Business
Alto Ingredients Reports Fourth Quarter and Full Year 2020 Results
Full year 2020 net loss of $16.4 million, which included a $24.4 million impairment chargeFull year 2020 Adjusted EBITDA of $67.4 millionTotal debt reduced by
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"Full year 2020 net loss of $16.4 million, which included a $24.4 million impairment chargeFull year 2020 Adjusted EBITDA of $67.4 millionTotal debt reduced by approximately $146 million SACRAMENTO, Calif., March 10, 2021 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer of specialty alcohols and essential ingredients, reported its financial results for the fourth quarter and full year ended December 31, 2020. “In 2020, we significantly increased production of our profitable specialty alcohols, reduced the impact of unprofitable fuel-grade operations by idling or selling assets, and lowered operating and overhead expenses,” said Mike Kandris, CEO of Alto Ingredients. “These efforts increased our 2020 Adjusted EBITDA to over $67 million, a remarkable achievement that was within our August 2020 guidance. We also significantly improved our balance sheet, reducing our total debt by approximately $146 million during 2020. “We are pursuing a more sustainable and profitable path forward, delivering quality products driven by solid consumer demand. We are currently operating plants with an annual production capacity of 290 million gallons, of which 70 million gallons of specialty alcohols are already contracted for 2021. Our transformation is far from complete and with a significantly improved balance sheet, we are actively developing and exploring new build and buy opportunities to grow and expand our business to further increase revenues and profitability while maintaining and controlling expenses. We believe we are well positioned to capitalize on the opportunities ahead to deliver long-term growth for all our stakeholders.” Financial Results for the Three Months Ended December 31, 2020 Compared to 2019 Net sales were $168.8 million, compared to $357.6 million.Cost of goods sold was $155.2 million, compared to $354.4 million.Gross profit was $13.6 million, compared to $3.2 million.Selling, general and administrative expenses were $6.7 million, compared to $11.8 million.Operating loss was $14.2 million, compared to $37.9 million.Net loss available to common stockholders was $20.5 million, or $0.30 per share, and included an impairment charge of $24.4 million related to the company’s Western assets. This compares to a loss of $41.4 million, or $0.85 per share, for the three months ended December 31, 2019.Adju...