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    MGP Ingredients Reports Fourth Quarter and Full Year 2024 Results

    2/26/25 7:30:00 AM ET
    $MGPI
    Beverages (Production/Distribution)
    Consumer Staples
    Get the next $MGPI alert in real time by email

    Fourth quarter results in line with expectations; Provides 2025 financial guidance

    MGP Ingredients, Inc. (NASDAQ:MGPI), a leading provider of branded and distilled spirits and food ingredient solutions, today reported results for the fourth quarter and full year ended December 31, 2024.

    "Despite ongoing industry-wide challenges, our fourth quarter results were in line with our expectations. Elevated industry-wide barrel whiskey inventories continue to weigh on overall brown goods sales and pricing trends, pressuring our financial performance and overshadowing the meaningful strides we continue to make across our Branded Spirits and Ingredient Solutions businesses. Led by Penelope, our premium plus portfolio outpaced category growth in 2024, even as we faced headwinds from the repositioning of certain brands for long-term success. At the same time, the sequential improvement in Ingredient Solutions sales and gross margin reinforces our belief that our specialty wheat ingredients platform is structurally positioned to win in the faster growing 'healthier for me' food segments," said Brandon Gall, Interim President and CEO, and CFO.

    He added, "Our 2025 financial guidance, particularly the revised outlook for the Distilling Solutions business, reflects our decisive, proactive actions that are designed to de-risk our brown goods outlook. As we reposition this business to the evolving industry landscape, executing our long-term strategy to establish MGP as a premier branded spirits company remains a top priority."

    2024 fourth quarter consolidated results compared to 2023 fourth quarter

    • Consolidated sales decreased 16% to $180.8 million. Excluding the impact of the Atchison distillery, consolidated sales decreased by 7%.
    • Consolidated gross profit decreased 13% to $74.5 million and gross profit margin increased by 160 basis points to 41.2%. Excluding the impact of the Atchison distillery, gross profit declined by 15% and gross margin decreased 400 basis points to 41.2%.
    • Net income decreased to a loss of $42.0 million due to a one-time, non-cash adjustment of $73.8 million to lower the carrying amount of goodwill in the Branded Spirits segment. On an adjusted basis, net income decreased 6% to $34.4 million.
    • Basic earnings per common share ("EPS") decreased to $(1.91) per share from $1.39 per share, primarily due to a one-time, non-cash adjustment to goodwill. Adjusted basic EPS decreased 4% to $1.57 per share.
    • Adjusted EBITDA decreased 9% to $53.1 million.
    • The company repurchased 758,576 shares of its common stock for $36.6 million during the fourth quarter.

    2024 full year consolidated results compared to 2023 full year

    • Consolidated sales decreased 16% to $703.6 million. Excluding the impact of the Atchison distillery, consolidated sales decreased by 4%.
    • Consolidated gross profit decreased 6.0% to $286.3 million and gross profit margin increased by 430 basis points to 40.7%. Excluding the impact of the Atchison distillery, gross profit declined by 7%, while gross profit margin decreased 170 basis points to 40.8%.
    • Net income decreased 68% to $34.5 million primarily due to a one-time, non-cash adjustment to goodwill. On an adjusted basis, net income decreased 4% to $125.3 million.
    • Basic EPS decreased to $1.56 per share from $4.82 per share primarily due to a one-time, non-cash adjustment to goodwill. Adjusted basic EPS decreased 4% to $5.64 per share from $5.90 per share in 2023.
    • Adjusted EBITDA decreased 6% to $196.5 million. Depreciation and amortization remained largely flat at $22.0 million, while share based compensation expense declined by 57% to $3.2 million.
    • Capital expenditures of $73.2 million were largely in line with our expectations.
    • Operating cash flows increased $18.5 million to $102.3 million.
    • The company repurchased 886,936 shares of its common stock for $46.6 million during 2024.
    • Net debt leverage ratio stands at approximately 1.5x as of December 31, 2024.

    Consolidated results for the 2024 fourth quarter compared to the 2023 fourth quarter

    In the fourth quarter 2024, excluding the impact of the Atchison distillery, consolidated sales decreased by 7% as the expected sales declines in the Distilling Solutions and Branded Spirits segments more than offset higher Ingredient Solutions segment sales. Excluding the impact of the Atchison distillery, consolidated gross profit declined by 15% to $74.5 million due to lower gross profits across all three operating segments. Gross margin decreased 400 basis points due to lower gross margins in the Distilling Solutions and Ingredient Solutions segments. Operating income decreased to a loss of $30.4 million, while adjusted operating income decreased 7% to $46.8 million as lower selling, general and administrative ("SG&A") costs partially offset lower gross profits.

    During the fourth quarter, we recorded a $73.8 million non-cash adjustment to the carrying value of goodwill in the Branded Spirits segment, primarily due to certain unfavorable macroeconomic factors such as a higher discount rate and lower peer company valuation multiples since the 2021 Luxco acquisition. These charges resulted in a net loss of $42.0 million and basic EPS loss of $1.91 for the fourth quarter. On an adjusted basis, fourth quarter net income and basic EPS were $34.4 million and $1.57 per share.

    Distilling Solutions

    For the fourth quarter 2024, Distilling Solutions segment sales decreased 25% to $82.0 million and gross profit decreased by 8% to $36.7 million, or 44.8% of segment sales. Excluding the impact of the Atchison distillery, segment sales decreased 6% to $82.0 million as the expected decline in brown good sales more than offset the double digit increase in warehouse services and other sales. Segment gross profit decreased by 16% to $36.7 million, or 44.8% of segment sales, excluding the impact of the Atchison distillery, primarily due to lower sales of higher margin aged whiskey.

    For the full year 2024, Distilling Solutions segment sales decreased 26% to $332.2 million. Excluding the impact of the Atchison distillery, segment sales decreased 3% to $330.9 million, as the 8% decline in brown good sales more than offset the double digit increase in warehouse services and other sales. Full year gross profit decreased by 2% to $141.9 million, or 42.7% of segment sales. Excluding the impact of the Atchison distillery, segment gross profit decreased by 9% to $142.4 million, or 43.0% of segment sales, primarily due to weaker brown goods results in the second half of the year.

    Branded Spirits

    For the fourth quarter 2024, Branded Spirits segment sales decreased 12% to $64.0 million as the double digit decline in mid and value priced brands, consistent with full year trends, was further impacted by lower premium plus sales. Sales of our premium plus portfolio declined by 12% during the quarter primarily due to lapping strong growth in the year-ago period. Gross profit decreased by 11% to $29.6 million while gross margin improved by 60 basis points to 46.2%.

    For the full year 2024, Branded Spirits sales decreased 5% to $240.8 million. Our premium plus sales increased by 5% as we continue to execute focused initiatives across our American whiskey and tequila categories; however this growth was partially offset by the negative impact from the planned optimization of our mid and value priced portfolio as we continue to align our portfolio with consumer trends. Full year gross profit increased by 5% to $118.2 million and gross margin improved by 470 basis points to 49.1%, benefiting from the ongoing premiumization of our branded portfolio.

    Ingredient Solutions

    Ingredient Solutions segment sales increased by 4% to $34.7 million for the fourth quarter 2024. As expected, specialty protein sales posted its first quarterly growth of the year as new business wins offset the stronger U.S. dollar's impact on our international sales. In the fourth quarter, we delivered gross profit of $8.2 million and gross margin of 23.5%, marking the strongest quarterly performance of the year, as we continue to make progress on realizing the full benefits of operating the Ingredient Solutions business independent of the Atchison distillery.

