Alto Ingredients, Inc. Reports Second Quarter 2024 Results
Alto Ingredients (NASDAQ: ALTO) reported its Q2 2024 results. Net sales were $236.5M, down from $317.3M in Q2 2023. The Cost of goods sold was $228.9M versus $300.1M. The gross profit stood at $7.6M, down from $17.2M. The company saw a net loss of $3.4M or $0.05/share, compared to a net income of $7.2M or $0.10/share in Q2 2023.
Adjusted EBITDA was negative $5.9M, compared to positive $14.0M. Cash reserves were $27.1M as of June 30, 2024. The Pekin Campus delivered over $10M in gross profit despite $5M in expenses related to planned outages, up from $4M in Q1 2024. The company plans to achieve positive Adjusted EBITDA for Q3 if current margins are maintained.
Alto Ingredients (NASDAQ: ALTO) ha riportato i risultati del Q2 2024. Le vendite nette sono state di $236,5M, in calo rispetto ai $317,3M del Q2 2023. Il costo delle merci vendute è stato di $228,9M rispetto ai $300,1M. Il profitto lordo si è attestato a $7,6M, in calo rispetto ai $17,2M. L'azienda ha registrato una perdita netta di $3,4M o $0,05/azione, rispetto a un reddito netto di $7,2M o $0,10/azione nel Q2 2023.
EBITDA rettificato è stato negativo $5,9M, rispetto a $14,0M positivi. Le riserve di liquidità ammontavano a $27,1M al 30 giugno 2024. Il Campus di Pekin ha generato oltre $10M di profitto lordo nonostante $5M di spese per interruzioni pianificate, in aumento rispetto ai $4M del Q1 2024. L'azienda prevede di raggiungere un EBITDA rettificato positivo per il Q3 se i margini attuali vengono mantenuti.
Alto Ingredients (NASDAQ: ALTO) informó sobre sus resultados del Q2 2024. Las ventas netas fueron de $236.5M, en comparación con $317.3M en el Q2 2023. El costo de bienes vendidos fue de $228.9M en lugar de $300.1M. La ganancia bruta se situó en $7.6M, en comparación con $17.2M. La empresa tuvo una pérdida neta de $3.4M o $0.05/acción, en comparación con una ganancia neta de $7.2M o $0.10/acción en el Q2 2023.
El EBITDA ajustado fue de $5.9M negativo, en comparación con $14.0M positivos. Las reservas de efectivo eran de $27.1M al 30 de junio de 2024. El Campus de Pekín produjo más de $10M de ganancia bruta a pesar de $5M en gastos relacionados con interrupciones planificadas, un aumento desde los $4M en el Q1 2024. La empresa planea lograr un EBITDA ajustado positivo para el Q3 si se mantienen los márgenes actuales.
Alto Ingredients (NASDAQ: ALTO)는 2024년 2분기 실적을 발표했습니다. 순매출은 $236.5M으로, 2023년 2분기의 $317.3M에서 감소했습니다. 판매비는 $228.9M으로, $300.1M에 비해 줄어들었습니다. 총 이익은 $7.6M으로, $17.2M에서 감소했습니다. 회사는 $3.4M의 순손실을 기록하였으며, 주당 $0.05의 손실을 기록하였습니다. 2023년 2분기의 순이익 $7.2M 또는 주당 $0.10에 비하면 큰 감소입니다.
조정된 EBITDA는 음의 $5.9M으로, 긍정적인 $14.0M과 비교되었습니다. 2024년 6월 30일 기준으로 현금 보유고는 $27.1M이었습니다. 펑인 캠퍼스는 계획된 정전에 대한 $5M의 비용에도 불구하고 $10M 이상의 총 이익을 창출했으며, 이는 2024년 1분기의 $4M에서 증가한 것입니다. 회사는 현재의 마진이 유지된다면 3분기에 긍정적인 조정 EBITDA를 달성할 계획입니다.
Alto Ingredients (NASDAQ: ALTO) a publié ses résultats pour le deuxième trimestre de 2024. Les ventes nettes s'élevaient à $236,5M, en baisse par rapport à $317,3M au deuxième trimestre de 2023. Le coût des marchandises vendues était de $228,9M contre $300,1M. Le bénéfice brut était de $7,6M, en baisse par rapport à $17,2M. L'entreprise a enregistré une perte nette de $3,4M ou $0,05/action, comparativement à un bénéfice net de $7,2M ou $0,10/action au Q2 2023.
