MGP Off To Fast Start In 2022
May 6, 2022MGP Ingredients posted sales up 80% to $195 million in the first quarter, with adjusted EBITDA more than doubling to $55 million, boosted by both its branded and contract spirits businesses.
“Sales of premium beverage alcohol increased 37.7%, while brown goods sales grew 44.4% from last year, due to higher aged whiskey and new distillate sales in our Distilling Solutions segment,” said president and CEO David Colo. “Continued strong consumer demand for the premium, super-premium, and ultra-premium offerings within our Branded Spirits segment further improved our results.” This week, MGP’s branded unit, Luxco, launched a new offering, Alias Straight Rye.
For its full fiscal year, MGP is projecting sales to be in the range of $690 million to $715 million. Adjusted EBITDA is expected to total $150 million to $157 million. “We believe the underlying macro consumer trends that are supporting each of our business segments remain strong,” Colo added.
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