    For the full year 2024, Ingredient Solutions segment sales decreased 1% to $130.6 million as headwinds from the stronger U.S. dollar and lower commodity starch sales were largely offset by continued strong growth of specialty starch sales, particularly under the Fibersym brand. Excluding the impact of the Atchison distillery, segment gross profit of $26.2 million and gross margin of 20.1% in 2024 declined from $40.5 million and 30.8% in 2023.

    Additional Highlights

    Fourth quarter 2024 advertising and promotion expenses decreased 15% to $10.5 million but increased by 6% for the full year 2024 to $40.5 million. Corporate SG&A expenses decreased by 21% and 11% for the fourth quarter and full year to $20.4 million and $81.4 million, respectively, reflecting lower incentive compensation expenses.

    The corporate effective tax rate for the fourth quarter 2024 was (31.5)%, compared with 24.0% from the year ago period, primarily due to a one-time, non-tax deductible adjustment to goodwill. Excluding the impact of the goodwill adjustment, the effective tax rate for fourth quarter 2024 was 24.0%.

    2025 Financial Guidance

    The consolidated financial guidance for 2025 includes:

    • Sales are projected to be in the range of $520 million to $540 million.
    • Adjusted EBITDA is expected to be in the range of $105 million to $115 million.
    • Adjusted basic EPS is expected to be in the $2.45 to $2.75 range, with weighted average basic shares outstanding of approximately 21.3 million, and an effective tax rate of approximately 25%.
    • Full year capital expenditures are expected to be approximately $36 million.

    Conference Call and Webcast Information

    MGP Ingredients will host a conference call today, February 26, 2025, at 10 a.m. ET to discuss these results and current business trends. Investors can dial 844-308-6398 or 412-717-9605 (international) to listen to the live call. A live webcast will be available at "News and Events" section of the company's Investor Relations website at ir.mgpingredients.com/news-events. A replay of the conference call will be available on the company's website.

    About MGP Ingredients, Inc.

    MGP Ingredients, Inc. (NASDAQ:MGPI) is a leading producer of premium branded and distilled spirits, as well as food ingredient solutions. Since 1941, we have combined our expertise and energy aimed at formulating excellence, bringing product ideas to life collaboratively with our customers.

    As one of the largest distillers in the U.S., MGP's offerings include bourbon and rye whiskeys, gins, and vodkas, which are created at the intersection of science and imagination, for customers of all sizes, from crafts to multinational brands. With distilleries in Kentucky and Indiana, and bottling operations in Missouri, Ohio, and Northern Ireland, MGP has the infrastructure and expertise to create on any scale.

    MGP's branded spirits portfolio covers a wide spectrum of brands in every segment, including iconic brands from Luxco, which was founded in 1958 by the Lux Family. Luxco is a leading producer, supplier, importer, and bottler of beverage alcohol products. Our branded spirits mission is to meet the needs and exceed the expectations of consumers, associates, and business partners. Luxco's award-winning spirits portfolio includes well-known brands from four distilleries: Bardstown, Kentucky-based Lux Row Distillers, home of Ezra Brooks, Rebel, Blood Oath, David Nicholson, and Daviess County; Lebanon, Kentucky-based Limestone Branch Distillery, maker of Yellowstone Kentucky Straight Bourbon Whiskey, Minor Case Straight Rye Whiskey, and Bowling & Burch Gin; Jalisco, Mexico-based Destiladora González Lux, producer of 100% agave tequilas, El Mayor, Exotico, and Dos Primos; and the historic Ross & Squibb Distillery in Lawrenceburg, Indiana, where Penelope Bourbon, Remus Straight Bourbon Whiskey, and Rossville Union Straight Rye Whiskey are produced. The innovative and high-quality brand portfolio also includes Everclear Grain Alcohol, Pearl Vodka, Green Hat Gin, Saint Brendan's Irish Cream, The Quiet Man Irish Whiskey, and other well-recognized brands.

    In addition, our Ingredient Solutions segment offers specialty proteins and starches that help customers harness the power of plants and provide a host of functional, nutritional, and sensory benefits for a wide range of food products.

    The transformation of American grain into something more is in the soul of our people, products, and history. We're devoted to unlocking the creative potential of this extraordinary resource. For more information, visit mgpingredients.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements about the strides in the businesses of MGP Ingredients, Inc. (the "Company" or "MGP"), ability to win in food segments, actions to de-risk its outlook, ability to establish the Company as a premier branded spirits company; and the Company's 2025 outlook, including its expectations for sales, adjusted EBITDA, adjusted EPS, shares outstanding, tax rate, and capital expenditures. Forward-looking statements are usually identified by or are associated with words such as "intend," "plan," "believe," "estimate," "expect," "anticipate," "project," "forecast," "hopeful," "should," "may," "will," "could," "encouraged," "opportunities," "potential," and similar terminology. These forward-looking statements reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, Company financial results, and Company financial condition and are not guarantees of future performance.

    All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially from our expectations include without limitation any effects of changes in consumer preferences and purchases and our ability to anticipate or react to those changes; our ability to compete effectively and any effects of industry dynamics and market conditions; damage to our reputation or that of any of our key customers or their brands; failure to introduce successful new brands and products or have effective marketing or advertising; changes in public opinion about alcohol or our products; our reliance on our distributors to distribute our branded spirits; our reliance on fewer, more profitable customer relationships; interruptions in our operations or a catastrophic event at our facilities; decisions concerning the quantity of maturing stock of our aged distillate; any inability to successfully complete our capital projects or fund capital expenditures or any warehouse expansion issues; our reliance on a limited number of suppliers; work disruptions or stoppages; climate change and measures to address climate change; regulation and taxation and compliance with existing or future laws and regulations; tariffs, trade relations, and trade policies; excise taxes, incentives and customs duties; our ability to protect our intellectual property rights and defend against alleged intellectual property rights infringement claims; failure to secure and maintain listings in control states; labeling or warning requirements or limitations on the availability of our products; product recalls or other product liability claims; anti-corruption laws, trade sanctions, and restrictions; litigation or legal proceedings; limited rights of common stockholders and anti-takeover provisions in our governing documents; the impact of issuing shares of our common stock; higher costs or the unavailability and cost of raw materials, product ingredients, energy resources, or labor; failure of our information technology systems, networks, processes, associated sites, or service providers; acquisitions and potential future acquisitions; interest rate increases; reliance on key personnel; commercial, political, and financial risks; covenants and other provisions in our credit arrangements; pandemics or other health crises; ability to pay any dividends and make any share repurchases; and the effectiveness or execution of our strategic plan. For further information on these risks and uncertainties and other factors that could affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as well as the Company's other SEC filings. The Company undertakes no obligation to update any forward-looking statements or information in this press release, except as required by law.

    Non-GAAP Financial Measures

    In addition to reporting financial information in accordance with U.S. GAAP, the Company provides certain non-GAAP financial measures that are not in accordance with, or alternatives for, GAAP. In addition to the comparable GAAP measures, the Company has disclosed measures excluding the impact of the Atchison distillery, adjusted operating income, adjusted income before income taxes, adjusted net income, adjusted MGP earnings, adjusted EBITDA, net debt, net debt leverage ratio, and adjusted basic and diluted EPS, as well as guidance for adjusted EBITDA and adjusted basic EPS. The presentation of these non-GAAP financial measures should be reviewed in conjunction with operating income, income before income taxes, net income, net income used in earnings per common share calculation, debt, and basic and diluted EPS computed in accordance with U.S. GAAP and should not be considered a substitute for the GAAP measure. We believe that the non-GAAP measures provide useful information to investors regarding the Company's performance and overall results of operations. In addition, management uses these non-GAAP measures in conjunction with GAAP measures when evaluating the Company's operating results compared to prior periods on a consistent basis, assessing financial trends, and for forecasting purposes. Non-GAAP financial measures may not provide information that is directly comparable to other companies, even if similar terms are used to identify such measures. The attached schedules provide a full reconciliation of historical non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure. Full year 2024 guidance measures of adjusted EBITDA and adjusted basic EPS are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measures because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. Such items include without limitation, acquisition related expenses, restructuring and related expenses, and other items not reflective of the Company's ongoing operations.

