Branded Spirits Acquisition of Penelope Bourbon
CONSOLIDATED FINANCIAL RESULTS - Q3 2023
CONSOLIDATED GROSS PROFIT INCREASED 24% TO $73.4 MILLION
.
.
Sales increased 5% to $211.6 million.
Gross profit increased 24% to $73.4 million,
representing 34.7% of sales.
Operating Income Drivers
Third Quarter 2022-23 (SMM)
$3.0
$3.9
$7.4
($2.2)
$33.9
($3.7)
MGP
Q3 2022
Distilling
Solutions GP
Branded Spirts GP
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•
•
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Operating income decreased 41% to $19.8 million.
Adjusted operating income¹ increased 26% to $42.7
million.
Net income decreased 45% to $13.1 million. Adjusted
net income¹ increased 28% to $30.2 million.
Adjusted EBITDA¹ increased 24% to $48.1 million.
Basic earnings per common share ("EPS") decreased to
$0.59 per share from $1.07 per share and diluted EPS
decreased to $0.58 per share from $1.06 per share.
Adjusted Basic EPS¹ increased to $1.36 per share from
$1.07 per share and adjusted diluted EPS¹ increased to
$1.34 per share from $1.06 per share.
29
Note: Totals may not foot due to rounding. All comparisons are on a year-over-year basis.
A&P: Advertising and Promotion expenses. GP: Gross Profit
SG&A: Selling, General and Administrative expense
¹Non-GAAP measure; See appendix for GAAP to Non-GAAP Reconciliation
2 Items are net of tax based on the effective tax rate for the base year (2022)
$1.07
Ingredient
Solutions GP
Change in A&P
Change in SG&A
EPS Drivers2
Third Quarter 2022-23
$19.8
($18.3)
($4.2)
Impairment of
long-lived
assets and other
Change in fair
value of
contingent
consideration
$0.05
$0.59
($0.03)
($0.48)
($0.02)
($0.01)
Q3 2023
$0.58
Basic and Diluted
EPS Q3 2022
Change in Change in other Change in interest
Operating income income (expense), expense, net
Change in
effective tax rate
Basic EPS Q3 2023 Impact of dilutive
shares outstanding
Dilutive EPS Q3
2023
netView entire presentation