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MGP Ingredients Q2 profit climbs YOY

MGP Ingredients Inc. said its second-quarter normalized net income came to 47 cents per share, an increase from 19 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $8.2 million, a gain from $3.3 million in the prior-year period.

The normalized profit margin rose to 9.1% from 4.1% in the year-earlier period.

Total revenue climbed 5.9% year over year to $85.4 million from $80.6 million, and total operating expenses declined on an annual basis to $75.1 million from $77.4 million.

Reported net income increased 58.3% on an annual basis to $7.7 million, or 44 cents per share, from $4.8 million, or 28 cents per share.