Stock Track | MGP Ingredients Plunges 11% in Pre-market on Disappointing Q4 Results and Weak Guidance
MGP Ingredients (MGPI) stock experienced a significant pre-market plunge of 11.02% on Wednesday, following the release of the company's disappointing fourth-quarter financial results and weak guidance for the current fiscal year.
According to the earnings report, MGP Ingredients reported an operating loss of $30.4 million and a net loss of $42 million for the fourth quarter. The company's adjusted EBITDA for the quarter stood at $53.1 million, which fell short of analysts' expectations.
Looking ahead, MGP Ingredients provided a lackluster outlook, projecting fiscal year sales in the range of $520 million to $540 million and adjusted EBITDA between $105 million and $115 million. These forecasts were below market expectations, raising concerns among investors about the company's future performance.
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