05:24 PM EDT, 10/17/2024 (MT Newswires) -- MGP Ingredients ( MGPI ) reported preliminary Q3 adjusted basic earnings of $1.29 a share, down 5% from a year earlier.

Preliminary sales in the quarter ended Sept. 30 fell 24% to $161.5 million, the company said Thursday in a statement.

Analysts polled by Capital IQ expected EPS of $1.44 on revenue of $186.5 million.

The company cut full-year guidance to adjusted EPS of $5.55 to $5.65 on sales of $695 million to $705 million. The previous forecast put adjusted EPS at $6.12 to $6.23 on sales of $742 million to $756 million. Analysts projected normalized EPS of $6.23 on revenue of $755.1 million.

Full Q3 results are expected Oct. 31.

Shares of the company slumped 20% in recent after-hours activity.

Price: 65.50, Change: -16.07, Percent Change: -19.70