Alto Ingredients Inc. (NASDAQ: ALTO) stock gained by 5.99% at last close whereas the ALTO stock-price plunge by 9.89% in the pre-market trading session. Alto Ingredients formerly known as Pacific Ethanol is a major manufacturer of specialized alcohols and key ingredients. Health, Home & Beauty, Food & Beverage, Essential Ingredients, and Renewable Fuels are the four main markets for the firm.
ALTO stock, Financial Highlights
Alto Ingredients announced its second quarter 2021 financial results. Given below is the summary:
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- The net sales generated by ALTO were $298.1 million relative to $212.1 million.
- The cost of goods sold was $282.9 million, up from $180.9 million the previous year.
- The gross profit was $15.2 million, down from $31.2 million the previous year.
- Selling, general, and administrative expenditures came in at $7.2 million, down from $8.6 million the previous year.
- Operating income was $6.1 million, down from $22.6 million the previous year.
- Common stockholders received $8.1 million, or $0.11 per share, compared to $14.6 million, or $0.27 per share, in the previous quarter.
- Adjusted EBITDA was $17.0 million, down from $28.8 million for Q2 2020.
- At June 30, 2021, cash and cash equivalents were $50.8 million, up from $47.7 million at December 31, 2020. The business sold its fuel-grade ethanol production facility in Madera, California for a grand total of $28.3 million in the second quarter, consisting of $19.5 million in cash and $8.8 million in liability assumption.
Mike Kandris, CEO of Alto Ingredients commented,
They have refocused their activities on the most lucrative and strategic operations, improved their balance sheet, and plan to repay the outstanding term debt in 2021 as a result of their efforts. As a result, they’re now looking for ways to grow financially through improved service offerings and products, infrastructure investments, and accretive vertical integration. They also have a stable, profitable platform for long-term growth, producing value for its shareholders, partners, and workers while their transition is continuing.