BUZZ-MGP Ingredients plunges after lowering annual forecasts

Reuters

Oct 18, 2024

** Shares of distilled spirits and food ingredients producer MGP Ingredients down ~20% at $65.35 in after-market trading

** Company lowers annual sales forecast to a range of $695 mln to $705 mln from between $742 mln to $756 mln, and adjusted EPS forecast to between $5.55 to $5.65 from a range of $6.12 to $6.23

** "Soft alcohol spirits category trends and elevated industry-wide whiskey inventories are putting greater than expected pressure on our brown goods business with a larger impact on our smaller, craft customer base," says CEO David Bratcher

** MGPI sees industry headwinds to persist through the rest of the year

** Expects Q3 sales to decline 24% YoY vs estimates of a ~12.5% decline, and adjusted EPS of $1.29. vs estimates of $1.44

** Co is set to announce Q3 results on Oct 31

** Up to Thursday's close, stock has fallen ~17% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com))

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forecasts\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2024-10-18 04:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>** Shares of distilled spirits and food ingredients producer <a href=\"https://laohu8.com/S/MGPI\">MGP Ingredients</a>    down ~20% at $65.35 in after-market trading</p><p>   ** Company lowers annual sales forecast to a range of $695 mln to $705 mln from between $742 mln to $756 mln, and adjusted EPS forecast to between $5.55 to $5.65 from a range of $6.12 to $6.23</p><p>   ** \"Soft alcohol spirits category trends and elevated industry-wide whiskey inventories are putting greater than expected pressure on our brown goods business with a larger impact on our smaller, craft customer base,\" says CEO David Bratcher</p><p>   ** MGPI sees industry headwinds to persist through the rest of the year</p><p>   ** Expects Q3 sales to decline 24% YoY vs estimates of a ~12.5% decline, and adjusted EPS of $1.29. vs estimates of $1.44</p><p>   ** Co is set to announce Q3 results on Oct 31</p><p>   ** Up to Thursday's close, stock has fallen ~17% YTD</p><p> (Reporting by Neil J Kanatt in Bengaluru)</p><p>((Neil.JKanatt@thomsonreuters.com))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4169","symbol_name":"酿酒商与葡萄酒商","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2476622458","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2476622458","pubTimestamp":1729198638,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"** Shares of distilled spirits and food ingredients producer MGP Ingredients    down ~20% at $65.35 in after-market trading   ** Company lowers annual sales 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vs estimates of a ~12.5% decline, and adjusted EPS of $1.29. vs estimates of $1.44   ** Co is set to announce Q3 results on Oct 31   ** Up to Thursday's close, stock has fallen ~17% YTD (Reporting by Neil J Kanatt in Bengaluru)((Neil.JKanatt@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}