MGP Ingredients reports Q1 adjusted EPS $1.07, consensus 98c

Reports Q1 revenue $170.6M, consensus $173.23M. “Given our previously communicated outlook for the first quarter of the year, we are pleased with the results, and remain optimistic regarding our business throughout the remainder of the year,” said David Bratcher, CEO and president of MGP Ingredients. “Within our Branded Spirits segment, we remain confident in our premiumization strategy, as we saw continued sales growth in our premium plus portfolio, which was up 12% year over year. Our Distilling Solutions business continues to make progress towards our long-term strategy of being brown goods focused with the successful closure of the Atchison white goods facility. Lastly, our Ingredient Solutions business achieved record sales this quarter as demand for our specialty ingredients remains strong.”