MGP Ingredients, Inc. (Nasdaq:MGPI), a
leading supplier of premium distilled spirits and specialty wheat
proteins and starches, today reported results for the fourth
quarter and full year ended December 31, 2019.
2019 fourth quarter results compared to 2018 fourth
quarter results
- Consolidated sales decreased 11.8% to $92.5 million, as a
result of a decline in Distillery Products segment sales, which was
partially offset by an increase in Ingredient Solutions segment
sales.
- Consolidated gross profit decreased 15.8% to $21.6 million, due
to lower Distillery Products segment gross profits, partially
offset by an increase in Ingredients Solutions segment gross
profits.
- Consolidated operating income decreased 2.2% to $16.3 million,
due to lower sales and gross profit, partially offset by lower
incentive compensation expense.
- Earnings per share ("EPS") increased to $0.76 per share from
$0.69 per share, due to lower income tax expense, partially offset
by lower operating income.
2019 full year results compared to 2018 full year
results
- Consolidated sales decreased 3.5% to $362.7 million, as a
result of a decline in Distillery Products segment sales, partially
offset by Ingredient Solutions segment sales growth.
- Consolidated gross profit decreased 8.5% to $76.5 million, due
to lower Distillery Products and Ingredients Solutions segment
gross profits.
- Consolidated operating income decreased 5.8% to $47.2 million,
due to lower sales and gross profit, partially offset by reductions
in incentive compensation expense.
- EPS was $2.27 per share compared to $2.17 per share in 2018,
due to lower income tax expense, partially offset by lower
operating income.
“We are certainly disappointed in our results, both for the
quarter and the year; however, we do not believe these results
reflect significant changes in key consumer trends affecting the
categories in which we compete, or significant changes in our
competitive position within those categories,” said Gus Griffin,
president and CEO of MGP Ingredients. “While we remain very
confident about the long-term potential of our business, we also
realize that we must continually refine the effectiveness of our
tactical execution and the pace of our strategic
implementation. We believe we have learnings from this year
that will help us in both these areas.”
Distillery Products SegmentFor the fourth
quarter of 2019, sales for the Distillery Products segment
decreased 15.1% to $75.3 million, reflecting a 20.9% decrease in
sales of premium beverage alcohol, primarily due to lower new
distillate and aged whiskey sales. Gross profit declined to
$18.3 million, or 24.3% of segment sales, compared to $23.0
million, or 25.9% of segment sales in the fourth quarter
2018.
For the full year 2019, sales for the Distillery Products
segment declined 5.4% to $297.2 million, primarily due to lower new
distillate and aged whiskey sales. Gross profit declined to
$66.0 million, or 22.2% of segment sales in 2019, compared to
$71.8 million, or 22.9% of segment sales in 2018.
Griffin said, "While the shortfall versus our 2019 guidance was
the result of us ultimately being unsuccessful in transacting a
large portion of the aged whiskey sales we had forecast for the
fourth quarter, sales of both new distillate and aged whiskey were
down for the full year.
“Over the past several years, our growth in sales of brown goods
has outpaced the broader market. This was due in part to the
subset of the market we serve growing faster than the overall
market. While the consumer trend for overall American Whiskey
remains robust, we now believe that, excluding the negative impact
of certain of our customers working through excess inventory in
2019, the underlying growth rate for our target market is gradually
slowing to come more in line with the long-term trend for the
overall category," Griffin continued. "We also believe that
the number of potential competitors for that volume has increased,
primarily for sales of new distillate currently, but also for sales
of aged whiskey going forward. We do not think we are losing
existing customers to these competitors, but we are competing with
them for the new business required for growth. We continue to
have a significant share and scale advantage, and plan to increase
our focus toward growing volume share in the global American
Whiskey category. We do not believe this equates to
significant changes to our overall pricing, but rather refinements
to how we approach the selling process, the products we offer, the
markets we focus on, and ways we overcome some of the other
barriers to transacting sales, such as reducing funding
delays. We have already begun implementing these
refinements.
