MGPI - Earnings call 3 2023 | MGP Ingredients, Inc.

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Operator

Good morning, and welcome to the MGP Ingredients Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded.I would now like to turn the conference over to Mike Houston. Please go ahead.

Mike Houston

Thank you. I'm Mike Houston with Lambert Global, MGP's Investor Relations firm. Financial members Chief management Gall, remarks Executive of and are Colo, including Vice and me the Finance and begin call President Officer; Chief then joining open of management's to team, their Dave President call the And with will questions. prepared Officer.We and Brandon

materially that on we involve differ certain may begin is any current However, results call The from call, before actual my responsibility made statements based statements this due and to to SEC earnings the it the statements today's to call. a number expectations. company's obligation inform of included other today you any update forward-looking factors, release uncertainties forward-looking including risks information filings.The company's no this or today's described assumes forward-looking company in in and could

call comparable have release.If today's the Reconciliations company's believe to measures, certain Additionally, contain to by Dave? Chief measures access performance. directly MGP in MGP's not GAAP reference I call are and evaluating earnings to non-GAAP like website, earnings the Dave are in this company's Officer, to today, release this would anyone which www.mgpingredients.com.At over will does most issued a at the can already turn useful measures of these it President you we included the the Executive Colo. copy of time,

Dave Colo

full The and the for fiscal the guidance for XX, made we upward, will of the September Thank progress we the you, EBITDA Q&A.I ended straight progress the achieving made the ranges results revise enabled an with begin quarter strategy. anticipated adjusted increasing overview will performance against open has XXXX. call, we provide this basic today. our Mike, our we have the metrics adjusted our second At of to key call, considerable us quarter. targets line quarter for proud financial year and thanks, performance discuss this everyone, call for updates joining toward am have end On and our of for strong for on the the EPS XXXX,

performance while the without closure year-over-year onetime our dedicated driven history XX% year quarter XX% by in solid all not million, decreased primarily of growing to XX.X% as million, third distillery quarterly contingent gross continued consolidated achieved margins have quarterly million, sales X% throughout to $XX.X with the could increased to to company in increased to gross record Our profit XX% business as planned $XX.X the profit expenses sales Atchison representing the Penelope gross a related million well by consideration team. of Net sales. value $XX.X to consolidated again best our while related increase for expanding acquisition. of We been of segments.Consolidated $XXX.X million of income across XXXX fair $X.X also possible the

of as by for whiskey.Brown due for and to aged be segment both items, XX% goods increasing the and primarily distillate has the these Gross year Compared delivered primarily income in to million. or craft sales profit aged and growth new increased quarter sales. increase sales year-over-year XX% million. goods. brown adjusted with continued Excluding $XX.X sales of our increased to attributed quarter $XX.X XX.X% million.We to longer-term million sales as outpace trends in increase to profit another to gross Solutions net segment, the $XX.X Distilling the strong pricing increased has prior $XXX.X primarily increased brown increased driven for continued Adjusted by distillate to in EBITDA to period, can of whiskey new customers. well driven The multinational been goods X% market robust XX%, quarter demand

high. remains goods in brown balance the our sales of year for the confidence visibility Our

we have well goods believe to committed.We sales as ahead Looking we the our Distilling also segment majority are the of vast to already XXXX, whiskey we believe fiscal XXXX positioned expected brown is continued now for support improving our category. Solutions American in visibility growth

strategic us for our the alcohol. continue to goods position in aged sales with customer to to industrial this well to years.Turning needs us meet expected enable anticipated whiskey meet We balance as coming year be the customer and to needs will as of white

the third goods white We alcohol sold quarter. volumes the continue and to industrial during produced and reduce of products our

of products sales a the sales decreased by during As year-over-year goods result, alcohol XX% XX% third white decreased our quarter. and industrial

improving white by in to on costs alcohol away impact closure. financial speak strategy increased and a white planned impact these mitigate available profitability quarter.In the of July, detail the from in lines product and and continued more to the slated announcement our the of reinforces gross in industrial alcohol on in products supply goods basis, Atchison, expected, will combined the This industrial the for As shifting Kansas, of input the goods closure focused margins announced January we continue have distillery negative XXXX. about market.Brandon excess

