v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Sales $ 211,624 $ 201,146 $ 621,635 $ 591,363
Cost of sales 138,176 142,098 402,068 401,270
Gross profit 73,448 59,048 219,567 190,093
Advertising and promotion expenses 9,505 7,279 25,877 18,848
Selling, general, and administrative expenses 21,570 17,905 65,615 51,995
Impairment of long-lived assets and other 18,334 0 18,334 0
Change in fair value of contingent consideration 4,200 0 4,200 0
Operating income 19,839 33,864 105,541 119,250
Interest expense, net (2,353) (1,350) (4,630) (4,491)
Other income (expense), net (25) (1,353) 5 (2,361)
Income before income taxes 17,461 31,161 100,916 112,398
Income tax expense 4,373 7,533 24,832 26,037
Net income 13,088 23,628 76,084 86,361
Net loss attributable to noncontrolling interest 123 180 324 444
Net income attributable to MGP Ingredients, Inc. 13,211 23,808 76,408 86,805
Income attributable to participating securities, basic (129) (188) (760) (688)
Income attributable to participating securities, diluted (129) (188) (760) (688)
Net income used in earnings per common share calculation, basic 13,082 23,620 75,648 86,117
Net income used in earnings per common share calculation, diluted $ 13,082 $ 23,620 $ 75,648 $ 86,117
Weighted average common shares        
Basic (in shares) 22,066,159 22,008,381 22,056,270 22,000,026
Diluted (in shares) 22,381,516 22,228,814 22,207,031 22,000,026
Earnings per common share        
Basic (in dollars per share) $ 0.59 $ 1.07 $ 3.43 $ 3.91
Diluted (in dollars per share) $ 0.58 $ 1.06 $ 3.41 $ 3.91

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