"Despite the lower than anticipated sales of aged whiskey in
2019, we still believe in the long-term value of our aged whiskey
inventory. Sales of lightly aged whiskey in earlier years,
and older aged whiskey in more recent years, have been both a
strong customer recruitment tool and a key profit
contributor. We believe sales of aged whiskey will continue
to play both those roles going forward. However, due to the
inherent volatility in predicting sales of aged whiskey, and lower
projections for the volumetric growth of the aged whiskey market,
particularly in the U.S., we are reducing our forecast for
predictable ongoing annual volume growth in our sales of aged
whiskey. The reduced outlook does not diminish our confidence
in the long-term demand for our aged whiskey inventory but reflects
the difficulty in forecasting aged whiskey sales in a particular
year."
Premium Beverage
Alcohol (in thousands) |
Sales Quarter Ended December 31, |
|
Quarter vs. Quarter Sales Change
Increase/(Decrease) |
|
2019 |
|
2018 |
|
$ Change |
|
% Change |
Brown Goods |
$ |
28,136 |
|
$ |
37,784 |
|
$ |
(9,648 |
) |
|
(25.5 |
)% |
White Goods |
15,630 |
|
17,512 |
|
(1,882 |
) |
|
(10.7 |
) |
Premium Beverage Alcohol |
$ |
43,766 |
|
$ |
55,296 |
|
$ |
(11,530 |
) |
|
(20.9 |
)% |
Premium Beverage
Alcohol (in thousands) |
Sales Year Ended December 31, |
|
Year vs. Year Sales Change
Increase/(Decrease) |
|
2019 |
|
2018 |
|
$ Change |
|
% Change |
Brown Goods |
$ |
107,190 |
|
$ |
125,857 |
|
$ |
(18,667 |
) |
|
(14.8 |
)% |
White Goods |
62,862 |
|
62,574 |
|
288 |
|
|
0.5 |
|
Premium Beverage Alcohol |
$ |
170,052 |
|
$ |
188,431 |
|
$ |
(18,379 |
) |
|
(9.8 |
)% |
Ingredient Solutions SegmentFor the fourth
quarter of 2019, sales in the Ingredient Solutions segment
increased 6.0% to $17.1 million. Gross profit increased to
$3.3 million, or 19.0% of segment sales, compared to $2.6 million,
or 16.3% of segment sales in the fourth quarter 2018.
For the full year 2019, sales for the Ingredient Solutions
segment increased 5.6% to $65.5 million, driven by higher sales of
specialty wheat starches and specialty wheat proteins. Gross
profit declined to $10.6 million, or 16.2% of segment sales,
compared to $11.8 million, or 19.0% of segment sales in the
prior-year period.
"Ingredient Solutions finished 2019 with great momentum, with
the fourth quarter being one of our strongest ever," Griffin
continued. "We faced two significant challenges this
year. The first was the tough comparison created by the loss
of a large specialty wheat protein customer at the end of
2018. We have now completed cycling that comparison and have
added new customers with a variety of applications seeking to
leverage our plant-based protein. The second was the
uncertainty around FDA approval of our Fibersym® RW and FiberRite®
RW product lines as a source of dietary fiber. This issue was
resolved in the early part of 2019, and we are now seeing increased
customer orders for these product lines. Our Ingredient
Solutions product offerings continue to be aligned with strong
consumer trends, and we continue to be very effective in recruiting
new business."
OtherCorporate selling, general and
administrative ("SG&A") expenses for the fourth quarter 2019
decreased $3.7 million or 41.0% to $5.3 million as compared to the
fourth quarter 2018, primarily driven by lower incentive
compensation expense. For the full year 2019, corporate
SG&A expenses of $29.3 million declined by $4.2 million or
12.4% from 2018 due to lower incentive compensation expense,
partially offset by increased costs related to the settlement of
certain legal matters.
The corporate effective tax rate for the fourth quarter 2019 was
18.5% compared with 27.4% a year ago. The corporate effective tax
rate for the full year 2019 was 15.6% compared with 23.9% in
2018.
EPS increased to $0.76 for the fourth quarter 2019, compared to
$0.69 for the fourth quarter 2018. For the full year 2019,
EPS increased to $2.27, compared to $2.17 for the full year
2018.
