BUZZ-MGP Ingredients plunges after lowering annual forecasts

** Shares of distilled spirits and food ingredients producer MGP Ingredients MGPI.O down ~20% at $65.35 in after-market trading

** Company lowers annual sales forecast to a range of $695 mln to $705 mln from between $742 mln to $756 mln, and adjusted EPS forecast to between $5.55 to $5.65 from a range of $6.12 to $6.23

** "Soft alcohol spirits category trends and elevated industry-wide whiskey inventories are putting greater than expected pressure on our brown goods business with a larger impact on our smaller, craft customer base," says CEO David Bratcher

** MGPI sees industry headwinds to persist through the rest of the year

** Expects Q3 sales to decline 24% YoY vs estimates of a ~12.5% decline, and adjusted EPS of $1.29. vs estimates of $1.44

** Co is set to announce Q3 results on Oct 31

** Up to Thursday's close, stock has fallen ~17% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com))