MGP Ingredients Completes Acquisition of Penelope Bourbon
At MGP, we have the key ingredients in place and working together to create success, making us a leading producer and supplier of premium distilled spirits, branded spirits and plant-based food ingredients.
Quarter Ended Mar 31, 2023
Sales increased 3% to $201.0 million.
Gross profit decreased 3% to $69.8 million, representing 34.7% of sales.
Operating income decreased 17% to $41.6 million.
Net income decreased 17% to $31.0 million.
Adjusted EBITDA decreased 15% to $47.1 million.
Source: Q1 2023 Earning Press Release
For complete information regarding our financials, see our periodic filings
*Non-GAAP Financial Measures. View full reconciliation in our Q1 earnings press release.
For Fiscal Year Ending Dec 31, 2022
MGP Ingredients, Inc. (Nasdaq: MGPI) is a leading producer of premium distilled spirits, branded spirits, and food ingredient solutions. Since 1941, we have combined our expertise and energy aimed at formulating excellence, and 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, Kansas, Indiana and Mexico, 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 five 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; MGP’s historic Ross & Squibb Distillery in Lawrenceburg, Indiana, where the 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, 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.
Distilling Solutions: $428.5M
Branded Spirits: $237.9M
Ingredient Solutions: $115.9M
As of Dec. 31, 2022 • 10-K 2022
Gross Margin Percentage
As of Dec. 31, 2022 • 10-K 2022
Our business is divided into three segments: Distilling Solutions, Branded Spirits and Ingredient Solutions.
Our Distilling Solutions segment is a leading supplier of alcohol solutions to third parties. This segment accounts for a number of products from premium beverage alcohol such as bourbons, whiskeys, gins and grain neutral spirits to industrial and fuel grade alcohol and other related co-products.
We have an established portfolio of brands within our Branded Spirits segment. Our products account for a range of price points from value products through ultra premium brands, with a focus on high-end American whiskey, tequila and gin.
Our Ingredient Solutions segment has made us a reliable, leading supplier of specialty proteins and starches. Among those are the premier brand platforms of: Fibersym® RW, ProTerra®, and Arise®, We can provide commercial food manufacturers with a wide range of nutritional or functional benefits they seek.
MGP Ingredients, Inc.
100 Commercial Street
PO Box 130
Atchison, KS 66002-0130
Equiniti Trust Company
1110 Center Pointe Curve
Mendota Heights, MN 55120