spirits brands in Colorado. This collaboration aims to boost sales and brand recognition for MGP’s portfolio, which includes TILL American Wheat Vodka, George Remus Straight Bourbon Whiskey, and Green Hat Gin. MGP's premium spirits are crafted in Atchison, Kansas, with operations also in Indiana and Washington, D.C. The partnership reflects MGP's commitment to quality and market expansion, particularly for Green Hat Gin, which will be available in additional markets throughout 2021.

MGP (Nasdaq: MGPI) has formed a partnership with Standard Beverage to enhance the growth of its proprietary spirits brands in Kansas. The collaboration aims to bolster brand recognition and business impact amidst challenging times for the local hospitality sector. MGP distills a diverse range of spirits, including TILL American Wheat Vodka and George Remus Straight Bourbon Whiskey, which will now be represented fully by Standard Beverage. The partnership signifies MGP's commitment to the Kansas market and its expansion strategy for various premium spirits, including the recently acquired Green Hat Gin.