Mgp Ingredients Inc Stock Price, News & Analysis

MGP Ingredients (MGPI) reported a strong third quarter for 2020, with consolidated sales rising 13.5% to $103.0 million, driven by growth in both Distillery Products and Ingredient Solutions segments. Operating income increased 17.7% to $13.7 million, while GAAP earnings per share rose to $0.61 from $0.48. Notably, aged whiskey sales surged 29.2%, and the Ingredient Solutions segment achieved a gross profit increase of 102.9%. Despite increased operating expenses, the company remains confident in its strategic growth plans.

MGP Ingredients, Inc. (Nasdaq: MGPI) announced a quarterly dividend of $0.12 per share, payable on December 4, 2020, to stockholders of record as of November 20, 2020. The company continues to be a leading supplier of premium distilled spirits and specialty wheat proteins and starches, showcasing its commitment to shareholder returns through consistent dividend payments.

MGP Ingredients, Inc. (Nasdaq: MGPI) will hold a conference call/webcast on October 29, 2020, at 10 a.m. ET to discuss its third-quarter results for the period ending September 30, 2020. Financial results are expected to be released before market opening on the same day. Participants will include CEO David Colo and CFO Brandon Gall. The event can be accessed through a dedicated webcast link or via a conference call. A replay will also be available on the company's website after the event.

New Columbia Distillers, a subsidiary of MGP Brands, has been recognized by USA Today as one of the Top 10 Best Craft Gin Distilleries in the U.S., ranking fifth overall. This distinction highlights the quality of their flagship product, Green Hat Gin, known for its unique botanical blend. Acquired by MGP Brands in March 2020, New Columbia Distillers operates in an historic Washington, D.C. warehouse and offers a tasting room and gin garden. MGP, which trades under the ticker MGPI, is a leading supplier of premium distilled spirits and specialty food products.

MGP Ingredients (Nasdaq: MGPI) has appointed Sarah Corwin, PhD, RD, as Principal Scientist. Corwin, a Purdue University PhD graduate, specializes in slow-digesting carbohydrates, aligning with MGP's focus on dietary fiber research. Her role includes developing new products based on resistant starch and plant-based proteins. Corwin has a strong background in food science, having led competitive product development teams and contributed to various professional organizations.

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.