Le EBITDA ajusté était de $5,9M négatif, par rapport à $14,0M positif. Les réserves de liquidité étaient de $27,1M au 30 juin 2024. Le campus de Pekin a généré plus de $10M de bénéfice brut malgré $5M de dépenses liées aux interruptions prévues, en hausse par rapport à $4M au Q1 2024. L'entreprise prévoit d'atteindre un EBITDA ajusté positif pour le Q3 si les marges actuelles sont maintenues.
Alto Ingredients (NASDAQ: ALTO) hat seine Ergebnisse für das 2. Quartal 2024 veröffentlicht. Der Nettoumsatz betrug $236,5M, ein Rückgang von $317,3M im 2. Quartal 2023. Die Kosten der verkauften Waren belaufen sich auf $228,9M im Vergleich zu $300,1M. Der Bruttogewinn lag bei $7,6M, was einem Rückgang von $17,2M entspricht. Das Unternehmen verzeichnete einen Nettoverlust von $3,4M oder $0,05/Aktie, verglichen mit einem Nettogewinn von $7,2M oder $0,10/Aktie im 2. Quartal 2023.
Das bereinigte EBITDA war negativ $5,9M, im Vergleich zu positiven $14,0M. Die Cash-Reserven betrugen zum 30. Juni 2024 $27,1M. Der Pekin Campus erzielte trotz Ausgaben von $5M für geplante Ausfälle über $10M Bruttogewinn, ein Anstieg von $4M im 1. Quartal 2024. Das Unternehmen plant, im 3. Quartal ein positives bereinigtes EBITDA zu erreichen, sofern die aktuellen Margen gehalten werden können.
- Pekin Campus delivered over $10M in gross profit in Q2 2024.
- Gross profit increased from $4M in Q1 2024 to over $10M in Q2 2024.
- Expectations for positive Adjusted EBITDA in Q3 2024 if margins hold.
- Net sales decreased to $236.5M from $317.3M in Q2 2023.
- Gross profit decreased to $7.6M from $17.2M.
- Net loss of $3.4M or $0.05 per share, compared to a net income of $7.2M or $0.10 per share in Q2 2023.
- Adjusted EBITDA was negative $5.9M, compared to positive $14.0M in Q2 2023.
- Cash reserves fell to $27.1M from $30.0M at the end of 2023.
Insights
Alto Ingredients' Q2 2024 results reveal a challenging quarter with some positive developments. Net sales decreased to
The company's liquidity position remains stable with
Looking ahead, management expects positive Adjusted EBITDA in Q3 2024, driven by improved crush margins and increased production at the Magic Valley facility. This outlook, combined with ongoing facility upgrades, suggests potential for near-term operational improvements.
The renewable fuel market dynamics are evident in Alto Ingredients' Q2 results. The summer driving season is positively impacting crush margins, which more than doubled in July compared to Q2. This seasonal trend could boost the company's performance in Q3 2024.
However, the year-over-year decline in net sales (
The resumption of operations at Magic Valley and planned production increases suggest a potential uptick in supply. Investors should monitor how this aligns with market demand and impacts pricing dynamics in the coming quarters. The company's ability to capitalize on favorable margins while managing production costs will be important for sustaining profitability.
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
“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.
- Adjusted EBITDA was negative
$5.9 million , including$2.9 million in realized losses on derivatives and$5.4 million in costs related to planned Pekin Campus outages, compared to positive$14.0 million , including$5.5 million in realized gains on derivatives.
Cash and cash equivalents were
Financial Results for the Six Months Ended June 30, 2024 Compared to 2023
- Net sales were
$477.1 million , compared to$631.2 million .
- Net loss available to common stockholders was
$15.5 million , or$0.21 per share, compared to$6.2 million , or$0.08 per share.
- Adjusted EBITDA was negative
$13.0 million , including$2.7 million in realized losses on derivatives and$5.4 million in costs related to the biennial outage, compared to positive$3.6 million , including$2.2 million in realized losses on derivatives.