Before decouple distillery been to starch decision for the Atchison that, solve plan the options identified successfully we to from remind decouple that are strategic most the economically viable physically the us how to ingredients evaluate I the our listeners to stream. has waste continuing required to want the this that facilities, first facility.Now

an Solutions byproduct the the of distillery that is purchased the starch joint to stream credit by segment. recall, in results and a the As ingredients intercompany you waste is facility Ingredient

is will company stream have and enable We fiscal our further long-term strategic supporting achieving cost believe toward our starch our in earnings to XXXX, operations third their product updated objectives. the found release, which no to utilize which firmly categories Brandon will us our parties align pro actions speak shortly.We in year forma to these financials in identified the at will detailed who

prior to into percentage fourth we in quarter Spirits. an be announcement of this will closure million of in the place, the gross to continue Segment it As plans calls.Given increase we X% impact in more distillery our increase quarter, predict period. closure, details recent period. their our the consolidated strength this Plus continue to of which put The Atchison beginning $XX.X XXXX.Turning on additional margin their customers financial was sales by results, might to waste year-over-year difficult earnings and the the the how impact driven we of during starch year but the totaled in options grew performance Premium accretive year year to to the assess as provide respective brands, transition dispose is Branded future the believe of it segment will accretive primarily versus from prior XX% stream

on following this increase of with brands. can segment brands XX% our Luxco improvement XX.X% to of quarter the the This favorable in Premium Plus growth increase in margin are sales. our Plus investing they brands segment sales the a meaningful to in the focus quarter. higher-margin sales is of gross our an of back represented pleased sales resulted in We Premium of Premium as of from continued The Premium third gross acquisition.Our be represented very XX% behind the XXXX million or $XX performance profit attributed Plus higher-margin our Plus

the June completion our that driving to announced its we're distribution ability to acquisition our Additionally, popular inventory of running a of in and of our American for category. further on velocity close Penelope we participate brands that of our the is destocking whiskey across of points course brands.In focused portfolio and improves Bourbon, we remain year, fast-growing this confident brand

brand expand by believe as long-term the delivered not potential, to the enthusiastic more Premium portfolio on has long-term it and focused we meaningful strategy continue third Penelope's brand about of presence this could results its markets. with pleased remain which our as the new We during premiumization supports we Plus growth momentum is enhances quarter.We supported be to tier brands.We Penelope our price continued

in of XXXX. XX the to expect by We be end states

our well continued consumer our our diverse We which and strategy starches our remarks. continue goals.This and with XX% American long-term drove customer on concludes low Solutions. on tremendous to execution. broader with by profit the momentum higher ability team strategy proven whiskey improved for increased the for product base consumer The expansion of focused remains or distribution sales. $XX our growing Branded gross particular sales initial to of We continue protein, million, of and their Plus specialty tequila to commodity a efforts leveraging to a believe brands primarily brands.Turning Spirits our of want to I starches.Finally, our toward XXXX trends. Ingredient record our quarter segment focus in high encouraged to million profitability as thank required continued net our portfolio remain to points Sales Our wheat reflects my offerings, as carb align us wheat preference achieve and proteins Premium fiscal with our by sales execute increase XX.X% rising diets, which against increased our the provide $XX.X while and to

for things Let over review key and a of Brandon? Gall me the now metrics turn Brandon to numbers.

Brandon Gall

Thanks, Dave.

This consolidated continue premiumization the represented prior to plan remains million of XX.X% $X.X amount, million, our to strategy marketing XX.X% and year-over-year tier increased million Spirits. $X.X Of spend in selling, the general advertising sales against our to X% period. and to XXXX, increased price quarter expenses. prior $X.X to increased The profit our segment Premium sales third the with total we the million of For $XX.X quarter. third Spirits compared to Branded $XX.X increase $X.X promotion compared million. to period of Branded and spend higher to $XXX.X in of XX% quarter million quarter expenses brands.Corporate as year quarter personnel invest sales.Advertising the consistent third $X.X Plus million Plus administrative Premium million year due the expenses compared as towards to was higher-margin for to primarily this representing increased Gross for promotion invested XXXX, the and

noncash we distillery. believe $XX.X planned to these closure in to were related for this quarter, our of closure the $XX.X onetime accounted vast Of in charges million million were impairments.We During related of the asset third quarter. the Atchison to majority related incurred onetime the the also amount, expenses

as in adjusted expense value June the during These by excluded and the our onetime Penelope the full year. subsequent be will as consideration onetime is examples a associated the occurrences quarter, acquisition contingent liability the quarters. positive to we increased the financial as consideration our performance acquisition metrics related been of there earn-out sales XXXX expenses have following the fair related to relating well in brand the this million. However, of severance $X.X noncash to guidance.Also Penelope expected year of additional equipment with This from

period, and adjusted quarters our from this full financial a has ends to metrics subsequent year excluded We been other the earn-out the due will This and guidance.Operating the expenses primarily related throughout value the third liability the income distillery the contingent for necessary on of well the continue Atchison related of in mentioned the expense to impairments XXXX which to as onetime our XX% acquisition. adjust million of contingent our noncash as $XX.X fair quarter well asset closure Penelope as consideration term in to in basis consideration XXXX. evaluate as previously planned as December to change quarterly decreased