    MGP INGREDIENTS, INC.

    CONSOLIDATED STATEMENTS OF INCOME

    (Dollars in thousands)

     

     

     

    Quarter Ended

    December 31,

     

    Year Ended

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Sales

     

    $

    180,796

     

     

    $

    214,888

     

     

    $

    703,625

     

     

    $

    836,523

     

    Cost of sales

     

     

    106,321

     

     

     

    129,743

     

     

     

    417,308

     

     

     

    531,811

     

    Gross profit

     

     

    74,475

     

     

     

    85,145

     

     

     

    286,317

     

     

     

    304,712

     

     

     

     

     

     

     

     

     

     

    Advertising and promotion expense

     

     

    10,513

     

     

     

    12,336

     

     

     

    40,508

     

     

     

    38,213

     

    Selling, general, and administrative expenses

     

     

    20,449

     

     

     

    25,780

     

     

     

    81,391

     

     

     

    91,395

     

    Impairment of long-lived assets and other

     

     

    —

     

     

     

    1,057

     

     

     

    137

     

     

     

    19,391

     

    Goodwill impairment

     

     

    73,755

     

     

     

    —

     

     

     

    73,755

     

     

     

    —

     

    Change in fair value of contingent consideration

     

     

    200

     

     

     

    2,900

     

     

     

    16,100

     

     

     

    7,100

     

    Operating income (loss)

     

     

    (30,442

    )

     

     

    43,072

     

     

     

    74,426

     

     

     

    148,613

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

     

    (2,041

    )

     

     

    (2,017

    )

     

     

    (8,439

    )

     

     

    (6,647

    )

    Other income (expense), net

     

     

    538

     

     

     

    (225

    )

     

     

    2,455

     

     

     

    (220

    )

    Income (loss) before income taxes

     

     

    (31,945

    )

     

     

    40,830

     

     

     

    68,442

     

     

     

    141,746

     

     

     

     

     

     

     

     

     

     

    Income tax expense

     

     

    10,053

     

     

     

    9,784

     

     

     

    33,977

     

     

     

    34,616

     

    Net income (loss)

     

     

    (41,998

    )

     

     

    31,046

     

     

     

    34,465

     

     

     

    107,130

     

     

     

     

     

     

     

     

     

     

    Net loss attributable to noncontrolling interest

     

     

    36

     

     

     

    21

     

     

     

    198

     

     

     

    345

     

    Net income (loss) attributable to MGP Ingredients, Inc.

     

     

    (41,962

    )

     

     

    31,067

     

     

     

    34,663

     

     

     

    107,475

     

     

     

     

     

     

     

     

     

     

    Income (loss) attributable to participating securities

     

     

    466

     

     

     

    (311

    )

     

     

    (373

    )

     

     

    (1,074

    )

    Net income (loss) used in earnings per share calculation

     

    $

    (41,496

    )

     

    $

    30,756

     

     

    $

    34,290

     

     

    $

    106,401

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares

     

     

     

     

     

     

     

     

    Basic

     

     

    21,732,872

     

     

     

    22,070,337

     

     

     

    22,015,439

     

     

     

    22,059,816

     

    Diluted

     

     

    21,732,872

     

     

     

    22,070,337

     

     

     

    22,015,439

     

     

     

    22,173,918

     

     

     

     

     

     

     

     

     

     

    Earnings per common share

     

     

     

     

     

     

     

     

    Basic

     

    $

    (1.91

    )

     

    $

    1.39

     

     

    $

    1.56

     

     

    $

    4.82

     

    Diluted

     

    $

    (1.91

    )

     

    $

    1.39

     

     

    $

    1.56

     

     

    $

    4.80

     

     

    MGP INGREDIENTS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Dollars in thousands)

     

     

    December 31,

     

    2024

     

    2023

    ASSETS

     

     

     

    Current Assets:

     

     

     

    Cash and cash equivalents

    $

    25,273

     

     

    $

    18,388

     

    Receivables, net

     

    148,488

     

     

     

    144,286

     

    Inventory

     

    364,944

     

     

     

    346,853

     

    Prepaid expenses

     

    3,983

     

     

     

    3,580

     

    Refundable income taxes

     

    3,448

     

     

     

    1,190

     

    Total current assets

     

    546,136

     

     

     

    514,297

     

     

     

     

     

    Property, plant, and equipment

     

    562,714

     

     

     

    489,646

     

    Less accumulated depreciation and amortization

     

    (246,042

    )

     

     

    (227,343

    )

    Property, plant, and equipment, net

     

    316,672

     

     

     

    262,303

     

    Operating lease right-of-use assets, net

     

    15,540

     

     

     

    13,975

     

    Investment in joint venture

     

    7,024

     

     

     

    5,197

     

    Intangible assets, net

     

    268,451

     

     

     

    271,706

     

    Goodwill

     

    247,789

     

     

     

    321,544

     

    Other assets

     

    4,173

     

     

     

    3,326

     

    TOTAL ASSETS

    $

    1,405,785

     

     

    $

    1,392,348

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current Liabilities:

     

     

     

    Current maturities of long-term debt

    $

    6,400

     

     

    $

    6,400

     

    Accounts payable

     

    66,336

     

     

     

    73,594

     

    Federal and state excise taxes payable

     

    5,358

     

     

     

    2,251

     

    Accrued expenses and other

     

    14,356

     

     

     

    31,861

     

    Total current liabilities

     

    92,450

     

     

     

    114,106

     

     

     

     

     

    Long-term debt, less current maturities

     

    121,277

     

     

     

    85,305

     

    Convertible senior notes

     

    195,864

     

     

     

    195,544

     

    Long-term operating lease liabilities

     

    11,940

     

     

     

    11,292

     

    Contingent consideration

     

    85,300

     

     

     

    69,200

     

    Other noncurrent liabilities

     

    2,981

     

     

     

    4,763

     

    Deferred income taxes

     

    63,430

     

     

     

    63,071

     

    Total liabilities

     

    573,242

     

     

     

    543,281

     

    Total equity

     

    832,543

     

     

     

    849,067

     

    TOTAL LIABILITIES AND TOTAL EQUITY

    $

    1,405,785

     

     

    $

    1,392,348

     

     

    MGP INGREDIENTS, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Dollars in thousands)

     

     

     

    Year Ended December 31,

     

     

    2024

     

    2023

    Cash Flows from Operating Activities

     

     

     

     

    Net income

     

    $

    34,465

     

     

    $

    107,130

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    21,989

     

     

     

    22,113

     

    Impairment of long-lived assets and other

     

     

    137

     

     

     

    19,391

     

    Goodwill impairment

     

     

    73,755

     

     

     

    —

     

    Share-based compensation

     

     

    4,016

     

     

     

    10,635

     

    Equity method investment loss (gain)

     

     

    (1,827

    )

     

     

    337

     