Second Quarter 2024 Results Conference Call
Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Tuesday, August 6, 2024, and will deliver prepared remarks via webcast followed by a question-and-answer session.
The webcast for the conference call can be accessed from Alto Ingredients’ website at www.altoingredients.com. Alternatively, to receive a number and unique PIN by email, register here. To dial directly up to twenty minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. The webcast will be archived for replay on the Alto Ingredients website for one year. In addition, a telephonic replay will be available at 8:00 p.m. Eastern Time on Tuesday, August 6, 2024, through 8:00 p.m. Eastern Time on Tuesday, August 13, 2024. To access the replay, please dial (877) 344-7529. International callers should dial 00-1 412-317-0088. The pass code will be 3306041.
Use of Non-GAAP Measures
Management believes that certain financial measures not in accordance with generally accepted accounting principles (“GAAP”) are useful measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, provision for income taxes, asset impairments, loss on extinguishment of debt, unrealized derivative gains and losses, acquisition-related expense and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company's performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company's results as reported under GAAP.
About Alto Ingredients, Inc.
Alto Ingredients, Inc. (NASDAQ: ALTO) produces and distributes renewable fuel, essential ingredients and specialty alcohols. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit www.altoingredients.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ projected outlook, future performance, margin improvements and crush spreads; Alto Ingredients’ repair and maintenance programs, plant improvements and other capital projects, and their financing, costs, timing and effects; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints; and the cost, ability to fund, timing and effects of, including the financial and other results deriving from, Alto Ingredients’ repair and maintenance programs, plant improvements and other capital projects, including carbon capture and storage (CCS), and other business initiatives and strategies. These factors also include, among others, the inherent uncertainty associated with financial and other projections and large-scale capital projects; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies, including with respect to the Inflation Reduction Act’s tax and other benefits Alto Ingredients expects to derive from CCS; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2024.
Company IR and Media Contact:
Michael Kramer, Alto Ingredients, Inc., 916-403-2755, Investorrelations@altoingredients.com
IR Agency Contact:
Kirsten Chapman, LHA Investor Relations, 415-433-3777, Investorrelations@altoingredients.com
| ALTO INGREDIENTS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 236,468 | $ | 317,297 | $ | 477,097 | $ | 631,188 | ||||||||
| Cost of goods sold | 228,915 | 300,116 | 471,944 | 617,171 | ||||||||||||
| Gross profit | 7,553 | 17,181 | 5,153 | 14,017 | ||||||||||||
| Selling, general and administrative expenses | 8,961 | 7,911 | 16,893 | 15,793 | ||||||||||||
| Asset impairments | — | — | — | 574 | ||||||||||||
| Income (loss) from operations | (1,408 | ) | 9,270 | (11,740 | ) | (2,350 | ) | |||||||||
| Interest expense, net | (1,669 | ) | (1,734 | ) | (3,303 | ) | (3,299 | ) | ||||||||
