ATCHISON, KANSAS, US — Net income at MGP Ingredients, Inc. eased slightly in the second quarter ended June 30, falling to $31.73 million, equal to $1.43 per share on the common stock, from $31.8 million, or $1.44 per share, in the same period a year ago. Net sales, meanwhile, fell 8.8% to $190.81 million from $209 million, primarily reflecting the closing of a distillery in Atchison.

Gross profit in the Ingredient Solutions segment decreased to $7.1 million in the second quarter of fiscal 2024, down 39% from $11.6 million in the second quarter of fiscal 2023, while sales decreased 3% to $33.4 million.

“This quarter, our MGP team delivered strong results driven largely by the continued momentum in our premium plus branded spirits portfolio and solid brown goods sales,” said David Bratcher, president and chief executive officer. “Our increasing investments behind our key brands and exciting new product innovation continue to yield positive results, helping us expand our distribution footprint and accelerate our transition into a premier branded spirits company.”

He added, “We remain agile in a dynamic environment for the spirits industry and given our strong first half performance, we are reiterating our full year sales, adjusted EBITDA, and EPS guidance.”

Looking ahead to the remainder of fiscal 2024, MGPI expects full-year sales to be in the range of $742 million to $756 million, unchanged from its earlier forecast, while adjusted EBITDA is forecast in the range of $218 million to $222 million, also unchanged from its earlier forecast. The forecast for adjusted earnings per share was left unchanged at $6.12 to $6.23.