Why MGP Ingredients Shares Plunged Over 30% Friday Morning
Shares of MGP Ingredients Inc. (NASDAQ: MGPI), a producer and supplier of distilled spirits, proteins, and starches, plunged over 30% at one point Friday morning after the company released preliminary full-year 2019 results that disappointed the markets.
MGP Ingredients announced its full-year sales would check in at around $362 million, much lower than analysts' estimates calling for $391 million. Earnings per share are now expected to be between $2.20 to $2.32 per share, lower than management's prior guidance of $2.55 to $2.75 per share and analysts' estimates calling for $2.58 per share.
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Source Fool.com
