Mgp Ingredients Inc Stock Price, News & Analysis

MGP Ingredients (MGPI) announced key leadership changes effective January 1, 2025. Brandon Gall, current CFO, will become Interim President and CEO, succeeding David Bratcher who will retire. Donn Lux will replace Karen Seaberg as Board Chairman, while she remains a board member. Lux will lead the search for a permanent CEO.

The company reaffirmed its 2024 sales and earnings guidance, while reducing capital expenditure expectations to $72 million from $78 million due to construction delays in the Ingredient Solutions segment's mini-fuel plant. Fourth quarter and full year 2024 results, along with 2025 guidance, will be announced in late February 2025.

MGP Ingredients (NASDAQ:MGPI) faces a class action lawsuit filed by Operating Engineers Construction Industry Miscellaneous Pension Fund for allegedly misleading investors about its business and financial results. The lawsuit claims MGPI made false statements about its ability to manage inventory and sales projections during an industry-wide slowdown in hard liquor sales following the COVID-19 period.

The company's stock suffered two significant drops: a 29.5% decline on October 17, 2024, following announcements of demand slowdown and excess inventory, and another 14.7% drop on October 31, 2024, after revealing greater-than-expected inventory impacts. The total stock decline of nearly 50% erased hundreds of millions in market value.

The class period covers May 4, 2023, through October 30, 2024. Affected investors have until February 14, 2025, to seek appointment as lead plaintiff.

Ross & Squibb Distillery announces the return of Remus Gatsby Reserve 2024 Edition, an ultra- bourbon featuring 15-year-old reserves. Bottled at 104.9 proof (52.45% ABV), this expression combines two bourbon mash bills and will retail at $229.99 per 750mL bottle. The 2024 edition offers notes of antique leather and tobacco on the nose, cherry syrup with walnut and oak on the palate, and a finish of walnut, fig, and roasted almonds. Packaged in an Art-Deco-inspired bottle, this third annual release follows its predecessors' success, with previous editions winning Double Platinum at ASCOT Awards, Double Gold at SIP Awards, and Gold at San Francisco World Spirits Competition.

MGP Ingredients (MGPI) reported Q3 2024 results with consolidated sales decreasing 24% to $161.5 million, while net income increased 82% to $23.9 million. The company's performance showed mixed results across segments, with Distilling Solutions sales down 36% to $71.9 million, Branded Spirits sales declining 6% to $62.6 million, and Ingredient Solutions sales dropping 18% to $26.9 million. In response to softening American whiskey trends, MGP plans to reduce whiskey production and optimize costs in 2025. The company reaffirmed its revised 2024 guidance with sales expected between $695-705 million and adjusted EBITDA of $196-200 million.

MGP Ingredients (MGPI), a provider of branded and distilled spirits and food ingredient solutions, has announced a quarterly dividend payment. The company's board of directors declared a dividend of $0.12 per share of common stock, which will be paid on November 29, 2024 to stockholders of record as of November 15, 2024.

MGP Ingredients (Nasdaq: MGPI) announced preliminary Q3 2024 results and updated full-year guidance. Key points:

- Q3 sales expected to decline 24% to $161.5 million
- Q3 net income expected to increase 82% to $23.9 million
- Q3 adjusted EBITDA expected to decline 9% to $45.7 million
- Full-year 2024 guidance revised downward:
• Sales: $695-$705 million (previously $742-$756 million)
• Adjusted EBITDA: $196-$200 million (previously $218-$222 million)
• Adjusted basic EPS: $5.55-$5.65 (previously $6.12-$6.23)

CEO David Bratcher cited soft alcohol spirits category trends and elevated industry-wide whiskey inventories as reasons for the disappointing results and outlook. The company will report full Q3 results on October 31, 2024.

Yellowstone Bourbon has announced the release of its 2024 Bourbon Giftpack for the holiday season. This special giftpack includes three award-winning Yellowstone Bourbon varieties: Yellowstone Select, Yellowstone Special Finishes Collection Toasted, and Yellowstone Special Finishes Collection Rum Cask. The giftpack will be available at local retailers nationwide with a minimum suggested retail price of $49.99.

This marks Yellowstone's first multi-bottle pack and the first time these expressions have been offered together in 375mL sizes. Each bourbon in the pack has received prestigious awards, including Double Gold and Platinum recognitions. The giftpack aims to appeal to both premium bourbon fans and those new to bourbon, offering an affordable way to sample these award-winning varieties.

Lux Row Distillers has announced the release of Blood Oath Trilogy - Third Edition, a collection of -release bourbons created by Master Distiller John Rempe. The set includes 750mL bottles of Pacts 7, 8, and 9, with only 1,400 sets available at a suggested retail price of $799.99. Shipments will begin in September 2024.

Each Pact in the Trilogy features unique blends of aged bourbons, finished in distinctive casks:

• Pact 7: Blend of 14-year and two 8-year ryed bourbons, one finished in Sauternes casks
• Pact 8: Blend of 14-year, 11-year, and 8-year ryed bourbons, with the latter finished in Calvados casks
• Pact 9: Blend of 16-year, 12-year, and 7-year ryed bourbons, with the youngest finished in Oloroso Sherry casks

All Pacts are bottled at 98.6 proof (49.3% ABV) and packaged in a custom black wooden display box.

Ross & Squibb Distillery is set to release the Remus Repeal Reserve Series VIII Straight Bourbon Whiskey in September 2024, commemorating the repeal of Prohibition. This -edition bourbon, bottled at 101 proof, features a blend of three rare bourbons aged 10-17 years. Priced at $99.99 per 750mL bottle, it boasts a higher proportion of high-rye bourbon than previous editions.

Master Distiller Ian Stirsman and the blending team crafted this unique medley, which includes:

• 9% of 17-year-aged bourbon (21% rye)
• 24% of 10-year-aged bourbon (21% rye)
• 67% of 10-year-aged bourbon (36% rye)

The bourbon offers aromas of cherry and candied pecans, flavors of maple syrup and fig, with a vanilla and oak finish. This release follows the success of previous award-winning editions in the Remus Repeal Reserve series.