MGP Ingredients Files Q2 2024 10-Q

TL;DR

MGP Ingredients filed its Q2 2024 10-Q, showing financial results and business updates.

AI Summary

MGP Ingredients, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in the beverage alcohol industry.

Why It Matters

This filing provides investors with a detailed look at MGP Ingredients' financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• MGP Ingredients Inc (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date

FAQ

Filing Documents

• mgpi-20240630.htm (10-Q) — 1316KB
• a6302024ex311.htm (EX-31.1) — 10KB
• a6302024ex312.htm (EX-31.2) — 10KB
• a6302024ex321.htm (EX-32.1) — 5KB
• a6302024ex322.htm (EX-32.2) — 5KB
• mgpi-20240630_g1.jpg (GRAPHIC) — 204KB
• 0001628280-24-033884.txt ( ) — 6583KB
• mgpi-20240630.xsd (EX-101.SCH) — 33KB
• mgpi-20240630_cal.xml (EX-101.CAL) — 83KB
• mgpi-20240630_def.xml (EX-101.DEF) — 159KB
• mgpi-20240630_lab.xml (EX-101.LAB) — 509KB
• mgpi-20240630_pre.xml (EX-101.PRE) — 357KB
• mgpi-20240630_htm.xml (XML) — 780KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Income (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 4 Condensed Consolidated Balance Sheets (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36 METHOD OF PRESENTATION Throughout this Quarterly Report on Form 10-Q (this "Report"), when we refer to the "Company," "MGP," "we," "us," "our," and words of similar import, we are referring to the combined business of MGP Ingredients, Inc. and its consolidated subsidiaries, except to the extent that the context otherwise indicates. In this Report, for any references to Note 1 through Note 11, refer to the Notes to Unaudited Condensed Consolidated Financial Statements in Item 1. All amounts in this Report, except for share, par values, bushels, gallons, pounds, mmbtu, proof gallons, 9-liter cases, per share, per bushel, per gallon, per proof gallon, per 9-liter case, and percentage amounts, are shown in thousands unless otherwise noted. 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MGP INGREDIENTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except share and per share amounts) Quarter Ended June 30, Year to Date Ended June 30, 2024 2023 2024 2023 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 — 137 — Change in fair value of contingent consideration 5,400 — 9,500 — 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 ( 347 ) ( 324 ) ( 572 ) ( 633 ) Net income used in earnings per common share calculation $ 31,738 $ 31,802 $ 52,148 $ 62,564 Weighted average common shares Basic 22,119,227 22,062,142 22,130,752 22,051,244 Diluted 22,119,227 22,139,663 22,130,752 22,106,113 Earnings per common share Basic $ 1.43 $ 1.44 $ 2.36 $ 2.84 Diluted $ 1.43 $ 1.44 $ 2.36 $ 2.83 See accompanying notes to unaudited condensed consolidated financial statements 3 MGP INGREDIENTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in thousands) Quarter Ended June 30, Year to Date Ended June 30, 2024 2023 2024 2023 Net income attributable to MGP Ingredients, Inc. $ 32,085 $ 32,126 $ 52,720 $ 63,197 Other comprehensive income (loss), net of tax: Unrealized gain (loss) on foreign currency translation adjustment ( 76 ) 136 ( 76 ) 311

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View this 10-Q filing on SEC EDGAR