Stock Track | MGP Ingredients Soars 8.58% on Q3 Earnings Beat and Raised Outlook

Stock Track10-29

Shares of MGP Ingredients (MGPI) soared 8.58% in pre-market trading on Wednesday following the release of better-than-expected third-quarter results and an improved full-year outlook. The distilled spirits maker and food ingredient solutions provider demonstrated resilience in a challenging market environment.

MGP Ingredients reported third-quarter earnings per share of $0.85, significantly surpassing the analyst consensus estimate of $0.60. While this represents a 34.11% decrease from the same period last year, it still impressed investors. The company's quarterly sales came in at $130.9 million, beating the analyst estimate of $128 million, despite a 19% year-over-year decline primarily due to expected reductions in brown goods sales.

Adding to the positive sentiment, MGP Ingredients raised its full-year guidance. The company now expects fiscal year 2025 sales in the range of $525-535 million, with adjusted earnings per share projected between $2.60 and $2.75. This upward revision in the profit outlook, coupled with the appointment of Matias Bentel as Chief Marketing Officer and Chris Wiseman as Senior Vice President of Operations, signals confidence in the company's strategic direction and operational efficiency.

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