    Deferred income taxes, including change in valuation allowance

     

     

    359

     

     

     

    (4,041

    )

    Change in fair value of contingent consideration

     

     

    16,100

     

     

     

    7,100

     

    Other, net

     

     

    465

     

     

     

    728

     

    Changes in operating assets and liabilities, net of effects of acquisition:

     

     

     

     

    Receivables, net

     

     

    (4,375

    )

     

     

    (32,397

    )

    Inventory

     

     

    (18,155

    )

     

     

    (46,921

    )

    Prepaid expenses

     

     

    (409

    )

     

     

    (481

    )

    Income taxes payable (refundable)

     

     

    (2,258

    )

     

     

    3,136

     

    Accounts payable

     

     

    (9,099

    )

     

     

    (2,406

    )

    Accrued expenses and other

     

     

    (15,111

    )

     

     

    348

     

    Federal and state excise taxes payable

     

     

    3,107

     

     

     

    (2,375

    )

    Other, net

     

     

    (881

    )

     

     

    1,486

     

    Net cash provided by operating activities

     

     

    102,278

     

     

     

    83,783

     

     

     

     

     

     

    Cash Flows from Investing Activities

     

     

     

     

    Additions to property, plant, and equipment

     

     

    (71,181

    )

     

     

    (55,267

    )

    Purchase of business, net of cash acquired

     

     

    —

     

     

     

    (103,712

    )

    Other, net

     

     

    (377

    )

     

     

    (263

    )

    Net cash used in investing activities

     

     

    (71,558

    )

     

     

    (159,242

    )

     

     

     

     

     

    Cash Flows from Financing Activities

     

     

     

     

    Payment of dividends and dividend equivalents

     

     

    (10,630

    )

     

     

    (10,675

    )

    Purchase of Common Stock

     

     

    (48,773

    )

     

     

    (801

    )

    Proceeds from long-term debt

     

     

    125,000

     

     

     

    105,000

     

    Principal payments on long-term debt

     

     

    (89,400

    )

     

     

    (47,600

    )

    Net cash provided by (used in) financing activities

     

     

    (23,803

    )

     

     

    45,924

     

     

     

     

     

     

    Effect of exchange rate changes on cash and cash equivalents

     

     

    (32

    )

     

     

    34

     

    Increase (decrease) in cash and cash equivalents

     

     

    6,885

     

     

     

    (29,501

    )

    Cash and cash equivalents, beginning of period

     

     

    18,388

     

     

     

    47,889

     

    Cash and cash equivalents, end of period

     

    $

    25,273

     

     

    $

    18,388

     

     

    MGP INGREDIENTS, INC.

    SALES BY OPERATING SEGMENT

    (Dollars in thousands)

     

     

    DISTILLING SOLUTIONS SALES

     

    Quarter Ended December 31,

     

    Quarter versus Quarter Sales Change Increase/(Decrease)

     

    2024

     

    2023

     

    $ Change

     

    % Change

    Brown goods

    $

    66,989

     

     

    $

    74,334

     

     

    $

    (7,345

    )

     

    (10

    )%

    Warehouse services

     

    8,818

     

     

     

    7,674

     

     

     

    1,144

     

     

    15

     

    White goods and other co-products

     

    6,238

     

     

     

    26,905

     

     

     

    (20,667

    )

     

    (77

    )

    Total Distilling Solutions

    $

    82,045

     

     

    $

    108,913

     

     

    $

    (26,868

    )

     

    (25

    )%

     

    BRANDED SPIRITS SALES

     

    Quarter Ended December 31,

     

    Quarter versus Quarter Sales Change Increase/(Decrease)

     

    2024

     

    2023

     

    $ Change

     

    % Change

    Premium plus

    $

    28,292

     

     

    $

    32,113

     

     

    $

    (3,821

    )

     

    (12

    )%

    Mid

     

    16,844

     

     

     

    20,101

     

     

     

    (3,257

    )

     

    (16

    )

    Value

     

    10,402

     

     

     

    11,859

     

     

     

    (1,457

    )

     

    (12

    )

    Other

     

    8,467

     

     

     

    8,542

     

     

     

    (75

    )

     

    (1

    )

    Total Branded Spirits

    $

    64,005

     

     

    $

    72,615

     

     

    $

    (8,610

    )

     

    (12

    )%

     

    INGREDIENT SOLUTIONS SALES

     

    Quarter Ended December 31,

     

    Quarter versus Quarter Sales Change Increase / (Decrease)

     

    2024

     

    2023

     

    $ Change

     

    % Change

    Specialty wheat starches

    $

    18,359

     

     

    $

    17,073

     

     

    $

    1,286

     

     

    8

    %

    Specialty wheat proteins

     

    12,821

     

     

     

    12,373

     

     

     

    448

     

     

    4

     

    Commodity wheat starches

     

    3,505

     

     

     

    3,543

     

     

     

    (38

    )

     

    (1

    )

    Commodity wheat proteins

     

    61

     

     

     

    371

     

     

     

    (310

    )

     

    (84

    )

    Total Ingredient Solutions

    $

    34,746

     

     

    $

    33,360

     

     

    $

    1,386

     

     

    4

    %

     

     

     

     

     

     

     

     

    MGP INGREDIENTS, INC.

    SALES BY OPERATING SEGMENT

    (Dollars in thousands)

     

     

    DISTILLING SOLUTIONS SALES

     

    Year Ended December 31,

     

    Year versus Year Sales Change Increase/(Decrease)

     

    2024

     

    2023

     

    $ Change

     

    % Change

    Brown goods

    $

    265,873

     

     

    $

    289,191

     

     

    $

    (23,318

    )

     

    (8

    )%

    Warehouse services

     

    33,430

     

     

     

    28,632

     

     

     

    4,798

     

     

    17

     

    White goods and other co-products

     

    32,901

     

     

     

    133,031

     

     

     

    (100,130

    )

     

    (75

    )

    Total Distilling Solutions

    $

    332,204

     

     

    $

    450,854

     

     

    $

    (118,650

    )

     

    (26

    )%

     

    BRANDED SPIRITS SALES

     

    Year Ended December 31,

     

    Year versus Year Sales Change Increase/(Decrease)

     

    2024

     

    2023

     

    $ Change

     

    % Change

    Premium Plus

    $

    110,991

     

     

    $

    105,465

     

     

    $

    5,526

     

     

    5

    %

    Mid

     

    63,454

     

     

     

    75,676

     

     

     

    (12,222

    )

     

    (16

    )

    Value

     

    42,100

     

     

     

    47,907

     

     

     

    (5,807

    )

     

    (12

    )

    Other

     

    24,271

     

     

     

    24,885

     

     

     

    (614

    )

     

    (2

    )

    Total Branded Spirits

    $

    240,816

     

     

    $

    253,933

     

     

    $

    (13,117

    )

     

    (5

    )%

     

    INGREDIENT SOLUTIONS SALES

     

    Year Ended December 31,

     

    Year versus Year Sales Change Increase/(Decrease)

     

    2024

     

    2023

     

    $ Change

     

    % Change

    Specialty wheat starches

    $

    76,005

     

     

    $

    66,050

     

     

    $

    9,955

     

     

    15

    %

    Specialty wheat proteins

     

    41,768

     

     

     

    48,291

     

     

     

    (6,523

    )

     

    (14

    )

    Commodity wheat starches

     

    12,351

     

     

     

    16,413

     

     

     

    (4,062

    )

     

    (25

    )

    Commodity wheat proteins

     

    481

     

     

     

    982

     

     

     

    (501

    )

     

    (51

    )

    Total Ingredient Solutions

    $

    130,605

     

     

    $

    131,736

     

     

    $

    (1,131

    )

     

    (1

    )%

     

     

     

     

     

     

     

     

    MGP INGREDIENTS, INC.

