MGP Ingredients Files Q3 2024 10-Q Report

TL;DR

MGP Ingredients filed its Q3 2024 10-Q. Check financials for the period ending 9/30/24.

AI Summary

MGP Ingredients, Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the quarter and the nine months ended September 30, 2024, is detailed in this 10-Q filing. Specific financial figures and operational details are provided within the document.

Why It Matters

This filing provides investors and analysts with the official financial performance data for MGP Ingredients for the third quarter of 2024, crucial for valuation and investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing and does not inherently introduce new risks.

Key Numbers

• 20240930 — Period End Date (The end date for the reported financial period.)
• 20241031 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• MGP Ingredients Inc (company) — Filer of the 10-Q report
• 0001628280-24-044424 (other) — Accession number for the filing
• 20240930 (date) — Conformed period of report
• 20241031 (date) — Filed as of date

FAQ

Filing Documents

• mgpi-20240930.htm (10-Q) — 1393KB
• a9302024ex311.htm (EX-31.1) — 10KB
• a9302024ex312.htm (EX-31.2) — 10KB
• a9302024ex321.htm (EX-32.1) — 5KB
• a9302024ex322.htm (EX-32.2) — 5KB
• mgpi-20240930_g1.jpg (GRAPHIC) — 204KB
• 0001628280-24-044424.txt ( ) — 6724KB
• mgpi-20240930.xsd (EX-101.SCH) — 33KB
• mgpi-20240930_cal.xml (EX-101.CAL) — 84KB
• mgpi-20240930_def.xml (EX-101.DEF) — 157KB
• mgpi-20240930_lab.xml (EX-101.LAB) — 508KB
• mgpi-20240930_pre.xml (EX-101.PRE) — 356KB
• mgpi-20240930_htm.xml (XML) — 816KB

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 September 30, Year to Date Ended September 30, 2024 2023 2024 2023 Sales $ 161,461 $ 211,624 $ 522,829 $ 621,635 Cost of sales 95,646 138,176 310,987 402,068 Gross profit 65,815 73,448 211,842 219,567 Advertising and promotion expenses 9,647 9,505 29,995 25,877 Selling, general, and administrative expenses 17,204 21,570 60,942 65,615 Impairment of long-lived assets and other — 18,334 137 18,334 Change in fair value of contingent consideration 6,400 4,200 15,900 4,200 Operating income 32,564 19,839 104,868 105,541 Interest expense, net ( 2,174 ) ( 2,353 ) ( 6,398 ) ( 4,630 ) Other income (expense), net 1,026 ( 25 ) 1,917 5 Income before income taxes 31,416 17,461 100,387 100,916 Income tax expense 7,554 4,373 23,924 24,832 Net income 23,862 13,088 76,463 76,084 Net loss attributable to noncontrolling interest 43 123 162 324 Net income attributable to MGP Ingredients, Inc. 23,905 13,211 76,625 76,408 Income attributable to participating securities ( 257 ) ( 129 ) ( 828 ) ( 760 ) Net income used in earnings per common share calculation $ 23,648 $ 13,082 $ 75,797 $ 75,648 Weighted average common shares Basic 22,069,885 22,066,159 22,110,315 22,056,270 Diluted 22,069,885 22,381,516 22,110,315 22,207,031 Earnings per common share Basic $ 1.07 $ 0.59 $ 3.43 $ 3.43 Diluted $ 1.07 $ 0.58 $ 3.43 $ 3.41 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 September 30, Year to Date Ended September 30, 2024 2023 2024 2023 Net income attributable to MGP Ingredients, Inc. $ 23,905 $ 13,211 $ 76,625 $ 76,408 Other comprehensive income (loss), net of tax: Unrealized gain (loss) on foreign currency tran

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