ATCHISON, KAN. — Net income at MGP Ingredients, Inc. elevated 126% within the fiscal 12 months ended Dec. 31, 2021, climbing to $90.6 million, equal to $4.37 per share on the frequent inventory, up from $40.08 million, or $2.37 per share, in fiscal 2020. Net sales elevated 58% to $626.72 million from $395.52 million.
During the fourth quarter, web income totaled $31.63 million, or $1.44 per share, up 173% from $11.56 million, or 69¢ per share, in the identical interval a 12 months in the past. Net sales had been $166.85 million, up 65% from $100.92 million.
Gross revenue within the Ingredient Solutions phase elevated to $22.2 million in fiscal 2021 from $20.8 million in fiscal 2020, whereas sales elevated 16% to $90.7 million, pushed by increased sales of specialty wheat starches and specialty wheat proteins. During the fourth quarter, gross revenue within the phase totaled $5 million, down from $5.3 million in the identical interval a 12 months in the past. Net sales in the course of the quarter elevated 15% to $23.4 million.
“By all accounts, 2021 represented a remarkable year for our company,” David J. Colo, president and chief govt officer, mentioned throughout a Feb. 24 convention name with analysts. “As we executed against our strategy, the strength and value of our business model were on full display, improved effectiveness in our tactical execution allowed MGP to deliver our most profitable year in company history. The determination and continued focus from our team to meet increased customer demand for our products, while achieving strong financial performance resulted in record results across each of our segments this year. We are also very pleased with the continued success of the integration efforts of the Luxco acquisition achieved by the organization.”
Brandon M. Gall, vice chairman of finance and chief monetary officer, famous in the course of the name that MGPI skilled a discount in gross margins within the fourth quarter within the Ingredient Solutions phase associated to deliberate upkeep and repairs that aren’t anticipated to recur in future intervals.
“So with that dynamic in Q4, and then we also had a disruption in Q1, those two quarters together did bring down the full-year margin profile for Ingredient Solutions,” Mr. Gall mentioned. “However, our view is that Q2 and Q3 of this year, which is mid-to-upper 20% gross margins, is more in line with the long-run capability of this segment.”
Looking forward to fiscal 2022, Mr. Colo mentioned MGPI expects sales to be within the vary of $690 million to $715 million, which might be up about 10% to 14% from fiscal 2021. Adjusted EBITDA is anticipated to be within the vary of $150 million to $157 million, which might be up roughly 6% to 11%.