| Other income (expense), net | (29 | ) | 59 | 212 | 78 | |||||||||||
| Income (loss) before provision for income taxes | (3,106 | ) | 7,595 | (14,831 | ) | (5,571 | ) | |||||||||
| Provision for income taxes | — | — | — | — | ||||||||||||
| Net income (loss) | $ | (3,106 | ) | $ | 7,595 | $ | (14,831 | ) | $ | (5,571 | ) | |||||
| Preferred stock dividends | $ | (316 | ) | $ | (315 | ) | $ | (631 | ) | $ | (627 | ) | ||||
| Net income allocated to participating securities | — | (96 | ) | — | — | |||||||||||
| Net income (loss) available to common stockholders | $ | (3,422 | ) | $ | 7,184 | $ | (15,462 | ) | $ | (6,198 | ) | |||||
| Net income (loss) per share, basic | $ | (0.05 | ) | $ | 0.10 | $ | (0.21 | ) | $ | (0.08 | ) | |||||
| Net income (loss) per share, diluted | $ | (0.05 | ) | $ | 0.10 | $ | (0.21 | ) | $ | (0.08 | ) | |||||
| Weighted-average shares outstanding, basic | 73,486 | 73,394 | 73,126 | 73,603 | ||||||||||||
| Weighted-average shares outstanding, diluted | 73,486 | 74,103 | 73,126 | 73,603 | ||||||||||||
| ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except par value) | |||||||
| ASSETS | June 30, 2024 | December 31, 2023 | |||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 27,124 | $ | 30,014 | |||
| Restricted cash | 1,287 | 15,466 | |||||
| Accounts receivable, net | 64,081 | 58,729 | |||||
| Inventories | 49,434 | 52,611 | |||||
| Derivative instruments | 5,606 | 2,412 | |||||
| Other current assets | 6,126 | 9,538 | |||||
| Total current assets | 153,658 | 168,770 | |||||
| Property and equipment, net | 244,893 | 248,748 | |||||
| Other Assets: | |||||||
| Right of use operating lease assets, net | 20,404 | 22,597 | |||||
| Intangible assets, net | 8,204 | 8,498 | |||||
| Other assets | 5,339 | 5,628 | |||||
| Total other assets | 33,947 | 36,723 | |||||
| Total Assets | $ | 432,498 | $ | 454,241 | |||
| ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) (unaudited, in thousands, except par value) | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | June 30, 2024 | December 31, 2023 | ||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 20,132 | $ | 20,752 | ||||
| Accrued liabilities | 16,504 | 20,205 | ||||||
| Current portion – operating leases | 4,481 | 4,333 | ||||||
| Derivative instruments | 2,764 | 13,849 | ||||||
| Other current liabilities | 5,886 | 6,149 | ||||||
| Total current liabilities | 49,767 | 65,288 | ||||||
| Long-term debt, net | 90,960 | 82,097 | ||||||
| Operating leases, net of current portion | 16,828 | 19,029 | ||||||
| Other liabilities | 9,120 | 8,270 | ||||||
| Total Liabilities | 166,675 | 174,684 | ||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, Series A: no shares issued and outstanding as of June 30, 2024 and December 31, 2023 Series B: 927 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | 1 | 1 | ||||||
| Common stock, 76,645 and 75,703 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 77 | 76 | ||||||
| Non-voting common stock, authorized; 1 share issued and outstanding as of June 30, 2024 and December 31, 2023 | — | — | ||||||
| Additional paid-in capital | 1,042,639 | 1,040,912 | ||||||
| Accumulated other comprehensive income | 2,481 | 2,481 | ||||||
| Accumulated deficit | (779,375 | ) | (763,913 | ) | ||||
| Total Stockholders’ Equity | 265,823 | 279,557 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 432,498 | $ | 454,241 | ||||
Reconciliation of Adjusted EBITDA to Net Income
