Welcome to our dedicated page for Mgp Ingredients news (Ticker: MGPI), a resource for investors and traders seeking the latest updates and insights on Mgp Ingredients stock.
MGP Ingredients, Inc. reports developments across branded spirits, distilling solutions and ingredient solutions, with news centered on operating results, production levels, dividends and demand conditions in American whiskey and specialty ingredients.
The company’s updates also cover the Luxco branded spirits portfolio, including Penelope, Rebel, Remus and Yellowstone bourbons and El Mayor tequila, as well as releases, barrel programs, partnerships and events tied to distilleries in Indiana and Kentucky and tequila operations in Arandas, Mexico. News on the business addresses branded spirits momentum, brown goods demand, distilling capacity, bottling and warehousing operations, and specialty fiber, protein and starch ingredients for food products.
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.
MGP Ingredients (MGPI) has appointed Allison Hardy as the new assistant general counsel as of June 10, 2020. Hardy brings substantial experience in finance and corporate governance, previously serving as senior legal counsel at Ultimus Fund Solutions, where she handled regulatory compliance and negotiations in acquisitions. Prior to that role, she was a partner at Stinson LLP, focusing on corporate finance and governance. MGP aims to leverage Hardy's expertise to support its growth initiatives, as stated by General Counsel TJ Lynn.
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