MGP is offering the following guidance for fiscal
2020:
- 2020 sales growth is projected in the low to mid-single-digit
percentage range versus 2019.
- 2020 gross margins are expected to increase modestly as
compared to 2019.
- The Company’s estimate of growth in operating income in 2020 is
2% to 7%, excluding CEO transition costs.
- 2020 effective tax rate is forecasted to be approximately 25%,
and shares outstanding are expected to be approximately 17.1
million at year end.
- Earnings per share are forecasted to be in the range of $2.03
to $2.13.
Conclusion"2019 marked the
fifth year of implementing our long-term strategic plan, which has
delivered substantial improvements to our financial results and
built a strong foundation for future growth," Griffin stated.
"A critical part of that foundation was positioning MGP to benefit
from the robust growth of the American Whiskey category. Two
key components of this effort have been our multiyear warehouse
expansion program and our inventory of aging whiskey. As of
December 31, 2019, we have spent approximately $48.4 million of the
total warehouse expansion investment, and it remains on track to be
completed later this year. Our inventory of aged whiskey grew to
$104.2 million, at cost, at the end of 2019, which was higher than
anticipated, due to the shortfall in aged sales in the fourth
quarter of 2019. While we are reducing our annual volume
growth expectations for aged whiskey, we believe our library of
various mash bills and vintages will continue to contribute
significant levels of profit for the company going forward.
We also believe our inventory set aside for aged whiskey sales in
the U.S. market is close to reaching equilibrium on a net basis,
and any future inventory increases will be for export sales, new
mash bills and to support the growth of our own brands.
"Our strategic plan also defined successive phases of growth and
the drivers of that growth. Each of those phases has occurred
as anticipated, until this past year. We expected increased sales
of aged whiskey to be both the key growth driver in 2019, and to
provide incremental growth for the next few years. Due to its
volatile sales cycle, and our reduced forecast for predictable
annual volume growth in the U.S., we plan to accelerate the pace of
implementation of our next phase of profit and margin expansion –
growing our branded initiative. While we anticipate the key drivers
of previous phases to continue to provide incremental growth, we
will begin to place a greater emphasis on our MGP Brands
initiative. In 2019, we added new brands to our portfolio,
including Eight & Sand Blended Bourbon and several well
received limited-edition offerings. We also expanded our
geographic footprint during the year, launching our brands into
Texas, Connecticut, Maryland and the District of Columbia.
Most importantly, we also started to see strong evidence that our
sales and marketing efforts are having a positive impact.
While still small, total sales grew by more than 50% as compared to
last year, and we expect solid double-digit growth rates again in
2020. Our strong balance sheet and newly enhanced credit
facility, provide MGP additional financial flexibility as we
execute our strategic growth plan, including evaluating acquisition
opportunities that strengthen our position in growing markets,"
concluded Griffin. Conference Call and
Webcast InformationMGP Ingredients will host a conference
call for analysts and institutional investors at 10 a.m. ET today
to discuss these results and current business trends. The
conference call and webcast will be available via:
|
Webcast: |
ir.mgpingredients.com on the Events & Presentations
page |
|
Conference Call: |
844-308-6398 (domestic) or 412-717-9605 (international) |
About MGP Ingredients, Inc.Founded in 1941, MGP
is a leading supplier of premium distilled spirits and specialty
wheat proteins and starches. Distilled spirits include bourbon and
rye whiskeys, gins and vodkas, which are expertly crafted through a
combination of art and science and backed by a long history of
experience. The company's proteins and starches are created in the
same manner and provide a host of functional, nutritional and
sensory benefits for a wide range of food products. MGP
additionally is a top producer of high quality industrial alcohol
for use in both food and non-food applications. The company is
headquartered in Atchison, Kansas, where distilled alcohol products
and food ingredients are produced. Premium spirits are also
distilled and matured at the company's facility in Lawrenceburg,
Indiana. For more information, visit mgpingredients.com.
