Mgp Ingredients Inc Stock Price, News & Analysis

MGP Ingredients, Inc. (Nasdaq: MGPI) has been awarded the 2019 Pinnacle Award by Union Pacific Railroad, recognizing its commitment to safe transportation of chemical products. MGP was one of 69 recipients of this award, which celebrates companies adhering to strict release prevention protocols, corrective action plans, and achieving zero non-accident releases of hazardous materials. This marks MGP's second consecutive year receiving the Pinnacle Award, highlighting its dedication to safety throughout its operations.

MGP has launched its first Single Barrel release of George Remus Bourbon, offered at cask strength in two distinct mash bills. Early 2020 saw participating retailers collaborate with the distillery to select their preferred barrels. The program's debut has exceeded expectations, highlighting strong demand. Available through select retailers, this offering emphasizes MGP's expertise in high-rye bourbon production. Additionally, the company introduced Rossville Union Single Barrel Straight Rye Whiskey in August 2020, underscoring its commitment to quality and exclusivity in the premium spirits market.

MGP Ingredients, Inc. (Nasdaq: MGPI) has appointed Yvette Hirang as its new Culinary Chef, focusing on the growing plant-based food trend. Hirang will be pivotal in developing ProTerra textured wheat and pea proteins, enhancing the company’s food service initiatives. Her diverse background covers culinary arts, sales, and strategic management, which will support MGP's collaboration with product developers. Previously a consultant with Reinhart Foodservice, she holds an AAS in Culinary Arts and degrees in communications and management technology.

MGP Ingredients (Nasdaq: MGPI) has appointed Jeffrey Ruger as Vice President of Information Technology, a newly created role. Ruger brings over 20 years of IT experience, previously serving as CIO for Fortune 500 companies, where he developed global business strategies. His responsibilities will include leading technological strategy development and administering an ERP system. CFO Brandon Gall emphasized the importance of robust technological infrastructure for business growth. Ruger has prior experience with WIRECO Group and Jarden Corp, where he managed significant IT initiatives and integrations.

MGP Ingredients (Nasdaq: MGPI) has elected Lori L.S. Mingus to its Board of Directors effective June 30, 2020. Mingus, owner of Torpa Design Co., brings extensive experience in graphic design and community involvement as part of the founding Cray family. CEO Dave Colo emphasized her valuable industry knowledge. The company, established in 1941, is known for premium distilled spirits and specialty wheat products, with operations in Atchison, Kansas, and other locations.

MGP (Nasdaq: MGPI) has launched its first Single Barrel release of Rossville Union Rye whiskey, a bottled-in-bond specialty product offered at $49.99 for 750-ml. The program invites select retailers to choose their preferred mash bills, resulting in a personalized offering. Demand has surpassed expectations in its inaugural year, according to Andrew Mansinne, VP of Brands. This launch coincides with National Rye Month and emphasizes MGP's position as a leading rye whiskey distiller.

MGP Ingredients, Inc. (Nasdaq:MGPI) reported a 2.3% increase in consolidated sales for Q2 2020, totaling $92.6 million. This was driven by a 5.4% rise in the Ingredient Solutions segment, despite a 1.6% increase in the Distillery Products segment. Gross profit surged 6.0% to $20.7 million. A cyberattack affected production but operations have resumed. Non-GAAP EPS rose to $0.54, up from $0.46. The company remains optimistic about demand for aged whiskey and industrial alcohol, indicating resilience amid COVID-19 challenges.

MGP Ingredients has declared a quarterly dividend of $0.12 per share, payable on September 4, 2020, to stockholders of record by August 21, 2020. This announcement reinforces the company's commitment to returning value to its shareholders. MGP Ingredients is a leading supplier of premium distilled spirits and specialty wheat proteins, with operations in Atchison, Kansas, and Lawrenceburg, Indiana. They focus on quality production and have a long-standing history in the industry.

MGP (Nasdaq: MGPI) announces the upcoming release of Remus Repeal Reserve Series IV Straight Bourbon Whiskey in September 2020, timed with National Bourbon Month. This limited edition bourbon commemorates Prohibition Repeal Day on December 5 and is crafted from reserve bourbons aged for 12 years. Retailing at $84.99 per 750-ml bottle, it features a high-rye character with rich flavors and has received significant accolades in previous years. MGP plans extensive consumer tastings and events around this release, highlighting demand for their premium bourbon offerings.