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Earnings
MGP Ingredients reports Q3 adj. EPS 61c, consensus 54c » 07:41
10/29/20
10/29
07:41
10/29/20
07:41
MGPI

MGP Ingredients

$40.20 /

-0.67 (-1.64%)

Reports Q3 revenue $103M,…

Reports Q3 revenue $103M, consensus $95.91M. "These quarterly results highlighted the diversity of growth across our product lines and segments," said David Colo, president and CEO of MGP Ingredients. "Aged whiskey sales experienced a record quarter while new distillate and specialty ingredients also yielded strong double-digit sales growth during the quarter. While we anticipate continued uncertainty related to the pandemic through the end of this year and into 2021, we believe we remain well positioned to execute our long-term strategic plan."

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MGPI MGP Ingredients
$40.20 /

-0.67 (-1.64%)

MGPI MGP Ingredients
$40.20 /

-0.67 (-1.64%)

07/16/20 Berenberg
Berenberg starts 'category leader' MGP Ingredients at Buy
07/16/20 Berenberg
MGP Ingredients initiated with a Buy at Berenberg
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
MGPI MGP Ingredients
$40.20 /

-0.67 (-1.64%)

Over a quarter ago
Earnings
MGP Ingredients not providing 2020 financial guidance » 07:36
07/30/20
07/30
07:36
07/30/20
07:36
MGPI

MGP Ingredients

$38.80 /

+0.75 (+1.97%)

"The headwinds we…

"The headwinds we identified last quarter have persisted with varying impacts on our financial results during the quarter. The closures of bars, restaurants, and tasting rooms had an impact on our craft customer sales the past few months, even as some states implemented phased re-opening plans. Second, we began to see some of our multinational customers conserve cash this quarter, which had an impact on new distillate sales results. Lastly, international export sales did not meet pre-pandemic expectations as travel has been dramatically reduced and tariffs in key international markets persist. We continue to believe that our investments to expand international sales will provide long-term shareholder value. Given the continued uncertainty surrounding the COVID-19 virus, and the diminished visibility of a possible macroeconomic recovery in the back half of the year, we have maintained our position against providing 2020 financial guidance at this time," continued Colo. "I am very pleased with the continued execution of our pandemic response plan, which focuses on protecting our employees and doing our part to help stop the spread of the virus. Our balance sheet and access to capital continue to be strong while we continue to optimize cash management during this pandemic. To date, the investment spend related to our warehouse expansion plan was substantially completed during the quarter and totaled approximately $49.8 million. We anticipate additional investments in warehouse capacity to continue over time, as needed, to support the growth of our customers. Additionally, our investment in aged whiskey inventory slightly grew to $113.1 million, at cost. We believe the continued strength of the American Whiskey category through this pandemic has confirmed the long-term value of our aged whiskey inventory. Furthermore, we are continuing to assess M&A opportunities to strengthen our position in growing markets in concert with our financial position in the coming quarters. In response to growing demand, we were pleased to announce the release of Remus Repeal Reserve Series IV Straight Bourbon Whiskey in September 2020. Now in its fourth year, our Remus Repeal Reserve program has exceeded expectations and this early fall release allows us to showcase the brand during National Bourbon Month in September. The integration of Green Hat Gin to our award-winning brand portfolio continues to progress despite on-premise closures due to the pandemic. Our premium beverage brands were not immune to the decreased on-premise activity this quarter. While sales activity has increased in states that have undergone partial re-openings, uncertainty persists as states determine how and when full re-openings of bars, restaurants and tasting rooms will occur. However, we will continue to invest in our brands portfolio as we consider this initiative an important driver of long-term growth," concluded Colo.

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MGPI MGP Ingredients
$38.80 /

+0.75 (+1.97%)

MGPI MGP Ingredients
$38.80 /

+0.75 (+1.97%)

07/16/20 Berenberg
Berenberg starts 'category leader' MGP Ingredients at Buy
07/16/20 Berenberg
MGP Ingredients initiated with a Buy at Berenberg
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
MGPI MGP Ingredients
$38.80 /

+0.75 (+1.97%)

Earnings
MGP Ingredients reports Q2 adj. EPS 54c, consensus 48c » 07:36
07/30/20
07/30
07:36
07/30/20
07:36
MGPI

MGP Ingredients

$38.80 /

+0.75 (+1.97%)

Reports Q2 revenue…

Reports Q2 revenue $92.6M, consensus $93.42M. "We remain encouraged by the demand for our products, the improved financial results, as well as a strong balance sheet with ample liquidity to weather the challenges and uncertainty related to the COVID-19 pandemic," said David Colo, president and CEO of MGP Ingredients. "The results this quarter reflect strong demand for our aged whiskey as well as solid growth in our Ingredient Solutions business.

