v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Sales $ 190,805 $ 209,001 $ 361,368 $ 410,011
Cost of sales 107,573 132,706 215,341 263,892
Gross profit 83,232 76,295 146,027 146,119
Advertising and promotion expenses 11,665 8,639 20,348 16,372
Selling, general, and administrative expenses 22,759 23,513 43,738 44,045
Impairment of long-lived assets and other 21 0 137 0
Change in fair value of contingent consideration 5,400 0 9,500 0
Operating income 43,387 44,143 72,304 85,702
Interest expense, net (2,205) (1,282) (4,224) (2,277)
Other income (expense), net 943 (93) 891 30
Income before income taxes 42,125 42,768 68,971 83,455
Income tax expense 10,108 10,804 16,370 20,459
Net income 32,017 31,964 52,601 62,996
Net loss attributable to noncontrolling interest 68 162 119 201
Net income attributable to MGP Ingredients, Inc. 32,085 32,126 52,720 63,197
Income attributable to participating securities, basic (347) (324) (572) (633)
Income attributable to participating securities, diluted (347) (324) (572) (633)
Net income used in earnings per common share calculation, basic 31,738 31,802 52,148 62,564
Net income used in earnings per common share calculation, diluted $ 31,738 $ 31,802 $ 52,148 $ 62,564
Weighted average common shares        
Basic (in shares) 22,119,227 22,062,142 22,130,752 22,051,244
Diluted (in shares) 22,119,227 22,139,663 22,130,752 22,106,113
Earnings per common share        
Basic (in dollars per share) $ 1.43 $ 1.44 $ 2.36 $ 2.84
Diluted (in dollars per share) $ 1.43 $ 1.44 $ 2.36 $ 2.83

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