Yahoo Finance Earnings To Watch: MGP Ingredients (MGPI) Reports Q2 Results Tomorrow
Food and beverage supplier MGP Ingredients (NASDAQGS:MGPI) will be reporting results tomorrow before market hours. Here's what investors should know.
MGP Ingredients met analysts' revenue expectations last quarter, reporting revenues of $170.6 million, down 15.1% year on year. It was an ok quarter for the company, with a decent beat of analysts' earnings estimates but full-year revenue guidance missing analysts' expectations.
Is MGP Ingredients a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting MGP Ingredients's revenue to decline 9.5% year on year to $189.1 million, a reversal from the 7.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.54 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. MGP Ingredients has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 4.1% on average.
Looking at MGP Ingredients's peers in the beverages and alcohol segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Boston Beer's revenues decreased 4% year on year, missing analysts' expectations by 3.1%, and Coca-Cola reported revenues up 2.9%, topping estimates by 4.8%. Boston Beer traded up 7.4% following the results while Coca-Cola was also up 1.6%.
Read our full analysis of Boston Beer's results here and Coca-Cola's results here.
There has been positive sentiment among investors in the beverages and alcohol segment, with share prices up 3.4% on average over the last month. MGP Ingredients is up 11.4% during the same time and is heading into earnings with an average analyst price target of $112.7 (compared to the current share price of $81.35).
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