Business
Alto Ingredients, Inc. Reports First Quarter 2022 Results
Increased Net Sales 41% to $308 Million vs. Q1 2021Integrated Acquisition of Specialty Alcohol Distributor, Eagle AlcoholLaunched Quality and ESG Initiatives
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"Increased Net Sales 41% to $308 Million vs. Q1 2021Integrated Acquisition of Specialty Alcohol Distributor, Eagle AlcoholLaunched Quality and ESG Initiatives SACRAMENTO, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients, reported its financial results for the quarter ended March 31, 2022. “Our first quarter results validated our strategy to invest in specialty alcohols and essential ingredients,” said Mike Kandris CEO of Alto Ingredients. “Product diversification, with increased sales from higher margin products combined with operational improvements, partially offset the impact of the challenging commodities market. To further our strategy, we acquired a small-package distributor serving premium spirits markets in January and qualified for additional certifications valuable to pharmaceutical customers in February. These initiatives broadened our opportunities and enhanced our position in the marketplace. We are evaluating new capital expenditure programs to create additional long-term stakeholder value. We remain focused on executing on our strategic goals, investing for future growth and diversifying our product portfolio.” Financial Results for the Three Months Ended March 31, 2022 Compared to 2021 • Net sales were $308.1 million, compared to $218.7 million.• Cost of goods sold was $303.3 million, compared to $204.9 million.• Gross profit was $4.8 million, compared to $13.8 million.• Selling, general and administrative expenses were $7.6 million, compared to $7.0 million.• Operating loss was $2.9 million, compared to operating income of $5.6 million.• Net loss available to common stockholders was $2.9 million, or $0.04 per share, compared to net income of $4.4 million, or $0.06 per diluted share.• Adjusted EBITDA was $4.4 million, compared to $13.4 million.• Cash and cash equivalents were $36.2 million at March 31, 2022, compared to $50.6 million at December 31, 2021. First Quarter 2022 Results Conference Call Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Monday, May 9, 2022, and will deliver prepared remarks via webcast followed by a question-and-answer session. The webcast for the call can be accessed from Alto Ingredients website at www.altoingredients.com. Alternat...