ATCHISON, Kan. (AP) — ATCHISON, Kan. (AP) — MGP Ingredients Inc. (MGPI) on Thursday reported first-quarter profit of $20.4 million.
The Atchison, Kansas-based company said it had profit of 92 cents per share. Earnings, adjusted for non-recurring costs, were $1.07 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The producer of distillery and ingredients products used by the packaged goods industry posted revenue of $170.6 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $169.6 million.
MGP expects full-year earnings in the range of $6.12 to $6.13 per share, with revenue in the range of $742 million to $756 million.
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