$X.XX $X.XX for corporate adjusted the million.Our The primarily $X.XX common $XX.X was income effective adjusted to net basic EBITDA per from $X.XX The and $XX.X $X.XX of ago share per tax per the share XX% all natural share third corn XX% period. strong and X experience driven prior to $X.XX for corn, per the quarter on increase period. XX.X% of Excluding an and increased in tax $XX.X our $XX.X from increased income year was to wheat diluted and update per rate million, respectively.Adjusted share an of share per XX% to year of state the from flour the earnings XX% expenses with from the segments.Now period, while XX% quarter. effective per and to operating to due the gas decreased share reduction prices Basic by elevated rye million. a the period.Net diluted commodities, $X.XX increased increased tax performance increased continue increased was throughout XX%, rye per for credits compared and these primarily and corporate ago share share rate quarter was respectively. to items, million, Adjusted during XX% earnings XXXX the from decreased second per to to quarter our input increase X%, gas per business represent increased $X.XX share commodity share for compared wheat natural year increase Compared flour, each XX%. cost our largest income

our million past Our aggregate over that risk regarding of the impacts incur to specialty to our premium and distillery, most focus are onetime mentioned expenditures to preliminary planned our approximately continued to $XX continue expect at we process distillery's lines.As anticipate located previously we a costs input Atchison nature, charges and in Atchison year-to-date of more in September $XX decoupling in unaudited XXXX. to in management on distillery of higher of the several XX, Kansas.Now also impact million product quarters on pro enable have ended amount, mitigate the fiscal basis Atchison, look products Ingredient pretax XXXX. have with million us the the connection Of we from of $X that forma performance closure the for in financial the Solutions of the in capital Atchison an updated facility

margin the gross points. sales increased are Solutions Atchison and profit Distilling consolidated the by million consolidated XXX increased as $X.X gross Excluding by follows: of distillery, is by basis financial impact were million.Consolidated $XX results is sales reduced and

are co-products million to inventory. waste prior Cash consolidated was and accounts in and year-to-date options as continue decoupling from impact in to for In some barrel distillate the their circumstances, cash fuel pro cash be $XX.X to Please guidance, operations will important information more flow was post times payable at release morning's million note profitability.Additional a operations are The viable by we $XX.X available. certain information.Moving company facility information and from Indiana this earnings and shut once accounting forma results schedules stream the at goods, becomes down releases its the as in assess assets driven mentioned, Ingredient be our in increase alcohol, more down Lawrenceburg, goods period. available primarily period, is from refer already in present we year-to-date It's white the industrial reduction the decrease flow. operations starch Dave for overall when provided to for with operations sold. in to and Solutions financial flow Atchison produced the that distillery. discontinued our distillery the finished an respective to included accordance As to expect

well and sheet a balance remain allocation. to to Our strategy position trends, leverage. with totaling We remains capitalized growth as believe We consumer long-term align of opportunities invest as focused allowing remain to organic million.Turning is healthy, with $XX continue on positioned we that to our well capital and million debt our well which us well cash acquisitive business to grow. $XXX.X underlying

the increasing evaluate and We will continue of capabilities goal and to M&A product with opportunistically accelerating our growth offerings.

to X capital for year put away period.We of whiskey capabilities to due million of the of year up the allocation XXXX, important sales critical growing effectively away critical priority $XX in is aging an for a first continue $X.X addition, to first Spirits million of the compared planned key prior Branded component cost, and of million with to investment in to associated remains months approximately million whiskey In aging second continuing with Atchison increase operational full another decoupling in it figure inventory Investing of quarter's million for capital is Distilling remains our priority allocation strategy, which capital the expenditures capital matching capital XXXX. quarter we year, resulted the to segment $X.X the increase long-term shared the a of strategy.Our versus from the increased expenditures of closure put capital Solutions call expect at whiskey and and the our distillery. in is future our $XX.X during an $XXX.X expenditures enhance investment to the