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| (in thousands) (unaudited) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | (3,106 | ) | $ | 7,595 | $ | (14,831 | ) | $ | (5,571 | ) | |||||
| Adjustments: | ||||||||||||||||
| Interest expense | 1,669 | 1,734 | 3,303 | 3,299 | ||||||||||||
| Interest income | (150 | ) | (190 | ) | (325 | ) | (411 | ) | ||||||||
| Unrealized derivative (gains) losses | (11,089 | ) | (1,474 | ) | (14,279 | ) | (7,400 | ) | ||||||||
| Acquisition-related expense | 675 | 700 | 1,350 | 1,400 | ||||||||||||
| Asset impairments | — | — | — | 574 | ||||||||||||
| Depreciation and amortization expense | 6,074 | 5,680 | 11,802 | 11,735 | ||||||||||||
| Total adjustments | (2,821 | ) | 6,450 | 1,851 | 9,197 | |||||||||||
| Adjusted EBITDA | $ | (5,927 | ) | $ | 14,045 | $ | (12,980 | ) | $ | 3,626 | ||||||
Sales and Operating Metrics (unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Alcohol Sales (gallons in millions) | ||||||||||||||||
| Pekin Campus renewable fuel gallons sold | 30.7 | 34.7 | 62.5 | 70.0 | ||||||||||||
| Western production renewable fuel gallons sold | 9.0 | 16.5 | 20.2 | 24.4 | ||||||||||||
| Third party renewable fuel gallons sold | 34.4 | 26.6 | 64.1 | 60.5 | ||||||||||||
| Total renewable fuel gallons sold | 74.1 | 77.8 | 146.8 | 154.9 | ||||||||||||
| Specialty alcohol gallons sold | 21.0 | 16.6 | 47.3 | 38.0 | ||||||||||||
| Total gallons sold | 95.1 | 94.4 | 194.1 | 192.9 | ||||||||||||
| Sales Price per Gallon | ||||||||||||||||
| Pekin Campus | $ | 1.98 | $ | 2.54 | $ | 1.94 | $ | 2.46 | ||||||||
| Western production | $ | 1.94 | $ | 2.69 | $ | 1.86 | $ | 2.67 | ||||||||
| Marketing and distribution | $ | 2.04 | $ | 2.73 | $ | 1.94 | $ | 2.60 | ||||||||
| Total | $ | 2.00 | $ | 2.63 | $ | 1.93 | $ | 2.52 | ||||||||
| Alcohol Production (gallons in millions) | ||||||||||||||||
| Pekin Campus | 50.0 | 53.0 | 103.6 | 106.3 | ||||||||||||
| Western production | 8.6 | 17.5 | 18.3 | 24.8 | ||||||||||||
| Total | 58.6 | 70.5 | 121.9 | 131.1 | ||||||||||||
| Corn Cost per Bushel | ||||||||||||||||
| Pekin Campus | $ | 4.50 | $ | 7.06 | $ | 4.62 | $ | 6.83 | ||||||||
| Western production | $ | 5.78 | $ | 8.14 | $ | 5.84 | $ | 8.42 | ||||||||
| Total | $ | 4.68 | $ | 7.32 | $ | 4.81 | $ | 7.19 | ||||||||
| Average Market Metrics | ||||||||||||||||
| PLATTS Ethanol price per gallon | $ | 1.79 | $ | 2.45 | $ | 1.67 | $ | 2.33 | ||||||||
| CME Corn cost per bushel | $ | 4.43 | $ | 6.25 | $ | 4.39 | $ | 6.42 | ||||||||
| Board corn crush per gallons (1) | $ | 0.21 | $ | 0.22 | $ | 0.10 | $ | 0.03 | ||||||||
| Essential Ingredients Sold (thousand tons) | ||||||||||||||||
| Pekin Campus: | ||||||||||||||||
| Distillers grains | 79.7 | 76.4 | 167.4 | 167.2 | ||||||||||||
| CO2 | 43.3 | 47.8 | 82.4 | 90.1 | ||||||||||||
| Corn wet feed | 24.8 | 15.0 | 50.4 | 41.7 | ||||||||||||
| Corn dry feed | 19.8 | 23.7 | 38.7 | 45.2 | ||||||||||||
| Corn oil and germ | 17.5 | 18.5 | 35.3 | 37.8 | ||||||||||||
| Syrup and other | 11.1 | 8.8 | 20.6 | 19.3 | ||||||||||||
| Corn meal | 8.0 | 10.2 | 16.3 | 19.6 | ||||||||||||
| Yeast | 5.8 | 6.9 | 11.5 | 13.3 | ||||||||||||
| Total Pekin Campus essential ingredients sold | 210.0 | 207.3 | 422.6 | 434.2 | ||||||||||||
| Western production: | ||||||||||||||||
| Distillers grains | 61.8 | 109.1 | 133.6 | 163.1 | ||||||||||||
| CO2 | 15.1 | 13.2 | 28.4 | 26.8 | ||||||||||||
| Syrup and other | 2.0 | 32.9 | 16.2 | 36.4 | ||||||||||||
| Corn oil | 0.9 | 1.6 | 2.4 | 2.9 | ||||||||||||
