Business
Alto Ingredients, Inc. Reports Second Quarter 2022 Results
Grew Net Sales to $362.2 Million, Up 21% from Q2 2021Generated Net Income of $21.5 Million, $0.29 per Diluted Share, Up from $8.0 Million, $0.11 per Diluted
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"Grew Net Sales to $362.2 Million, Up 21% from Q2 2021Generated Net Income of $21.5 Million, $0.29 per Diluted Share, Up from $8.0 Million, $0.11 per Diluted Share in Q2 2021Increased Adjusted EBITDA to $29.9 Million, Up from $17.0 Million in Q2 2021 SACRAMENTO, Calif., Aug. 08, 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 June 30, 2022. “Our strategy to diversify into specialty alcohols and essential ingredients continues to serve us well. Sales of these products, combined with a cash grant from the USDA, delivered solid performance and offset higher than usual freight expenses and repair and maintenance costs, resulting in positive gross profit, net income and Adjusted EBITDA in the second quarter,” said Mike Kandris, CEO of Alto Ingredients. “Anticipating the cash grant, we accelerated the timing of some of our infrastructure improvements. We are upgrading equipment and operating systems to increase efficiency and plant reliability, expanding our corn storage capacity, enhancing our specialty alcohol production and broadening its distribution, and reinvesting in essential ingredients capabilities. Building for the future, we are improving our position to capture a variety of opportunities, and our near- and long-term outlook is promising.” Financial Results for the Three Months Ended June 30, 2022 Compared to 2021 Net sales were $362.2 million, compared to $298.1 million.Cost of goods sold was $353.3 million, compared to $282.9 million.Gross profit was $8.8 million, compared to $15.2 million.Selling, general and administrative expenses were $9.0 million, compared to $7.2 million, reflecting Eagle Alcohol acquisition-related expenses and higher stock-compensation expensesIncome from a cash grant from the USDA’s Biofuel Producer Program was $22.7 million.Net income available to common stockholders was $21.5 million, or $0.29 per diluted share, compared to $8.0 million, or $0.11 per diluted share.Adjusted EBITDA was $29.9 million, compared to $17.0 million.Cash and cash equivalents were $57.4 million at June 30, 2022, compared to $50.6 million at December 31, 2021.Working capital was $178.4 million at June 30, 2022, compared to $159.9 million at December 31, 2021. Second Quart...