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MGPI MGP Ingredients
$38.80 /

+0.75 (+1.97%)

MGPI MGP Ingredients
$38.80 /

+0.75 (+1.97%)

07/16/20 Berenberg
Berenberg starts 'category leader' MGP Ingredients at Buy
07/16/20 Berenberg
MGP Ingredients initiated with a Buy at Berenberg
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
MGPI MGP Ingredients
$38.80 /

+0.75 (+1.97%)

Initiation
Berenberg starts 'category leader' MGP Ingredients at Buy » 06:45
07/16/20
07/16
06:45
07/16/20
06:45
MGPI

MGP Ingredients

$36.66 /

+0.96 (+2.69%)

As previously reported,…

As previously reported, Berenberg analyst Donald McLee initiated coverage of MGP Ingredients with a Buy rating and $45 price target. The company is the "category leader" in the U.S. in premium distilled spirits, noted McLee, who sees a positive consumer preference shifts toward premium spirits.Meanwhile, although MGP's ingredient solutions business is relatively small, he sees it as a key longer-term catalyst for the stock given the structural growth of plant-based protein.

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MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

07/16/20 Berenberg
MGP Ingredients initiated with a Buy at Berenberg
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
02/27/20 Craig-Hallum
MGP Ingredients price target lowered to $32 from $40 at Craig-Hallum
MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

Initiation
MGP Ingredients initiated with a Buy at Berenberg » 06:33
07/16/20
07/16
06:33
07/16/20
06:33
MGPI

MGP Ingredients

$36.66 /

+0.96 (+2.69%)

Berenberg analyst Donald…

Berenberg analyst Donald McLee initiated coverage of MGP Ingredients with a Buy rating and $45 price target.

ShowHide Related Items >><<
MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
02/27/20 Craig-Hallum
MGP Ingredients price target lowered to $32 from $40 at Craig-Hallum
01/28/20 Truist
MGP Ingredients price target lowered to $45 from $55 at SunTrust
MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

MGPI MGP Ingredients
$36.66 /

+0.96 (+2.69%)

Conference/Events
MGP Ingredients participates in a conference call with SunTrust » 14:55
06/23/20
06/23
14:55
06/23/20
14:55
MGPI

MGP Ingredients

$36.60 /

+0.83 (+2.32%)

Conference call with…

Conference call with management will be held on June 23 at 3:30 pm hosted by SunTrust.

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MGPI MGP Ingredients
$36.60 /

+0.83 (+2.32%)

MGPI MGP Ingredients
$36.60 /

+0.83 (+2.32%)

04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
02/27/20 Craig-Hallum
MGP Ingredients price target lowered to $32 from $40 at Craig-Hallum
01/28/20 Truist
MGP Ingredients price target lowered to $45 from $55 at SunTrust
MGPI MGP Ingredients
$36.60 /

+0.83 (+2.32%)

MGPI MGP Ingredients
$36.60 /

+0.83 (+2.32%)

Conference/Events
MGP Ingredients participates in a conference call with SunTrust » 04:55
06/23/20
06/23
04:55
06/23/20
04:55
MGPI

MGP Ingredients

$35.77 /

-0.12 (-0.33%)

Conference call with…

Conference call with management will be held on June 23 at 3:30 pm hosted by SunTrust.

ShowHide Related Items >><<
MGPI MGP Ingredients
$35.77 /

-0.12 (-0.33%)

MGPI MGP Ingredients
$35.77 /

-0.12 (-0.33%)

04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
02/27/20 Craig-Hallum
MGP Ingredients price target lowered to $32 from $40 at Craig-Hallum
01/28/20 Truist
MGP Ingredients price target lowered to $45 from $55 at SunTrust
MGPI MGP Ingredients
$35.77 /

-0.12 (-0.33%)

MGPI MGP Ingredients
$35.77 /

-0.12 (-0.33%)

Conference/Events
MGP Ingredients participates in a conference call with SunTrust » 14:55
06/22/20
06/22
14:55
06/22/20
14:55
MGPI

MGP Ingredients

$36.30 /

+0.41 (+1.14%)

Conference call with…

Conference call with management will be held on June 23 at 3:30 pm hosted by SunTrust.