Cautionary Note Regarding Forward-Looking
StatementsThis news release contains forward-looking
statements as well as historical information. All statements,
other than statements of historical facts, included in this news
release regarding the prospects of our industry and our prospects,
plans, financial position, business strategy, guidance on changes
in operating income, sales, gross margin, and future effective tax
rate may constitute forward-looking statements. In addition,
forward-looking statements are usually identified by or are
associated with such words as “intend,” “plan,” “believe,”
“estimate,” “expect,” “anticipate,” “hopeful,” “should,” “may,”
“will,” “could,” “encouraged,” “opportunities,” “potential,” and/or
the negatives or variations of these terms or similar
terminology. They reflect management’s current beliefs and
estimates of future economic circumstances, industry conditions,
Company performance, and Company financial results and are not
guarantees of future performance. All such forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
contemplated by the relevant forward-looking statement.
Important factors that could cause actual results to differ
materially from our expectations include, among others: (i)
disruptions in operations at our Atchison facility or our Indiana
facility, (ii) the availability and cost of grain and flour, and
fluctuations in energy costs, (iii) the effectiveness of our grain
purchasing program to mitigate our exposure to commodity price
fluctuations, (iv) the effectiveness or execution of our strategic
plan, (v) potential adverse effects to operations and our system of
internal controls related to the loss of key management personnel,
(vi) the competitive environment and related market conditions,
(vii) the ability to effectively pass raw material price increases
on to customers, (viii) our ability to maintain compliance with all
applicable loan agreement covenants, (ix) our ability to realize
operating efficiencies, (x) actions of governments, and (xi)
consumer tastes and preferences. For further information on
these and other risks and uncertainties that may affect our
business, including risks specific to our Distillery Products and
Ingredient Solutions segments, see Item 1A. Risk Factors of our
Annual Report on Form 10-K for the year ended December 31,
2019.
For More InformationInvestors &
Analysts:Mike Houston646-475-2998 or
investor.relations@mgpingredients.com
Media:Greg Manis913-360-5440 or
greg.manis@mgpingredients.com
MGP INGREDIENTS, INC.OPERATING INCOME
ROLLFORWARD
Operating
income |
Operating Income |
|
Change Quarter-versus-Quarter |
|
Operating income for the
quarter ended December 31, 2018 |
$ |
16,612 |
|
|
|
|
Decrease in gross profit -
Distillery Products segment |
(4,669 |
) |
|
(28.1 |
) |
pp(a) |
Increase in gross profit -
Ingredient Solutions segment |
621 |
|
|
3.7 |
|
pp |
Decrease in SG&A
expenses |
3,687 |
|
|
22.2 |
|
pp |
Operating income for the quarter ended December 31,
2019 |
$ |
16,251 |
|
|
(2.2 |
)% |
|
Operating
income |
Operating Income |
|
Change Year-versus-Year |
|
Operating income for 2018 |
$ |
50,148 |
|
|
|
|
Decrease in gross profit -
Distillery Products segment |
(5,841 |
) |
|
(11.6 |
) |
pp(a) |
Decrease in gross profit
- Ingredient Solutions segment |
(1,226 |
) |
|
(2.5 |
) |
pp |
Decrease in SG&A
expenses |
4,161 |
|
|
8.3 |
|
pp |
Operating income for 2019 |
$ |
47,242 |
|
|
(5.8 |
)% |
|
(a) Percentage points ("pp").
