MGP Ingredients (MGPI) reported preliminary Q3 adjusted basic earnings of $1.29 a share, down 5% from a year earlier.
Preliminary sales in the quarter ended Sept. 30 fell 24% to $161.5 million, the company said Thursday in a statement.
Analysts polled by Capital IQ expected EPS of $1.44 on revenue of $186.5 million.
The company cut full-year guidance to adjusted EPS of $5.55 to $5.65 on sales of $695 million to $705 million. The previous forecast put adjusted EPS at $6.12 to $6.23 on sales of $742 million to $756 million. Analysts projected normalized EPS of $6.23 on revenue of $755.1 million.
Full Q3 results are expected Oct. 31.
Shares of the company slumped 20% in recent after-hours activity.
Price: 65.50, Change: -16.07, Percent Change: -19.70
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.