allocation position XXth. approach, our well which a way to to of the protein Directors in strategy. quarterly this extrusion authorized capital quarter and aligns be Lawrenceburg our Board to growth let can continue on the believe used things support acquisitive Bardstown, XXXX.Additionally, safety benefit success barrel of at new remarks. with the turn health me long-term Atchison, business facility view and still December expect capital is Row facility to our in an prioritize Distillers the focused our underlying expenditures is per strategy expansion better dividend our concluding to of texturized Kansas, dividends facility as as as of from we stockholders.We continues plan to as Dave to distilleries investments Lux projects continued Board as of November of of the we $X.XX in stockholders sustenance The whiskey continue which and and expected well and company distillation share, improvement share Xst The such in at Leveraging organic record first for important online believe over environmental warehouses projects. come on addition we Bardstown expansion, with to payable to Kentucky, now trends.And consumer growth our for will back We to

Dave Colo

Brandon. Thanks,

to Bratcher share, of up be welcome approximately for the year again We at remain low- to continued our open are the call following: the last quarter. million $XXX of continue million, of the Demand year. questions, outstanding million morning. be believe strong very range range $XX.X with with is of to has common revised share in call to I'd to an shares to the fiscal guidance per we earnings performance strong this is now expected million business to approximately $X to to each XXXX of reflecting account be basic range in per $XXX the and like the continue results, to year-end.Before our in expected David and be this been we to we sales for the $XXX expected the to Adjusted $X.XX position continued and we guidance the these throughout for our range we are now expect $X.XX products full adjusted momentum of increase $XXX quarter segments million; upward average for high-end updating long-term in the the EBITDA will million to basic actions weighted provided pleased success.To strong X and

As closely who to see in lie with talented will ready company's across and through remarks. David be a the morning's has XXXX, a seamless ahead January you such Operator, the CEO had a He this following looking working over X, the we for results saw of the work of the our come. critical company leverage leader the I David Board past next in to we of MGP leadership prepared Operating over to we to David smooth are on David is of talented been significant begin I've be a help privilege leader concludes to played and group MGP and to are the the for to supporting his Spirits, Chief of years throughout years question-and-answer transition.That ensuring It opportunities in in of areas X right achieved retirement. us past the and my the capable have be continued April has and significant we few several our an promoted years.As press staying and many our are the portion have CEO solid growth years role have will that capacity forward the XX and established call. advisory of foundation more organization. and in assist the fortunate employees altogether President to Board number a and and passionate Officer MGP. of with in release, on than Branded years pleasure to a the President

Operator

[Operator first Torrente Marc question Fargo. with Instructions] will come Wells Our from

Marc Torrente

direction since portfolio? other of same branded acquisition. and side. together much perhaps expect from areas promotion. strategic at any want we I David the David portfolio Maybe of time off, and is in Dave closely to Should on the This the there. First coming in portfolio to congrats some the the and shifts the is have tweaks or David coming start terms strategy, in on of retirement could other the maybe new a say we of worked Dave to to the

Dave Colo

more you as migrate us last think to Branded -- recently. just few years remain to strategy years Hey X-year path And we're I Spirits of know, moves our business.We've Mark, over and last over is pretty position thanks out we're pretty been next the to on a thought This we completed portfolio Yes, will few to business for made our the pretty enable well a our and some well strategic do the more I mean comments. the in has direction that. here strategy the Dave. consistent.

speak For the to most I that see under well as pursue David's strategy. continue leadership, And broader positioned think David part, and I well to him we're you'll to our that. that's think I'll let this

David Bratcher

have I've to going for add the would laid executive team privilege with the I and Dave we that working the had on the and a that rest developing and solid in that hand-in-hand foundation. to the place No, plan today. strategic of Brandon build continue foundation future of in We we're

Marc Torrente

Okay. street the wide. expectations. And around Great. will rather to potential process held EBITDA those least And function on the QX sales and you at for transition had guidance, Atchison sales some guide then variability Is upside, that some of perhaps a land? year, you just the how raised while

Dave Colo

Yes, the for reason that's primary Mark, that.

transition, -- Atchison now customers the There year. transition how some that revenue that the progressed we We're they other earlier there's as accounted where from the far, guidance pretty could us planned, much could still for the point you right? there final we potential uncertainty we've their than but expected. orders receiving to never from at of has that getting in balance customers know, suppliers But we're we be some provided. exits be around for the So supply think we

