Business
Alto Ingredients, Inc. Reports Second Quarter 2024 Results
PEKIN, Ill., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a producer and distributor of renewable fuel, essential ingredients and
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"PEKIN, Ill., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a producer and distributor of renewable fuel, essential ingredients and specialty alcohols, reported its financial results for the quarter ended June 30, 2024. Bryon McGregor, President and CEO of Alto Ingredients, said, “Our Pekin Campus has been producing alcohol and serving customers for over 150 years throughout many market cycles. We continue to strengthen our facilities by reinvesting our cash flow from operations and excess liquidity in capital upgrades as well as repairs and maintenance. Most notably, our recent biennial outage at our Pekin wet mill improved capacity utilization, while reducing our fixed costs per unit at the mill. Even with over $5 million of expenses related to these planned facility outages, our Pekin Campus delivered over $10 million of gross profit in the second quarter of 2024, up from over $4 million in the first quarter of 2024. “Our Pekin Campus is fully operational and taking advantage of the favorable summer driving season economics. In July, average crush margins more than doubled compared to the second quarter. At Magic Valley, we resumed operations in early July and are encouraged by the initial results. We expect to increase production rates in the coming weeks as we complete the system upgrades. “If current margins hold and we continue to hit our production targets, we expect to deliver positive Adjusted EBITDA for the third quarter. We are excited to see our initiatives come to fruition, bolstering our ability to continue serving our customers for many years to come,” McGregor concluded. Financial Results for the Three Months Ended June 30, 2024 Compared to 2023 Net sales were $236.5 million, compared to $317.3 million. Cost of goods sold was $228.9 million, compared to $300.1 million. Gross profit was $7.6 million, including $2.9 million in realized losses on derivatives and $5.4 million in costs related to the planned Pekin Campus outages, compared to a gross profit of $17.2 million, including $5.5 million in realized gains on derivatives. Selling, general and administrative expenses were $9.0 million, compared to $7.9 million. Net loss available to common stockholders was $3.4 million, or $0.05 per share, compared to net income available to common stockholders $7.2 million, or $0.10 per share. Adjust...