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MGP Ingredients Q4 profit climbs YOY

MGP Ingredients Inc. said its fourth-quarter normalized net income amounted to 39 cents per share, an increase from 13 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.4 million, a gain from $2.2 million in the prior-year period.

The normalized profit margin increased to 7.3% from 2.9% in the year-earlier period.

Total revenue rose 6.8% on an annual basis to $81.5 million from $76.3 million, and total operating expenses declined 5.7% on an annual basis to $71.2 million from $75.5 million.

Reported net income declined 15.6% on an annual basis to $6.3 million, or 38 cents per share, from $7.5 million, or 43 cents per share.

For the year, the company's normalized net income totaled $1.42 per share, a gain from 61 cents per share in the prior year.

Normalized net income was $24.3 million, a rise from $10.5 million in the prior year.

Full-year total revenue rose year over year to $327.6 million from $313.4 million, and total operating expenses declined on an annual basis to $294.3 million from $306.0 million.

The company said reported net income rose 10.9% year over year to $25.3 million, or $1.48 per share, in the full year, from $22.8 million, or $1.32 per share.