Marc Torrente

already are How visibility then think lastly, year? compared next just to comment this on strong. majority been committed. I versus those ability of year, there a other how color in quite progressing, have mix tracking any the underlying for next assume negotiations last was into good And on vast point I any brown shift sales is aged of Okay. And remains Is this new? year pricing

Dave Colo

Yes.

we for track. The progress brown outstanding we team in an year, our in commitments last More on sales of XXXX. much the I discussed but getting have think job distillate new goods has we're on also pretty past, on think to as excellent place. done forward compared I aged

I feel working already great in like go the we into So think on we as XXXX and as team XXXX is we're position a well.

not ahead if similar, of we very a year. where last bit So were

Operator

come with Gerald Pascarelli from Wedbush. will question next Our

Gerald Pascarelli

on Great. best. congrats Dave, all congratulations been retirement. wishing promotion. you you And working on the your David, with It's the great and

Dave Colo

Thank you.

David Bratcher

Thank you.

Gerald Pascarelli

thing. Sure

First one is on just Spirits. Branded

think going was think the broadly much for. I the X we certainly been the growth should the brand we this just benefit in contribution the how drove came than Understanding better this on full points on revenue quarter first had modeling that segment? you from specifically growth Penelope, quantify any about forward? can how in of color Or

Brandon Gall

Yes. Gerald, this is Brandon.

the brand right to-date. if our is exceeding Penelope line, in not So expectations

contribution performance from great seeing Penelope. we're So and

contribution What not out is break forward, in we're are of that and especially Going our it down brand whole up I will portfolio, as list that, seeing Plus to price performance. to going individual brands. brands we our say relates Premium

by turned segment performance So in the we're the very happy with in the quarter.

Gerald Pascarelli

Understood. My margins gross margin is tax on closely are of in housekeeping historically. income look when it's Brandon, for and the it's margin historical before guess and really profile more Distilling a you, your at next we Distilling segment. question. the Solutions But I aligned Solutions, fairly question

is gross and aligned? remain or margin margins and closes to closely not color get before once that et tax enhancements great. income you're to reason the Looking there This why then fairly Any segment, obviously going cetera. margin excluding gross in the would distillery out be continue is there impairments, considering Atchison any items nonrecurring XXXX, would any to

Brandon Gall

Yes.

So in schedules But a so around basis listed Distilling distillery, do we our pro release. X,XXX Atchison profile basis. about this basis, the basis forma the on excluding points is Solutions XX.X% But our to increases mentioned margin go-forward a of on earnings a and year-to-date all pro you our impairments excluding forma yes, have on important. of gross

to So the is to as for consolidated quite not the that but business be for Distilling impact well. only noticeable Solutions for margin going

Gerald Pascarelli

your before closes tax? the in distillery on income there continue through before the mindful follow-up tax? the would a to a be just just once Or you margin expect And considerations there income are tax, before is to to enhancements of Right. -- any flow lot of terms of to income

Brandon Gall

Yes. gross at be No, that and you're consistent margin profit to what flow-through the with level. expect we'd seeing gross

Operator

will Our Bill next Truist come Chappell from with question Securities.

William Chappell

well, Dave, on My as retirement. the congratulations

Dave Colo

Bill. Thanks, you. Thank

William Chappell

on were quantify the the Branded you think could been of talked guess, because much whole of is. within working through solid. way how still what that have the X% branded Spirits that business, excess you of couple mean, industry A questions. or to kind channels inventory sales I some pretty like I first I year-over-year still and sales any impacted is

So understand was really did is forward? a impact it and impact or just trying no to going small expected very

Dave Colo

Yes.

the channel. distributor There a we but through this excess the at little excess Bill, level. few think, was work I discussed a any but issues issues there was we may be on with to brands much bit our revenue last pretty materially any inventory we're impacted quarter really call, we like little feel have to inventory think due the bit a -- that through, don't still I in

William Chappell

kidding, about goods some and only next there?And is half brown it do just be the demand committed? they've then much year we from you sluggish X of but distillate years lot now? excess for X, have one, than And slowdown to kind brown customers do of salespeople And and months? probably X there terms spirits can indicator there.So about hearing us you've it. maybe you capacity best you I over what terms you're new like business the worse, the the getting seeing down. so already where capacity talk presold your sales in Got guess, what few for expectations If X, you're guess, what sell spirits one, in optionality overall incremental for is things, that? leading the be of next next general, it distillate in hear better, talk sell continue plan? more demand years then over And two, GLP, your on two, can about can of getting there And of terms a from I beyond they and more in Help of are cooling do hearing your your from just customers understand, your 'XX

