MGP Ingredients rises on Q1 beat, FY22 profit forecast

MGP Ingredients

05/05/2022 19:51

** Spirits maker's shares  MGPI.O  hit record high at
$102.88 after co forecasts FY profit above estimates, results
beat
    ** Stock up 1.9%, on track for three-day winning streak, if
gains hold
    ** MGPI sees 2022 basic adj. EPS in $4.15 - $4.35 range vs
analysts' estimate of $4.00/shr, as per Refinitiv data
 urn:newsml:reuters.com:*:nGNX7c7ng6
    ** MGPI posts Q1 rev of $195.2 mln and adj EPS of $1.69,
which were above analysts' expectations
    ** Qtrly results were helped by higher aged whiskey and new
distillate sales in Distilling Solutions segment - MGPI
    ** Co has exceeded profit and revenue estimates for at least
7 straight quarters
    ** As of last close, MGPI stock up 12.4% YTD

 (Reporting by Aatrayee Chatterjee in Bengaluru)
 ((Aatrayee.Chatterjee@thomsonreuters.com;))