    OPERATING INCOME ROLLFORWARD

    (Dollars in thousands)

     

    Operating income, quarter versus quarter

     

    Operating Income

     

    Change

     

    Operating income for quarter ended December 31, 2023

     

    $

    43,072

     

     

     

     

    Decrease in gross profit - Ingredient Solutions segment

     

     

    (3,859

    )

     

    (9

    )

    pp(a)

    Decrease in gross profit - Branded Spirits segment

     

     

    (3,560

    )

     

    (8

    )

    pp

    Decrease in gross profit - Distilling Solutions segment

     

     

    (3,251

    )

     

    (8

    )

    pp

    Decrease in advertising and promotion expenses

     

     

    1,823

     

     

    4

     

    pp

    Decrease in SG&A expenses

     

     

    5,331

     

     

    12

     

    pp

    Decrease in impairment of long-lived assets and other

     

     

    1,057

     

     

    2

     

    pp

    Goodwill impairment

     

     

    (73,755

    )

     

    (171

    )

    pp

    Change in fair value of contingent consideration

     

     

    2,700

     

     

    6

     

    pp

    Operating loss for quarter ended December 31, 2024

     

    $

    (30,442

    )

     

    (171

    )%

     

     

    Operating income, year versus year

     

    Operating Income

     

    Change

     

    Operating income for year ended December 31, 2023

     

    $

    148,613

     

     

     

     

    Decrease in gross profit - Ingredient Solutions segment

     

     

    (20,773

    )

     

    (14

    )

    pp(a)

    Decrease in gross profit - Distilling Solutions segment

     

     

    (3,037

    )

     

    (2

    )

    pp

    Increase in gross profit - Branded Spirits segment

     

     

    5,415

     

     

    4

     

    pp

    Increase in advertising and promotion expenses

     

     

    (2,295

    )

     

    (2

    )

    pp

    Decrease in SG&A expenses

     

     

    10,004

     

     

    7

     

    pp

    Decrease in impairment of long-lived assets and other

     

     

    19,254

     

     

    13

     

    pp

    Goodwill impairment

     

     

    (73,755

    )

     

    (50

    )

    pp

    Change in fair value of contingent consideration

     

     

    (9,000

    )

     

    (6

    )

    pp

    Operating income for year ended December 31, 2024

     

    $

    74,426

     

     

    (50

    )%

     

    (a)

    Percentage points ("pp").

     

    MGP INGREDIENTS, INC.

    EARNINGS PER SHARE ("EPS") ROLLFORWARD

     

    Change in EPS, quarter versus quarter

     

    EPS

     

    Change

     

    Basic and Diluted EPS for quarter ended December 31, 2023

     

    $

    1.39

     

     

     

     

    Change in operating income (a)

     

     

    (2.53

    )

     

    (182

    )

    pp(b)

    Change in other expense, net (a)

     

     

    0.03

     

     

    2

     

    pp

    Change in weighted average shares outstanding

     

     

    (0.03

    )

     

    (2

    )

    pp

    Change in effective tax rate

     

     

    (0.77

    )

     

    (55

    )

    pp

    Basic and Diluted EPS for quarter ended December 31, 2024

     

    $

    (1.91

    )

     

    (237

    )%

     

     

    Change in EPS, year versus year

     

    EPS

     

    Change

     

    Basic EPS for year ended December 31, 2023

     

    $

    4.82

     

     

     

     

    Change in operating income(a)

     

     

    (2.53

    )

     

    (52

    )

    pp(b)

    Change in interest expense(a)

     

     

    (0.06

    )

     

    (2

    )

    pp

    Change in other expense, net(a)

     

     

    0.09

     

     

    2

     

    pp

    Change in weighted average shares outstanding

     

     

    0.01

     

     

    —

     

    pp

    Change in effective tax rate

     

     

    (0.77

    )

     

    (16

    )

    pp

    Basic and Diluted EPS for year ended December 31, 2024

     

    $

    1.56

     

     

    (68

    )%

     

    (a)

    Items are net of tax based on the effective tax rate for the base year (2023).

    (b)

    Percentage points ("pp")

     

    MGP INGREDIENTS, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO ADJUSTED NON-GAAP MEASURES

    (UNAUDITED) (in thousands)

     

     

    Quarter Ended December 31, 2024

     

    Operating Income

     

    Income before Income Taxes

     

    Net Income(b)

     

    MGP Earnings(a)

     

    Basic and Diluted EPS

    Reported GAAP Results

    $

    (30,442

    )

     

    $

    (31,945

    )

     

    $

    (41,998

    )

     

    $

    (41,496

    )

     

    $

    (1.91

    )

    Goodwill impairment(c)

     

    73,755

     

     

     

    73,755

     

     

     

    73,755

     

     

     

    72,943

     

     

     

    3.36

     

    Fair value of contingent consideration(d)

     

    200

     

     

     

    200

     

     

     

    152

     

     

     

    150

     

     

     

    0.01

     

    Business acquisition costs(e)

     

    15

     

     

     

    15

     

     

     

    11

     

     

     

    11

     

     

     

    —

     

    Executive transition costs(f)

     

    2,857

     

     

     

    2,857

     

     

     

    2,171

     

     

     

    2,145

     

     

     

    0.10

     

    Unusual items costs(g)

     

    408

     

     

     

    408

     

     

     

    310

     

     

     

    306

     

     

     

    0.01

     

    Adjusted Non-GAAP results

    $

    46,793

     

     

    $

    45,290

     

     

    $

    34,401

     

     

    $

    34,059

     

     

    $

    1.57

     

     

    Quarter Ended December 31, 2023

     

    Operating Income

     

    Income before Income Taxes

     

    Net Income

     

    MGP Earnings(a)

     

    Basic and Diluted EPS

    Reported GAAP Results

    $

    43,072

     

     

    $

    40,830

     

     

    $

    31,046

     

     

    $

    30,756

     

     

    $

    1.39

     

    Impairment of long-lived assets and other(h)

     

    1,057

     

     

     

    1,057

     

     

     

    803

     

     

     

    803

     

     

     

    0.04

     

    Fair value of contingent consideration(d)

     

    2,900

     

     

     

    2,900

     

     

     

    2,204

     

     

     

    2,204

     

     

     

    0.10

     

    Business acquisition costs(e)

     

    246

     

     

     

    246

     

     

     

    187

     

     

     

    187

     

     

     

    0.01

     

    Executive transition costs(f)

     

    3,134

     

     

     

    3,134

     

     

     

    2,382

     

     

     

    2,382

     

     

     

    0.10

     

    Adjusted Non-GAAP results

    $

    50,409

     

     

    $

    48,167

     

     

    $

    36,622

     

     

    $

    36,332

     

     

    $

    1.64

     

     

    Year Ended December 31, 2024

     

    Operating Income

     

    Income before Income Taxes

     

    Net Income(b)

     

    MGP Earnings(a)

     

    Basic and Diluted EPS

    Reported GAAP Results

    $

    74,426

     

     

    $

    68,442

     

     

    $

    34,465

     

     

    $

    34,290

     

     

    $

    1.56

     

    Goodwill impairment(c)

     

    73,755

     

     

     

    73,755

     

     

     

    73,755

     

     

     

    72,950

     

     

     

    3.31

     

    Impairment of long-lived assets and other(h)