| Total Western production essential ingredients sold | 79.8 | 156.8 | 180.6 | 229.2 | ||||||||||||
| Total Essential Ingredients Sold | 289.8 | 364.1 | 603.2 | 663.4 | ||||||||||||
| Essential ingredients return % (2) | ||||||||||||||||
| Pekin Campus return | 48.8 | % | 41.3 | % | 50.0 | % | 43.8 | % | ||||||||
| Western production return | 35.1 | % | 30.3 | % | 37.4 | % | 33.2 | % | ||||||||
| Consolidated total return | 45.6 | % | 38.3 | % | 47.8 | % | 41.7 | % | ||||||||
| (1) Assumes corn conversion of 2.80 gallons of alcohol per bushel of corn. | ||||||||||||||||
| (2) Essential ingredients revenues as a percentage of total corn costs consumed. | ||||||||||||||||
Segment Financials (unaudited, in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Sales | ||||||||||||||||
| Pekin Campus, recorded as gross: | ||||||||||||||||
| Alcohol sales | $ | 100,687 | $ | 127,694 | $ | 209,035 | $ | 260,075 | ||||||||
| Essential ingredient sales | 39,371 | 53,954 | 86,080 | 117,585 | ||||||||||||
| Intersegment sales | 286 | 444 | 606 | 757 | ||||||||||||
| Total Pekin Campus sales | 140,344 | 182,092 | 295,721 | 378,417 | ||||||||||||
| Marketing and distribution: | ||||||||||||||||
| Alcohol sales, gross | $ | 70,157 | $ | 72,589 | $ | 124,587 | $ | 156,936 | ||||||||
| Alcohol sales, net | 64 | 104 | 98 | 218 | ||||||||||||
| Intersegment sales | 2,388 | 2,499 | 5,140 | 5,342 | ||||||||||||
| Total marketing and distribution sales | 72,609 | 75,192 | 129,825 | 162,496 | ||||||||||||
| Western production, recorded as gross: | ||||||||||||||||
| Alcohol sales | $ | 17,456 | $ | 44,384 | $ | 37,690 | $ | 65,316 | ||||||||
| Essential ingredient sales | 5,950 | 14,421 | 13,776 | 22,773 | ||||||||||||
| Intersegment sales | — | 62 | (130 | ) | 62 | |||||||||||
| Total Western production sales | 23,406 | 58,867 | 51,336 | 88,151 | ||||||||||||
| Corporate and other | 2,783 | 4,151 | 5,831 | 8,285 | ||||||||||||
| Intersegment eliminations | (2,674 | ) | (3,005 | ) | (5,616 | ) | (6,161 | ) | ||||||||
| Net sales as reported | $ | 236,468 | $ | 317,297 | $ | 477,097 | $ | 631,188 | ||||||||
| Cost of goods sold: | ||||||||||||||||
| Pekin Campus | $ | 130,200 | $ | 168,419 | $ | 281,311 | $ | 366,596 | ||||||||
| Marketing and distribution | 69,437 | 71,746 | 123,123 | 154,871 | ||||||||||||
| Western production | 27,167 | 57,834 | 63,683 | 91,815 | ||||||||||||
| Corporate and other | 2,943 | 3,414 | 5,738 | 5,786 | ||||||||||||
| Intersegment eliminations | (832 | ) | (1,297 | ) | (1,911 | ) | (1,897 | ) | ||||||||
| Cost of goods sold as reported | $ | 228,915 | $ | 300,116 | $ | 471,944 | $ | 617,171 | ||||||||
| Gross profit (loss): | ||||||||||||||||
| Pekin Campus | $ | 10,144 | $ | 13,673 | $ | 14,410 | $ | 11,821 | ||||||||
| Marketing and distribution | 3,172 | 3,446 | 6,702 | 7,625 | ||||||||||||
| Western production | (3,761 | ) | 1,033 | (12,347 | ) | (3,664 | ) | |||||||||
| Corporate and other | (160 | ) | 737 | 93 | 2,499 | |||||||||||
| Intersegment eliminations | (1,842 | ) | (1,708 | ) | (3,705 | ) | (4,264 | ) | ||||||||
| Gross profit as reported | $ | 7,553 | $ | 17,181 | $ | 5,153 | $ | 14,017 | ||||||||
FAQ
What were Alto Ingredients' (ALTO) net sales for Q2 2024?
Did Alto Ingredients (ALTO) report a profit or loss in Q2 2024?
What was Alto Ingredients' (ALTO) Adjusted EBITDA for Q2 2024?
How did Alto Ingredients' (ALTO) Pekin Campus perform in Q2 2024?
What were Alto Ingredients' (ALTO) cash reserves at the end of Q2 2024?
