Overview

* MGP Ingredients ( MGPI ) Q3 sales fell 19% but beat analyst expectations

* Adjusted EPS for Q3 decreased 34% to $0.85

* Company raises full-year adjusted EBITDA and EPS outlook

Outlook

* MGP Ingredients ( MGPI ) raises full-year adjusted EBITDA guidance to $110 mln-$115 mln

* Company tightens full-year sales guidance to $525 mln-$535 mln

* MGP Ingredients ( MGPI ) increases full-year adjusted EPS outlook to $2.60-$2.75

Result Drivers

* BROWN GOODS DECLINE - Sales decrease primarily due to expected declines in brown goods

* PREMIUM PLUS GROWTH - Premium plus brands delivered solid growth, with Penelope Bourbon maintaining strong growth

* INGREDIENT SOLUTIONS SALES INCREASE - Sales rose 9% due to higher wheat protein sales, despite operational challenges

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Sales Beat $130.90 $128 mln

mln (6

Analysts

)

Q3 EPS $0.71

Q3 Net $15.40

Income mln

Q3 $32.29

Adjusted mln

EBITDA

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the distillers & wineries peer group is "buy"

* Wall Street's median 12-month price target for MGP Ingredients Inc ( MGPI ) is $38.00, about 37.7% above its October 28 closing price of $23.67

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)