     

    137

     

     

     

    137

     

     

     

    104

     

     

     

    103

     

     

     

    0.01

     

    Fair value of contingent consideration(d)

     

    16,100

     

     

     

    16,100

     

     

     

    12,252

     

     

     

    12,118

     

     

     

    0.55

     

    Business acquisition costs(e)

     

    116

     

     

     

    116

     

     

     

    88

     

     

     

    87

     

     

     

    —

     

    Executive transition costs(f)

     

    4,075

     

     

     

    4,075

     

     

     

    3,101

     

     

     

    3,067

     

     

     

    0.14

     

    Unusual items costs(g)

     

    2,081

     

     

     

    2,081

     

     

     

    1,584

     

     

     

    1,566

     

     

     

    0.07

     

    Adjusted Non-GAAP results

    $

    170,690

     

     

    $

    164,706

     

     

    $

    125,349

     

     

    $

    124,181

     

     

    $

    5.64

     

     

    Year Ended December 31, 2023

     

    Operating Income

     

    Income before Income Taxes

     

    Net Income

     

    MGP Earnings(a)

     

    Basic EPS

     

    Diluted EPS

    Reported GAAP Results

    $

    148,613

     

     

    $

    141,746

     

     

    $

    107,130

     

     

    $

    106,401

     

     

    $

    4.82

     

     

    $

    4.80

     

    Impairment of long-lived assets and other(h)

     

    19,391

     

     

     

    19,391

     

     

     

    14,660

     

     

     

    14,660

     

     

     

    0.66

     

     

     

    0.66

     

    Fair value of contingent consideration(d)

     

    7,100

     

     

     

    7,100

     

     

     

    5,368

     

     

     

    5,368

     

     

     

    0.24

     

     

     

    0.24

     

    Business acquisition costs(e)

     

    2,060

     

     

     

    2,060

     

     

     

    1,557

     

     

     

    1,557

     

     

     

    0.07

     

     

     

    0.07

     

    Executive transition costs(f)

     

    3,134

     

     

     

    3,134

     

     

     

    2,369

     

     

     

    2,369

     

     

     

    0.11

     

     

     

    0.11

     

    Adjusted Non-GAAP results

    $

    180,298

     

     

    $

    173,431

     

     

    $

    131,084

     

     

    $

    130,355

     

     

    $

    5.90

     

     

    $

    5.88

     

    MGP INGREDIENTS, INC.

    DESCRIPTION OF NON-GAAP ITEMS

     

    (a)

    MGP Earnings has been defined as "Net income (loss) used in earnings per share calculation," which accounts for the impacts of the net loss attributable to noncontrolling interest and income (loss) attributable to participating securities.

     

     

    (b)

    Excluding the impacts of the nondeductible goodwill impairment, the effective tax rate was 24.0% and 23.9% for the quarter and year ended December 31, 2024, respectively. This is the effective tax rate used for the non-GAAP items.

     

     

    (c)

    Goodwill impairment relates to the write down of the goodwill during the quarter and year ended December 31, 2024. This is nondeductible for income tax purposes. It is included in the Consolidated Statement of Income as a component of operating income and relates to the Branded Spirits segment.

     

     

    (d)

    Fair value of contingent consideration relates to the quarterly adjustment of the contingent consideration liability related to the acquisition of Penelope Bourbon LLC. It is included in the Consolidated Statement of Income as a component of operating income and relates to the Branded Spirits segment.

     

     

    (e)

    Business acquisition costs are included in the Consolidated Statement of Income within the selling, general, and administrative line item and include transaction and integration costs associated with the acquisition of Penelope Bourbon LLC.

     

     

    (f)

    The executive transition costs are included in the Consolidated Statement of Income within the selling, general and administrative line item. The adjustment includes costs related to the transition of certain executive positions.

     

     

    (g)

    The unusual items costs are included in the Consolidated Statement of Income within the selling, general, and administrative line item. The adjustment includes professional and legal costs associated with special projects.

     

     

    (h)

    The impairment of long-lived assets and other relates to the closure of the Company's distillery located in Atchison, Kansas, which included $17,112 of impairment of assets as well as $2,279 of expenses related to severance costs, inventory write offs, contract termination fees, consulting fees, and other miscellaneous expenses for the year ended December 31, 2023. For the quarter ended December 31, 2023, the full expense amount relates to severance costs, inventory write offs, contract termination fees, consulting fees and other miscellaneous expenses. For the year ended December 31, 2024, the full expense amount relates to miscellaneous expenses. Impairment of long-lived assets and other are included in the Consolidated Statement of Income as a component of operating income and relates to the Distilling Solutions segment.

     

    MGP INGREDIENTS, INC.

    RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND NET DEBT LEVERAGE RATIO

    (UNAUDITED) (in thousands)

     

     

    Quarter Ended

    December 31,

     

    Year Ended

    December 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Net Income (loss)

    $

    (41,998

    )

     

    $

    31,046

     

     

    $

    34,465

     

     

    $

    107,130

     

    Interest expense

     

    2,041

     

     

     

    2,017

     

     

     

    8,439

     

     

     

    6,647

     

    Income tax expense

     

    10,053

     

     

     

    9,784

     

     

     

    33,977

     

     

     

    34,616

     

    Depreciation and amortization

     

    5,691

     

     

     

    5,841

     

     

     

    21,989

     

     

     

    22,113

     

    Share based compensation

     

    440

     

     

     

    1,850

     

     

     

    3,188

     

     

     

    7,501

     

    Equity method investment loss (gain)

     

    (381

    )

     

     

    146

     

     

     

    (1,827

    )

     

     

    337

     

    Impairment of long-lived assets and other

     

    —

     

     

     

    1,057

     

     

     

    137

     

     

     

    19,391

     

    Goodwill impairment

     

    73,755

     

     

     

    —

     

     

     

    73,755

     

     

     

    —

     

    Fair value of contingent consideration

     

    200

     

     

     

    2,900

     

     

     

    16,100

     

     

     

    7,100

     

    Business acquisition costs

     

    15

     

     

     

    246

     

     

     

    116

     

     

     

    2,060

     

    Executive transition costs

     

    2,857

     

     

     

    3,134

     

     

     

    4,075

     

     

     

    3,134

     

    Unusual items costs

     

    408

     

     

     

    —

     

     

     

    2,081

     

     

     

    —

     

    Adjusted EBITDA

    $

    53,081

     

     

    $

    58,021

     

     

    $

    196,495

     

     

    $

    210,029

     

     

     

     

     

     

     

     

     

    Total debt

     

     

     

     

    $

    323,541

     

     

    $

    287,249

     

    Cash and cash equivalents

     

     

     

     

     

    25,273

     

     

     

    18,388

     

    Net debt

     

     

     

     

    $

    298,268

     

     

    $

    268,861

     

     

     

     

     

     

     

     

     

    Net debt leverage ratio(a)

     

     

     

     

     

    1.5

     

     

     

    1.3

     

    (a)

    Net leverage ratio defined as net debt divided by adjusted EBITDA

    The non-GAAP adjusted EBITDA measure is defined as earnings before interest expense, income tax expense, depreciation and amortization, share based compensation, equity method investment loss (gain), impairment of long-lived assets and other, goodwill impairment, fair value of contingent consideration, business acquisition costs, executive transition costs, and unusual items costs.

    See "Reconciliation of selected GAAP measures to adjusted non-GAAP measures" and "Description of Non-GAAP items" for further details.

    MGP INGREDIENTS, INC.

