SAN DIEGO, Dec. 20, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired MGP Ingredients, Inc. (NASDAQ: MGPI) (“MGPI” or the “Company”) common stock between May 4, 2023 through October 30, 2024 (the “Class Period”), charging the Company and certain of its current and former senior executives with violations of the federal securities laws (collectively, “Defendants”).   MGPI investors have until February 14, 2025 to seek appo ...

NEW YORK, Dec. 20, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in MGP Ingredients, Inc. ("MGP Ingredients, Inc." or the "Company") (NASDAQ: MGPI) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of MGP Ingredients, Inc. investors who were adversely affected by alleged securities fraud between May 4, 2023 and October 30, 2024. Follow the link below to get more information and be contacted by a member of our team:https://zlk.com/pslra-1/mgp ...

ATLANTA, Dec. 19, 2024 (GLOBE NEWSWIRE) -- A shareholder class action lawsuit has been filed against MGP Ingredients, Inc. (“MGP Ingredients,” “MGPI,” or the “Company”) (NASDAQ: MGPI). The lawsuit alleges that Defendants made materially false and/or misleading statements, and/or failed to disclose material adverse facts about MGPI’s business, operations, and prospects, including allegations that: Defendants repeatedly touted a strong demand and “normal” inventory levels in brown goods (i.e., American whiski ...

NEW YORK, Dec. 18, 2024 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of all purchasers of common stock of MGP Ingredients, Inc. (NASDAQ: MGPI) between May 4, 2023 and October 30, 2024. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 14, 2025.So what: If you purchased MGPI common stock during the Class Period you may be entitled to compensation w ...

NEW YORK, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against MGP Ingredients, Inc. (“MGP Ingredients” or “the Company”) (NASDAQ: MGPI) and certain of its officers. Class Definition This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquire ...

Ross & Squibb's 2024 edition of the ultra-limited Remus expression, made with 15-year-old reserves, features two signature mash bills inspired by the Roaring '20s and the time of Gatsby ST. LOUIS, Nov. 12, 2024 /PRNewswire/ -- It's enough to make Daisy Buchanan swoon. The historic Ross & Squibb Distillery in Lawrenceburg, Indiana, announced the return of the most-limited member of the Remus Bourbon family: Remus Gatsby Reserve 2024 Edition. Released to celebrate the era of F. Scott Fitzgerald's legendary 19 ...

RADNOR, Pa., Nov. 9, 2024 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) is currently investigating potential violations of the federal securities laws on behalf of investors of MGP Ingredients, Inc. (NASDAQ: MGPI) ("MGP Ingredients"). On October 17, 2024, MGP Ingredients revised its full year 2024 guidance and released its preliminary financial results for the third quarter ended September 30, 2024. In the results, MGP Ingredients revealed that the company expects decline ...

RADNOR, Pa., Nov. 06, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) is currently investigating potential violations of the federal securities laws on behalf of investors of MGP Ingredients, Inc. (NASDAQ: MGPI) (“MGP Ingredients”). On October 17, 2024, MGP Ingredients revised its full year 2024 guidance and released its preliminary financial results for the third quarter ended September 30, 2024. In the results, MGP Ingredients revealed that the company expects de ...

Financial Data and Key Metrics Changes - Consolidated sales decreased by 24% year-over-year to $161.5 million, and on a pro forma basis, sales decreased by 14% when factoring in the Atchison distillery closure [8][22] - Third quarter consolidated gross profit decreased by 10% to $65.8 million, representing 40.8% of sales [28] - Net income increased by 82% to $23.9 million, while adjusted net income decreased by 5% to $28.8 million [33] Business Line Data and Key Metrics Changes - Distilling Solutions segment sales declined by 36%, and excluding the Atchison distillery impact, sales declined by 18% [23] - Branded Spirits segment sales decreased by 6%, primarily due to planned optimization of mid and value tier brands [24] - Ingredient Solutions sales declined by 18%, driven by decreased sales volumes of specialty protein and lower commodity and specialty starch sales [26] Market Data and Key Metrics Changes - The American whiskey category is still growing, but slower growth and higher inventories are leading to lower demand and prices [13] - Premium plus sales increased by 1%, accounting for approximately half of Branded Spirits segment sales, up from 30% in 2021 [20] Company Strategy and Development Direction - The company is focusing on reducing exposure to aged sales by increasing new distillate business, with aged whiskey accounting for less than 20% of consolidated gross profit in Q3 [10] - The company plans to enhance efforts to expand into international markets, particularly Europe and Asia [16] - The strategy includes reducing whiskey production and aging put-aways in 2025 to align with lower category demand [16] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the faster-than-expected deterioration in the brown goods business and anticipates continued pressure in 2025 [18] - The company expects Ingredient Solutions to stabilize and return to profitable growth in 2025, while Branded Spirits is projected to deliver top-line growth and margin expansion [43] Other Important Information - The company has a healthy balance sheet with debt totaling $290 million and a cash position of $20.8 million [35] - A quarterly dividend of $0.12 per share was authorized, payable on November 29 [39] - The company expects full-year 2024 sales in the range of $695 million to $705 million and adjusted EBITDA between $196 million and $200 million [40] Q&A Session Summary Question: What drove the miss in Q3 results? - The miss was primarily driven by the Distilling Solutions segment, particularly aged whiskey sales, while Ingredient performance was slightly below expectations [49][51] Question: What is the visibility into next year's contracts? - The company has engaged with all customers and has strong confidence in the visibility for 2025, focusing on larger multinational customers [66][68] Question: How does the company plan to achieve growth in the branded business in 2025? - The strategy includes diversifying the product portfolio beyond whiskey to include higher-end tequilas and responding quickly to customer demand [70][71] Question: What is the outlook for advertising expenses in 2025? - The expectation is to maintain advertising expenses between 14% and 16% of net sales, focusing on the premium plus portfolio [92] Question: How is the company managing inventory and production? - The company is actively analyzing inventory levels and has reduced put-away on a net basis by over 30% in 2024, with plans to continue this trend [86][100]

For the quarter ended September 2024, MGP (MGPI) reported revenue of $161.46 million, down 23.7% over the same period last year. EPS came in at $1.29, compared to $1.34 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $161.46 million, representing no surprise. The company delivered an EPS surprise of +1.57%, with the consensus EPS estimate being $1.27.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...