MGP Ingredients (MGPI) reported preliminary Q3 adjusted basic earnings of $1.29 a share, down 5% from a year earlier.
Preliminary sales in the quarter ended Sept. 30 fell 24% to $161.5 million, the company said Thursday in a statement.
Analysts polled by Capital IQ expected EPS of $1.44 on revenue of $186.5 million.
The company cut full-year guidance to adjusted EPS of $5.55 to $5.65 on sales of $695 million to $705 million. The previous forecast put adjusted EPS at $6.12 to $6.23 on sales of $742 million to $756 million. Analysts projected normalized EPS of $6.23 on revenue of $755.1 million.
Full Q3 results are expected Oct. 31.
Shares of the company slumped 20% in recent after-hours activity.
Price: 65.50, Change: -16.07, Percent Change: -19.70
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