    DILUTIVE SHARES OUTSTANDING CALCULATION

    (UNAUDITED)

     

     

    Quarter Ended

    December 31,

     

    Year Ended

    December 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Principal amount of the bonds

    $

    201,250,000

     

     

    $

    201,250,000

     

     

    $

    201,250,000

     

     

    $

    201,250,000

     

    Par value

    $

    1,000

     

     

    $

    1,000

     

     

    $

    1,000

     

     

    $

    1,000

     

    Number of bonds outstanding (b)

     

    201,250

     

     

     

    201,250

     

     

     

    201,250

     

     

     

    201,250

     

     

     

     

     

     

     

     

     

    Initial conversion rate

     

    10.3911

     

     

     

    10.3911

     

     

     

    10.3911

     

     

     

    10.3911

     

    Conversion price

    $

    96.23620

     

     

    $

    96.23620

     

     

    $

    96.23620

     

     

    $

    96.23620

     

     

     

     

     

     

     

     

     

    Average share price (c)

    $

    54.41547

     

     

    $

    96.08000

     

     

    $

    75.30083

     

     

    $

    101.79016

     

    Impact of conversion (d)

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    212,864,486

     

     

     

     

     

     

     

     

     

    Cash paid for principal

     

    (201,250,000

    )

     

     

    (201,250,000

    )

     

     

    (201,250,000

    )

     

     

    (201,250,000

    )

    Conversion premium

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    11,614,486

     

     

     

     

     

     

     

     

     

    Average share price

    $

    54.41547

     

     

    $

    96.08000

     

     

    $

    75.30083

     

     

    $

    101.79016

     

    Conversion premium in shares (a) (e)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    114,102

     

    (a)

    Number of bonds outstanding is calculated by taking the principal amount of the bonds divided by the par value.

     

     

    (b)

    Average share price is calculated by taking the average of the daily closing share price for the period. If the average share price is less than the conversion price of $96.23620 per share, the impact to EPS is anti-dilutive and therefore the shares were excluded from the diluted EPS calculation.

     

     

    (c)

    Impact of conversion is calculated by taking the number of bonds outstanding multiplied by the initial conversion rate multiplied by the average share price. If the average share price is less than the conversion price then the impact of conversion is zero.

     

     

    (d)

    The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares outstanding if the impact was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.23620 per share.

     

     

    (e)

    Conversion premium in shares is calculated by taking the conversion premium divided by the average share price. If the average share price is less than the conversion price, then the conversion premium in shares is zero.

     

    MGP INGREDIENTS, INC.

    Impact of the Planned Closure of the Atchison Distillery

    Segment Operating Results and Pro-Forma Results

    Quarter Ended December 31, 2024

    (UNAUDITED) (in thousands)

     

     

    Distilling Solutions

     

     

    Quarter Ended

    December 31, 2024

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Brown Goods

    $

    66,989

     

     

    $

    66,989

     

     

    $

    —

     

     

    —

    %

     

    Warehouse services

     

    8,818

     

     

     

    8,818

     

     

     

     

     

     

    White goods and other co-products

     

    6,238

     

     

     

    6,238

     

     

     

    —

     

     

    —

     

     

    Total Sales

    $

    82,045

     

     

    $

    82,045

     

     

    $

    —

     

     

    —

    %

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    36,727

     

     

    $

    36,727

     

     

    $

    —

     

     

    —

    %

     

    Gross margin %

     

    44.8

    %

     

     

    44.8

    %

     

     

     

     

    —

     

    pp(c)

     

    Ingredient Solutions

     

     

    Quarter Ended

    December 31, 2024

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Specialty wheat starches

    $

    18,359

     

     

    $

    18,359

     

     

    $

    —

     

     

    —

    %

     

    Specialty wheat proteins

     

    12,821

     

     

     

    12,821

     

     

     

    —

     

     

    —

     

     

    Commodity wheat starches

     

    3,505

     

     

     

    3,505

     

     

     

    —

     

     

    —

     

     

    Commodity wheat proteins

     

    61

     

     

     

    61

     

     

     

    —

     

     

    —

     

     

    Total Sales

    $

    34,746

     

     

    $

    34,746

     

     

    $

    —

     

     

    —

    %

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    8,163

     

     

    $

    8,163

     

     

    $

    —

     

    (d)

    —

    %

     

    Gross margin %

     

    23.5

    %

     

     

    23.5

    %

     

     

     

     

    —

     

    pp(c)

     

    Consolidated

     

     

    Quarter Ended

    December 31, 2024

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Sales

    $

    180,796

     

     

    $

    180,796

     

     

    $

    —

     

     

    —

    %

     

    Gross profit

    $

    74,475

     

     

    $

    74,475

     

     

    $

    —

     

     

    —

    %

     

    Gross margin %

     

    41.2

    %

     

     

    41.2

    %

     

     

     

     

    —

     

    pp(c)

    (a)

    Represents actual results of the Company for the quarter ended December 31, 2024.

    (b)

    Represents the Company's results for the quarter ended December 31, 2024 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the quarter ended December 31, 2024 would not have been impacted by a closure of the Atchison, Kansas distillery.

    (c)

    Percentage points ("pp").

    (d)

    There was no reduction in gross profit for the Ingredient Solutions segment as the Company is no longer receiving an intercompany credit for the waste starch slurry by-product since the closure of the distillery in Atchison Kansas during December 2023.

     

    MGP INGREDIENTS, INC.

    Impact of the Planned Closure of the Atchison Distillery

    Segment Operating Results and Pro-Forma Results

    Quarter Ended December 31, 2023

    (UNAUDITED) (in thousands)

     

     

    Distilling Solutions

     

     

    Quarter Ended

    December 31, 2023

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Brown Goods

    $

    74,334

     

     

    $

    74,334

     

     

    $

    —

     

     

    —

    %

     

    Warehouse services

     

    7,674

     

     

     

    7,674

     

     

     

    —

     

     

    —

     

     

    White goods and other co-products

     

    26,905

     

     

     

    5,390

     

     

     

    (21,515

    )

     

    (80

    )

     

    Total Sales

    $

    108,913

     

     

    $

    87,398

     

     

    $

    (21,515

    )

     

    (20

    )%

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    39,978

     

     

    $

    43,528

     

     

    $

    3,550

     

     

    9

    %

     

    Gross margin %

     

    36.7

    %

     

     

    49.8

    %

     

     

     

    13.1

     

    pp(c)

     

    Ingredient Solutions

     

     

    Quarter Ended

    December 31, 2023

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Specialty wheat starches

    $

    17,073

     

     

    $

    17,073

     

     

    $

    —

     

     

    —

    %

     

    Specialty wheat proteins

     

    12,373

     

     

     

    12,373

     

     

     

    —

     

     

    —

     

     

    Commodity wheat starches

     

    3,543

     

     

     

    3,543

     

     

     

    —

     

     

    —

     

     

    Commodity wheat proteins

     

    371

     

     

     

    371

     

     

     

    —

     

     

    —

     

     

    Total Sales

    $

    33,360

     

     

    $

    33,360

     

     

    $

    —

     

     

    —

    %

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    12,022

     

     

    $

    10,726

     

     

    $

    (1,296

    )

    (d)

    (11

    )%

     

    Gross margin %

     

    36.0

    %

     

     

    32.2

    %

     

     

     

    (3.8

    )

    pp(c)

     

    Consolidated

     

     

    Quarter Ended

    December 31, 2023

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Sales

    $

    214,888

     

     

    $

    193,373

     

     

    $

    (21,515

    )

     

    (10

    )%

     

    Gross profit

    $

    85,145

     

     

    $

    87,399

     

     

    $

    2,254

     

     

    3

    %

     

    Gross margin %

     

    39.6

    %

     

     

    45.2

    %

     

     

     

    5.6

     

    pp(c)

    (a)

    Represents actual results of the Company for the quarter ended December 31, 2023.

