MGP’s Sales Near $800 Million In 2022February 27, 2023
MGP Ingredients saw a 25% increase in sales in 2022, reaching $782 million, with both MGP’s own brands and its contract business turning in strong results. Gross profit for the year was up 27% to $253 million, and operating income rose 18% to $149 million. “Our record annual results reflect continued strength in each of our business segments,” said Dave Colo, president and CEO of MGP. “Underpinning this growth was continued demand for our new distillate and aged whiskey.”
The company’s Distilling Solutions segment saw sales rise 22% to $428.5 million in fiscal 2022 as both its new distillate and aged whiskies continue to sell well. In MGP’s Branded Spirits segment—including labels like George Remus, Rossville Union, Ezra Brooks, Yellowstone, El Mayor, Exotico, and Dos Primos—sales were up 30% to $238 million for the year, with premium-plus brands growing by 56%.
For MGP’s Q4 2022, growth was strong, though slightly behind that of the full fiscal year. Sales rose 15% to $191 million and gross profit was 20% to $63 million. Looking ahead, the company expects sales in fiscal 2023 to be between $815 million and $835 million with adjusted EBITDA between $178 million to $183 million.—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Ezra Brooks, George Remus, Luxco, MGP, Rossville Union, Yellowstone
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