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MGP Ingredients Q2 profit falls 20.8% YOY

MGP Ingredients Inc. said its second-quarter normalized net income was 37 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS decreased 17.1% year over year from 45 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.2 million, a decline of 20.8% from $7.8 million in the prior-year period.

The normalized profit margin fell to 7.7% from 9.1% in the year-earlier period.

Total revenue decreased 5.8% year over year to $80.4 million from $85.4 million, and total operating expenses decreased 6.0% year over year to $71.3 million from $75.9 million.

Reported net income fell 19.7% from the prior-year period to $6.1 million, or 37 cents per share, from $7.7 million, or 44 cents per share.