MGP Ingredients Reports Q3 Earnings Beat on EPS Amidst Revenue Decline
MGP Ingredients (MGPI) reported third-quarter non-GAAP earnings per share of $0.39, exceeding analyst expectations by $0.07. However, the company faced headwinds in top-line performance, reporting revenue of $117.9 million, a 9.9% decrease year-over-year and a slight miss against market estimates. Profitability metrics showed significant contraction, with adjusted EBITDA falling 33% to $21.5 million. The company also noted year-to-date operating cash outflows of $8.9 million, which includes a $48.7 million earnout related to Penelope. Despite these mixed quarterly results, MGP Ingredients has reaffirmed its full-year outlook.
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