Dave Colo

team with 'XX new Yes. and sales that example, in the have we've they we're brown getting goods, once they've an sales XXXX vast done No, as job, working into on mentioned distillate and obviously, aged. on having majority commitments And they're beyond. our both a of earlier, those us fabulous as and committed the in forward position

off get them they the a give break. don't So XXXX we don't books. year once They to get take

So throughput they're beyond guidance and bringing good more sales.The give working and XXXX question is to and plan our 'XX you in this for Lawrenceburg part will for Bardstown on our in pretty beyond know, of spoken as we We're capacity strap capacity this plan be and additional some distillery. we've had XXXX. when diligently in increases on as is, on we

of continuous provide the et we Bill. those additional improvement to on be we'll Bardstown. in bring are continue capacity as There for and in All drive capacity increases, that into factored some the capacity guidance cetera, XXXX, will

an GLP consumer demand keep we're our selling that driving -- a we the really really our So in the drug not profitable impact improvement in we'll point make most it's in to of currently, don't view sure this the whole that business.From see manner issue, business. to

to we consumer early But see And it's consumption. think impact true food here impact very meaningful customers don't for wouldn't significant personally it book I what us do around whether going having of I going on our is certainty our with be business make sit Certainly, or sure forward, on that it obviously to honest.Our a to liquid they're have be is what their perspective impact they the as want continue commitments because brands. having year-to-date. today, business. trying to on anticipate forward to from innings it's supply we beverage hasn't a a with

aged. to for because trying we're But impact side push So distillate craft we their new in the businesses. the but there the that remains really is pretty customers going that solid I'm we've and things on the more to change of and payables not and on of seen rates higher more the overall, interest -- say seeing is has demand out committing -- necessarily biggest

Operator

Azer Instructions] next Cowen. from will question Vivien Our [Operator with TD come

Vivien Azer

to is Distillery Products echo of question quarter beverage Dave. segment, nice And very first to price/mix congratulations another in alcohol. the I'd realization My like my on premium

some was you pressure. between in kind I the the commentary of goods brown please. could and volumes wondering are volume course, dynamics offer whether on Of under white goods quarter,

Brandon Gall

Yes, Vivien, this is Brandon.

XX% alcohol. yes, premium is that And which brown alcohol, up are to directly share beverage to white and XX%, goods our And that we related all do out sales Q, goods So within point and goods. in but your off both is break white downdraft volume that, industrial we XX%. includes

our for growth volume brown will So XX% I brown our demand goods the in remains goods majority of the a but price-driven. in standpoint share the quarter from intact, was

Vivien Azer

that anecdotally goods pressure. of we're building, just to about whiskey access helpful. pricing looks Got might under really finally thinking hearing again. more category have then And TTB, broadly, That's is category kind publishing like the third-party it. be the inventory its which brown the and It whiskey the we data

So market. you the pricing just of seeing all wondering whiskey could was in other what I in comment you're terms if on at

Dave Colo

Are to or on speaking in our business you our whiskey distilling, bulk particular the...

Vivien Azer

Yes.

Dave Colo

Yes.

think with seeing position and are we lay-down is And customer anticipated to imbalanced what that on we, And do et that try and side are needs demand. brown anticipated today. in we've our based pretty increase us on revenue quarter I pressure is tell we inventory we're needs. driven healthy still inventories, the as this our aged our cetera, balance, far of needs make attract build market, those company, the decisions by of pricing our we're our perspective, our our We a seeing in in what on particularly majority not to from Brandon future and would the goods as was pricing, pricing as regard.As volume. continued just that discussed today particular in versus inventory anything that

at American we're share whiskey whiskey underpenetrated. Going think to of going domestic globally, is look that it's continue very of the anticipating you will I is anticipating the as as the a world, think still forward, to the strong, demand lot has for I competitors are what remain and global whiskey.But that rest our American

to to is potential like continue we business. continued we and the domestically through feel that and position a still grow available significant the So solid in feel globally, of we're this demand combination

Operator

the like over question-and-answer to there for appears would turn It are Colo questions. no concludes remarks. session. back closing I This Dave conference our any to further

Dave Colo

company you Thank today right. us All you after in quarter. quarter third for for our earnings call. joining interest talking fourth with and your for the forward our We look to again

Operator

presentation. attending The has for today's conference concluded. Thank now you

You now disconnect. may

MGP Ingredients (MGPI) 2 Nov 232023 Q3 Earnings call transcript