    (b)

    Represents the Company's results for the quarter ended December 31, 2023 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the quarter ended December 31, 2023 would not have been impacted by a closure of the Atchison, Kansas distillery.

    (c)

    Percentage points ("pp").

    (d)

    The reduction in gross profit for the Ingredient Solutions segment is the result of increased cost of goods sold from no longer receiving an intercompany credit for the waste starch slurry by-product purchased by the adjoined Atchison, Kansas distillery. The value of the intercompany credit is derived from the value of corn which has fluctuated over time.

     

    MGP INGREDIENTS, INC.

    Impact of the Planned Closure of the Atchison Distillery

    Segment Operating Results and Pro-Forma Results

    Year Ended December 31, 2024

    (UNAUDITED) (in thousands)

     

     

    Distilling Solutions

     

     

    Year Ended

    December 31, 2024

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Brown Goods

    $

    265,873

     

     

    $

    265,873

     

     

    $

    —

     

     

    —

    %

     

    Warehouse services

     

    33,430

     

     

     

    33,430

     

     

     

     

     

     

    White goods and other co-products

     

    32,901

     

     

     

    31,609

     

     

     

    (1,292

    )

     

    (4

    )

     

    Total Sales

    $

    332,204

     

     

    $

    330,912

     

     

    $

    (1,292

    )

     

    —

    %

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    141,927

     

     

    $

    142,380

     

     

    $

    453

     

     

    —

    %

     

    Gross margin %

     

    42.7

    %

     

     

    43.0

    %

     

     

     

    0.3

     

    pp(c)

     

    Ingredient Solutions

     

     

    Year Ended

    December 31, 2024

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Specialty wheat starches

    $

    76,005

     

     

    $

    76,005

     

     

    $

    —

     

     

    —

    %

     

    Specialty wheat proteins

     

    41,768

     

     

     

    41,768

     

     

     

    —

     

     

    —

     

     

    Commodity wheat starches

     

    12,351

     

     

     

    12,351

     

     

     

    —

     

     

    —

     

     

    Commodity wheat proteins

     

    481

     

     

     

    481

     

     

     

    —

     

     

    —

     

     

    Total Sales

    $

    130,605

     

     

    $

    130,605

     

     

    $

    —

     

     

    —

    %

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    26,194

     

     

    $

    26,194

     

     

    $

    —

     

    (d)

    —

    %

     

    Gross margin %

     

    20.1

    %

     

     

    20.1

    %

     

     

     

     

    —

     

    pp(c)

     

    Consolidated

     

     

    Year Ended

    December 31, 2024

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Sales

    $

    703,625

     

     

    $

    702,333

     

     

    $

    (1,292

    )

     

    —

    %

     

    Gross profit

    $

    286,317

     

     

    $

    286,770

     

     

    $

    453

     

     

    —

    %

     

    Gross margin %

     

    40.7

    %

     

     

    40.8

    %

     

     

     

    0.1

     

    pp(c)

    (a)

    Represents actual results of the Company for the year ended December 31, 2024, as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

    (b)

    Represents the Company's results for the year ended December 31, 2024 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the year ended December 31, 2024 would not have been impacted by a closure of the Atchison, Kansas distillery.

    (c)

    Percentage points ("pp").

    (d)

    There was no reduction in gross profit for the Ingredient Solutions segment as the Company is no longer receiving an intercompany credit for the waste starch slurry by-product since the closure of the distillery in Atchison Kansas during December 2023.

     

    MGP INGREDIENTS, INC.

    Impact of the Planned Closure of the Atchison Distillery

    Segment Operating Results and Pro-Forma Results

    Year Ended December 31, 2023

    (UNAUDITED) (in thousands)

     

     

    Distilling Solutions

     

     

    Year Ended

    December 31, 2023

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Brown Goods

    $

    289,191

     

     

    $

    289,191

     

     

    $

    —

     

     

    —

    %

     

    Warehouse services

     

    28,632

     

     

     

    28,632

     

     

     

    —

     

     

    —

     

     

    White goods and other co-products

     

    133,031

     

     

     

    24,533

     

     

     

    (108,498

    )

     

    (82

    )

     

    Total Sales

    $

    450,854

     

     

    $

    342,356

     

     

    $

    (108,498

    )

     

    (24

    )%

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    144,964

     

     

    $

    156,075

     

     

    $

    11,111

     

     

    8

    %

     

    Gross margin %

     

    32.2

    %

     

     

    45.6

    %

     

     

     

    13.4

     

    pp(c)

     

    Ingredient Solutions

     

     

    Year Ended

    December 31, 2023

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Specialty wheat starches

    $

    66,050

     

     

    $

    66,050

     

     

    $

    —

     

     

    —

    %

     

    Specialty wheat proteins

     

    48,291

     

     

     

    48,291

     

     

     

    —

     

     

    —

     

     

    Commodity wheat starches

     

    16,413

     

     

     

    16,413

     

     

     

    —

     

     

    —

     

     

    Commodity wheat proteins

     

    982

     

     

     

    982

     

     

     

    —

     

     

    —

     

     

    Total Sales

    $

    131,736

     

     

    $

    131,736

     

     

    $

    —

     

     

    —

    %

     

     

     

     

     

     

     

     

     

     

    Gross profit

    $

    46,967

     

     

    $

    40,538

     

     

    $

    (6,429

    )

    (d)

    (14

    )%

     

    Gross margin %

     

    35.7

    %

     

     

    30.8

    %

     

     

     

    (4.9

    )

    pp(c)

     

    Consolidated

     

     

    Year Ended

    December 31, 2023

     

    Increase/(Decrease)

     

     

    As Reported (a)

     

    Pro-Forma(b)

     

    $ Change

     

    % Change

     

    Sales

    $

    836,523

     

     

    $

    728,025

     

     

    $

    (108,498

    )

     

    (13

    )%

     

    Gross profit

    $

    304,712

     

     

    $

    309,394

     

     

    $

    4,682

     

     

    2

    %

     

    Gross margin %

     

    36.4

    %

     

     

    42.5

    %

     

     

     

    6.1

     

    pp(c)

    (a)

    Represents actual results of the Company for the year ended December 31, 2023, as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

    (b)

    Represents the Company's results for the year ended December 31, 2023 excluding results associated with the Company's Atchison, Kansas distillery. These are pro-forma unaudited financial results and are preliminary. In some circumstances, white goods, industrial alcohol, fuel grade alcohol, and at times certain co-products are produced at the Company's Lawrenceburg, Indiana distillery. The pro-forma financial results assume the loss of the waste starch slurry credit and no gain or loss on the disposal. The results of the Branded Spirits segment for the year ended December 31, 2023 would not have been impacted by a closure of the Atchison, Kansas distillery.

    (c)

    Percentage points ("pp").

    (d)

    The reduction in gross profit for the Ingredient Solutions segment is the result of increased cost of goods sold from no longer receiving an intercompany credit for the waste starch slurry by-product purchased by the adjoined Atchison, Kansas distillery. The value of the intercompany credit is derived from the value of corn which has fluctuated over time.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250226235827/en/

    For More Information

    Investors:

    Amit Sharma, [email protected]



    Media:

    Patrick Barry, 314.540.3865, [email protected]

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