ATCHISON, KANSAS, US — Net income at MGP Ingredients, Inc. decreased 2.1% in the fiscal year ended Dec. 31, 2023, falling to $106.4 million, equal to $4.82 per share on the common stock, down from $108.59 million, or $4.94 per share, in fiscal 2022. Net sales increased 6.9% to $836.52 million from $782.36 million.

During the fourth quarter, net income totaled $30.76 million, or $1.39 per share, up 37% from $22.48 million, or $1.02 per share, in the same period a year ago. Net sales were $214.89 million, up 12.5% from $190.99 million.

Gross profit in the Ingredient Solutions segment increased 49% in fiscal 2023 to $46.97 million, up from $31.5 million in fiscal 2022, while sales increased 14% to $131.74 million, driven by higher sales of specialty wheat starches and specialty wheat proteins. During the fourth quarter, gross profit in the segment totaled $12 million, up from $6.9 million in the same period a year ago. Net sales during the quarter increased 15% to $33.4 million.

“We are very pleased with the strong results delivered in 2023,” David S. Bratcher, president and chief executive officer, said during a Feb. 22 conference call with analysts. “Healthy demand for our products continues, and we believe our business remains well positioned. We are also happy to report that we completed the construction of our extrusion manufacturing facility within our Ingredient Solutions segment by the end of 2023 as planned. This facility will allow us to support our Pro Terra brand and offer us additional capabilities that we did not have prior to completion.”