ShowHide Related Items >><<
MGPI MGP Ingredients
$36.30 /

+0.41 (+1.14%)

MGPI MGP Ingredients
$36.30 /

+0.41 (+1.14%)

04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
02/27/20 Craig-Hallum
MGP Ingredients price target lowered to $32 from $40 at Craig-Hallum
01/28/20 Truist
MGP Ingredients price target lowered to $45 from $55 at SunTrust
MGPI MGP Ingredients
$36.30 /

+0.41 (+1.14%)

MGPI MGP Ingredients
$36.30 /

+0.41 (+1.14%)

Hot Stocks
MGP Ingredients to curtail stock repurchases to preserve capital » 07:37
04/30/20
04/30
07:37
04/30/20
07:37
MGPI

MGP Ingredients

$41.14 /

+3.23 (+8.52%)

As part of a $25 million…

As part of a $25 million common stock repurchase program announced in February 2019, MGP repurchased 159,104 shares for approximately $4.1 million, or a weighted average all-in cost per share of $25.47, during the first quarter of 2020. MGP has elected to curtail stock repurchases to preserve capital while management assesses the potential impacts of the COVID-19 pandemic.

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MGPI MGP Ingredients
$41.14 /

+3.23 (+8.52%)

04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
02/27/20 Craig-Hallum
MGP Ingredients price target lowered to $32 from $40 at Craig-Hallum
01/28/20 Truist
MGP Ingredients price target lowered to $45 from $55 at SunTrust
Earnings
MGP Ingredients withdraws FY20 guidance » 07:36
04/30/20
04/30
07:36
04/30/20
07:36
MGPI

MGP Ingredients

$41.14 /

+3.23 (+8.52%)

"While we are off to…

"While we are off to a strong start to the year, with ample access to capital and encouraging customer demand, our financial results for the balance of the year could be impacted by the COVID-19 virus," said David Colo, president and COO of MGP Ingredients. "Given the uncertainty this pandemic has caused for nearly every industry across the world, it is impossible to predict with any level of precision the pandemic's cumulative impact on our future financial results. For these reasons, we are withdrawing our previous 2020 guidance and will reassess this position based on the visibility of the macroeconomic recovery. Our pandemic response plan, which is designed to accommodate evolving information and guidance provided by government agencies and health officials, focuses on protecting our employees and customers and doing our part to help stop the spread of the virus," continued Colo. "The aggressive implementation of our strategic plan put in place by Gus over the past several years has positioned MGP for sustainable long-term growth. Moving forward, our management team will be focused on continually refining the effectiveness of our tactical execution, accelerating the pace of our strategic implementation and leveraging the strong foundation we have built for growth in 2020 and beyond. Our balance sheet and access to capital continue to be strong while we seek to optimize cash management during this pandemic. We remain well capitalized and drew down additional funds on our revolving credit facility during the quarter to maintain a conservative cash position. The investment spend related to our warehouse expansion plan now totals approximately $49.7 million of the projected total investment of $49.8 million. Additionally, our investment in aged whiskey inventory grew to $111.4 million, at cost. The positive brown goods results this quarter continue to demonstrate the long-term value of our aged whiskey inventory. We were pleased to announce the acquisition of New Columbia Distillers, based in Washington, D.C., during the quarter and we're thrilled to add the Green Hat Gin brand to our award-winning portfolio. This acquisition enhances the depth of expertise and commitment to the category we've developed over the years. We continue to develop our existing markets, focusing on increased retail distribution and velocity per point of distribution for our portfolio of brands. Although the current environment is not generally conducive to M&A activity, we will continue to assess opportunities to strengthen our position in growing markets in concert with our financial position in the coming quarters."

ShowHide Related Items >><<
MGPI MGP Ingredients
$41.14 /

+3.23 (+8.52%)

04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
04/06/20 Truist
MGP Ingredients upgraded to Buy from Hold at SunTrust
02/27/20 Craig-Hallum
MGP Ingredients price target lowered to $32 from $40 at Craig-Hallum
01/28/20 Truist
MGP Ingredients price target lowered to $45 from $55 at SunTrust

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