MGP INGREDIENTS, INC.EARNINGS PER SHARE
ROLLFORWARD
Change in basic and
diluted EPS |
Basic and Diluted EPS |
|
Change Quarter-versus-Quarter |
|
Basic and diluted EPS for the
quarter ended December 31, 2018 |
$ |
0.69 |
|
|
|
|
Change in operations(a) |
(0.02 |
) |
|
(2.9 |
) |
pp(b) |
Change in income attributable
to participating securities(c) |
0.01 |
|
|
1.5 |
|
pp |
Change in weighted average
shares outstanding(c) |
(0.01 |
) |
|
(1.5 |
) |
pp |
Tax: Change in share-based
compensation |
0.01 |
|
|
1.5 |
|
pp |
Tax: Change in discrete
items |
0.10 |
|
|
14.5 |
|
pp |
Tax: Change in effective tax
rate |
(0.02 |
) |
|
(2.9 |
) |
pp |
Basic and diluted EPS for the quarter ended
December 31, 2019 |
$ |
0.76 |
|
|
10.2 |
% |
|
Change in basic and
diluted EPS |
Basic and Diluted EPS |
|
Change Year-versus-Year |
|
Basic and diluted EPS for
2018 |
$ |
2.17 |
|
|
|
|
Change in operations(a) |
(0.15 |
) |
|
(6.9 |
) |
pp(b) |
Change in income attributable
to participating securities(c) |
0.02 |
|
|
0.9 |
|
pp |
Change in weighted average
shares outstanding(c) |
(0.03 |
) |
|
(1.3 |
) |
pp |
Tax: Change in share-based
compensation |
0.12 |
|
|
5.5 |
|
pp |
Tax: Change in discrete
items |
0.12 |
|
|
5.5 |
|
pp |
Tax: Change in effective tax
rate |
0.02 |
|
|
0.9 |
|
pp |
Basic and diluted EPS for
2019 |
$ |
2.27 |
|
|
4.6 |
% |
|
(a) |
Items are net of tax based on the effective tax rate for the base
year (2018) |
(b) |
Percentage points ("pp") |
(c) |
Income attributable to participating securities changes primarily
due to the awarding and vesting of the employee RSUs that receive
dividend equivalent payments. Weighted average shares
outstanding change primarily due to the vesting of employee RSUs,
the granting of Common Stock to directors, our purchase of vested
RSUs from employees to pay withholding taxes, and our repurchases
of Common Stock. |
MGP INGREDIENTS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
Quarter Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Sales |
$ |
92,463 |
|
|
$ |
104,850 |
|
|
$ |
362,745 |
|
|
$ |
376,089 |
|
Cost of sales |
70,903 |
|
|
79,242 |
|
|
286,213 |
|
|
292,490 |
|
Gross profit |
21,560 |
|
|
25,608 |
|
|
76,532 |
|
|
83,599 |
|
Selling, general and
administrative expenses |
5,309 |
|
|
8,996 |
|
|
29,290 |
|
|
33,451 |
|
Operating income |
16,251 |
|
|
16,612 |
|
|
47,242 |
|
|
50,148 |
|
Interest expense, net |
(368 |
) |
|
(338 |
) |
|
(1,305 |
) |
|
(1,168 |
) |
Income before income taxes |
15,883 |
|
|
16,274 |
|
|
45,937 |
|
|
48,980 |
|
Income tax expense |
2,936 |
|
|
4,452 |
|
|
7,144 |
|
|
11,696 |
|
Net income |
12,947 |
|
|
11,822 |
|
|
38,793 |
|
|
37,284 |
|
|
|
|
|
|
|
|
|
Income attributable to
participating securities |
82 |
|
|
224 |
|
|
253 |
|
|
708 |
|
Net income attributable to
common shareholders and used in EPS calculation |
$ |
12,865 |
|
|
$ |
11,598 |
|
|
$ |
38,540 |
|
|
$ |
36,576 |
|
|
|
|
|
|
|
|
|
Basic and diluted weighted
average common shares |
17,030,274 |
|
|
16,879,503 |
|
|
17,012,288 |
|
|
16,866,176 |
|
|
|
|
|
|
|
|
|
Basic and diluted
EPS |
$ |
0.76 |
|
|
$ |
0.69 |
|
|
$ |
2.27 |
|
|
$ |
2.17 |
|
MGP INGREDIENTS, INC.CONSOLIDATED
BALANCE SHEET (UNAUDITED)
(Dollars in thousands) |
December 31, 2019 |
|
December 31, 2018 |
|
(Dollars in thousands) |
December 31, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current Assets: |
|
|
|
|
Current Liabilities: |
|
|
|
Cash and cash equivalents |
$ |
