Mgp Ingredients Inc Stock Price, News & Analysis

MGP Ingredients, Inc. (Nasdaq: MGPI) is supporting the 'We Don't Serve Teens' campaign aimed at preventing underage drinking in the U.S. Launched on Nov. 15, 2022, the initiative promotes community awareness regarding alcohol access for teens. Using social media and point-of-sale materials, the campaign emphasizes the role of parents and retailers. Notably, a December 2021 survey indicated that 77% of high school seniors find alcohol easily accessible. MGP's participation showcases its commitment to corporate responsibility and safe alcohol consumption.

MGP Ingredients, Inc. reported a 14% increase in consolidated sales, reaching $201.2 million for Q3 2022, driven by growth across all business segments. Gross profit rose 3% to $59.1 million with an operating income increase of 3%. However, net income slightly decreased to $23.6 million, and basic earnings per share fell to $1.07. The company revised its 2022 sales guidance up to $765 million-$780 million. Strong demand for premium spirits and plant-based food ingredients contributed positively, despite challenges in industrial alcohol profits.

MGP Ingredients, Inc. (Nasdaq: MGPI) announced a quarterly dividend of $0.12 per share on November 3, 2022. This dividend will be payable on December 2, 2022, to shareholders on record as of November 18, 2022. MGP Ingredients is a key player in the distilled spirits and food ingredient markets, known for its diverse portfolio that includes bourbon, rye whiskeys, vodka, and specialty food ingredients. The company continues to leverage its extensive distillation expertise and infrastructure across several states, focusing on quality and innovation to meet market demands.

MGP Ingredients, a leading producer of distilled spirits and food ingredient solutions, will hold a conference call/webcast to discuss its Q3 2022 financial results on November 3 at 10 a.m. ET. The results will be released before the market opens that day. Management, including CEO David Colo and CFO Brandon Gall, will be present on the call. Interested parties can access the webcast via the company's investor relations website or join the conference call using provided numbers. MGP Ingredients has a strong portfolio in premium spirits and food ingredients.

MGP Ingredients has announced Matt Krusemark as the new Vice President of Sales for the Distilling Solutions segment, effective January 1, 2023. He succeeds David Dykstra, who retires after 30 years with the company. Krusemark, a veteran with MGP since 2005, has extensive experience in the alcohol business, having risen through various roles. CEO Dave Colo expressed confidence in Krusemark's ability to lead sales in the company’s most profitable segment. MGP, a major player in the production of distilled spirits and food ingredient solutions, operates several distilleries across the U.S.

MGP Ingredients has appointed Terri Roberts as its first Foodservice Sales Director, focusing on expanding the sales of Proterra® Crumbles to the college and university foodservice market. With over 15 years of food sales experience, Roberts brings a strong background in account growth and contract negotiations from her previous roles. This strategic move is aimed at developing new sales channels for MGP's plant-based products.

MGP Ingredients, Inc. (MGPI) has launched Proterra® Crumbles, a line of chef-seasoned plant-based protein developed for foodservice, addressing the growing consumer demand for flavorful plant-based options. Ready in minutes, these pea protein crumbles come in global-inspired flavors like Zesty Chimichurri and Savory Barbacoa. They are Non-GMO, Kosher, and Halal certified, with a 12-month shelf life, minimizing waste for operators. The product is aimed at college cafeterias, capitalizing on Gen Z's preference for meatless meals.

MGP Ingredients (MGPI) has appointed attorney Curtis Landherr as Chief Legal Officer, effective October 17, 2022. Landherr brings over 25 years of legal experience from various industries, including previous roles as Senior VP and General Counsel at Cirrus Aircraft and General Counsel for North American subsidiaries of CSM. His expertise covers litigation management, intellectual property, and M&A. CEO David Colo highlighted Landherr's arrival during a period of significant growth and impending investments in acquisitions and organic growth.

MGP Ingredients, Inc. (Nasdaq: MGPI) has announced its participation in one-on-one investor meetings and a fireside chat at the Wells Fargo Consumer Conference on September 21, 2022, at 1:40 p.m. ET. Key executives, including president and CEO David Colo, COO David Bratcher, and CFO Brandon Gall, will lead the discussions. Live sessions and replays will be available on MGP’s investor relations website for 30 days. MGP Ingredients is recognized for producing premium distilled spirits and providing innovative food ingredient solutions across various markets.