01:09 PM EDT, 05/02/2024 (MT Newswires) -- MGP Ingredients ( MGPI ) shares were up more than 6% in recent Thursday trading after the company reported better-than-expected Q1 results.

Earlier, MGP reported Q1 adjusted earnings of $1.07 per diluted share, down from $1.39 a year earlier.

Analysts polled by Capital IQ expected $0.99.

Sales for the quarter ended March 31 were $170.6 million, down from $201.0 million a year earlier.

Analysts surveyed by Capital IQ expected $170.3 million.

The company said it expects 2024 adjusted basic EPS of $6.12 to $6.23.

Analysts polled by Capital IQ expected $6.17.

MGP also expects sales of $742 million to $756 million. Analysts surveyed by Capital IQ expected $754.7 million.

Price: 82.99, Change: +4.74, Percent Change: +6.06