3,309 |
|
|
$ |
5,025 |
|
|
Current maturities of long-term debt |
$ |
401 |
|
$ |
386 |
Receivables, net |
40,931 |
|
|
38,797 |
|
|
Accounts payable |
29,511 |
|
25,363 |
Inventory |
136,931 |
|
|
108,769 |
|
|
Accrued expenses |
9,383 |
|
11,714 |
Prepaid expenses |
2,048 |
|
|
1,320 |
|
|
|
|
|
|
Refundable income taxes |
987 |
|
|
712 |
|
|
|
|
|
|
Total Current
Assets |
184,206 |
|
|
154,623 |
|
|
Total Current
Liabilities |
39,295 |
|
37,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities: |
|
|
|
|
|
|
|
|
Long-term debt, less current
maturities |
40,658 |
|
21,040 |
|
|
|
|
|
Credit agreement -
revolver |
1 |
|
10,588 |
Property and equipment |
313,958 |
|
|
295,893 |
|
|
Long-term operating lease
liabilities |
4,267 |
|
— |
Less accumulated depreciation
and amortization |
(185,539 |
) |
|
(175,105 |
) |
|
Deferred credits |
1,233 |
|
1,565 |
|
|
|
|
|
Other noncurrent
liabilities |
4,170 |
|
4,118 |
Net Property, Plant,
and Equipment |
128,419 |
|
|
120,788 |
|
|
Deferred income taxes |
1,929 |
|
1,677 |
Operating lease right-of-use
asset, net |
6,490 |
|
|
— |
|
|
Total
Liabilities |
91,553 |
|
76,451 |
Other assets |
3,482 |
|
|
2,481 |
|
|
Stockholders’ equity |
231,044 |
|
201,441 |
TOTAL
ASSETS |
$ |
322,597 |
|
|
$ |
277,892 |
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
322,597 |
|
$ |
277,892 |
MGP INGREDIENTS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)(Dollars in thousands)
|
Year to Date Ended |
|
December 31, 2019 |
|
December 31, 2018 |
Cash Flows from Operating
Activities |
|
|
|
Net income |
$ |
38,793 |
|
|
$ |
37,284 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
11,572 |
|
|
11,362 |
|
Share-based compensation |
3,304 |
|
|
3,099 |
|
Deferred income taxes, including change in valuation allowance |
252 |
|
|
1,665 |
|
Other, net |
(116 |
) |
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Receivables, net |
(2,134 |
) |
|
(4,450 |
) |
Inventory |
(28,162 |
) |
|
(15,620 |
) |
Prepaid expenses |
(728 |
) |
|
862 |
|
Refundable income taxes |
(275 |
) |
|
1,268 |
|
Accounts payable |
2,107 |
|
|
(2,542 |
) |
Accrued expenses |
(4,547 |
) |
|
551 |
|
Deferred credits |
(332 |
) |
|
(586 |
) |
Other, net |
(12 |
) |
|
588 |
|
Net cash provided by
operating activities |
19,722 |
|
|
33,481 |
|
|
|
|
|
Cash Flows from Investing
Activities |
|
|
|
Additions to property, plant, and equipment |
(16,730 |
) |
|
(31,046 |
) |
Deferred compensation plan investments |
(1,201 |
) |
|
— |
|
Net cash used in
investing activities |
(17,931 |
) |
|
(31,046 |
) |
|
|
|
|
Cash Flows from Financing
Activities |
|
|
|
Payment of dividends and dividend equivalents |
(6,856 |
) |
|
(5,500 |
) |
Purchase of treasury stock for tax withholding on equity-based
compensation |
(5,489 |
) |
|
(2,324 |
) |
Proceeds from long-term debt |
20,000 |
|
|
— |
|
Principal payments on long-term debt |
(386 |
) |
|
(372 |
) |
Proceeds from credit agreement - revolver |
17,440 |
|
|
28,966 |
|
Payments on credit agreement - revolver |
(28,140 |
) |
|
(21,264 |
) |
Other, net |
(76 |
) |
|
— |
|
Net cash used in
financing activities |
(3,507 |
) |
|
(494 |
) |
|
|
|
|
Increase (decrease) in cash
and cash equivalents |
(1,716 |
) |
|
1,941 |
|
Cash and cash equivalents,
beginning of year |
5,025 |
|
|
3,084 |
|
Cash and cash equivalents, end
of year |
$ |
3,309 |
|
|
$ |
5,025 |
|
MGP Ingredients (NASDAQ:MGPI)
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