MGP INGREDIENTS INC (MGPI) announced a profit for its third quarter that increased from last year and beat the Street estimates.
The company's bottom line totaled $23.65 million, or $1.07 per share. This compares with $13.08 million, or $0.58 per share, in last year's third quarter.
Excluding items, MGP INGREDIENTS INC reported adjusted earnings of $28.55 million or $1.29 per share for the period.
Analysts on average had expected the company to earn $1.25 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 23.7% to $161.46 million from $211.62 million last year.
MGP INGREDIENTS INC earnings at a glance (GAAP) :
-Earnings (Q3): $23.65 Mln. vs. $13.08 Mln. last year.
-EPS (Q3): $1.07 vs. $0.58 last year.
-Revenue (Q3): $161.46 Mln vs. $211.62 Mln last year.
-Guidance:
Full year EPS guidance: $5.55 - $5.65
Full year revenue guidance: $695 mln- $705 mln
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