Alto Ingredients, Inc. Reports Third Quarter 2024 Results
Alto Ingredients (ALTO) reported Q3 2024 financial results and announced a CO2 Transportation and Sequestration Agreement with Vault 44.01. Q3 net sales decreased to $251.8 million from $318.1 million year-over-year, while gross profit improved 40% to $6.0 million. The company reported a net loss of $0.04 per share, compared to $0.05 per share loss in Q3 2023. Specialty alcohol sales increased by 4 million gallons compared to last year. Cash and cash equivalents stood at $33.6 million as of September 30, 2024, with total borrowing availability of $92.2 million.
Alto Ingredients (ALTO) ha riportato i risultati finanziari del terzo trimestre 2024 e annunciato un accordo per il trasporto e la sequestrazione della CO2 con Vault 44.01. Le vendite nette del terzo trimestre sono diminuite a 251,8 milioni di dollari rispetto ai 318,1 milioni di dollari dell'anno precedente, mentre il profitto lordo è migliorato del 40% a 6,0 milioni di dollari. L'azienda ha riportato una perdita netta di 0,04 dollari per azione, rispetto a una perdita di 0,05 dollari per azione nel terzo trimestre del 2023. Le vendite di alcolici speciali sono aumentate di 4 milioni di galloni rispetto all'anno scorso. La liquidità e le equivalenti ammontano a 33,6 milioni di dollari al 30 settembre 2024, con una disponibilità totale di prestiti di 92,2 milioni di dollari.
Alto Ingredients (ALTO) reportó los resultados financieros del tercer trimestre de 2024 y anunció un acuerdo de transporte y secuestro de CO2 con Vault 44.01. Las ventas netas del tercer trimestre disminuyeron a 251,8 millones de dólares desde 318,1 millones de dólares en comparación con el año anterior, mientras que la ganancia bruta mejoró un 40% a 6,0 millones de dólares. La compañía reportó una pérdida neta de 0,04 dólares por acción, en comparación con una pérdida de 0,05 dólares por acción en el tercer trimestre de 2023. Las ventas de alcohol especializado aumentaron en 4 millones de galones en comparación con el año pasado. El efectivo y equivalentes de efectivo se situaron en 33,6 millones de dólares al 30 de septiembre de 2024, con una disponibilidad total de préstamos de 92,2 millones de dólares.
Alto Ingredients (ALTO)는 2024년 3분기 재무 결과를 발표하고 Vault 44.01과 CO2 운송 및 격리 계약을 체결했다고 발표했습니다. 3분기 순매출은 전년 대비 2억 5,180만 달러에서 3억 1,810만 달러로 감소했으며, 총 이익은 6백만 달러로 40% 개선되었습니다. 이 회사는 2023년 3분기 주당 0.04 달러 손실을 보고했으며, 2023년 3분기에는 주당 0.05 달러 손실을 기록했습니다. 전문 주류 판매는 지난해에 비해 400만 갤런 증가했습니다. 2024년 9월 30일 기준 현금 및 현금성 자산은 3,360만 달러이며, 총 대출 가능액은 9,220만 달러입니다.
Alto Ingredients (ALTO) a publié les résultats financiers du troisième trimestre 2024 et annoncé un accord de transport et de séquestration de CO2 avec Vault 44.01. Les ventes nettes du troisième trimestre ont diminué à 251,8 millions de dollars contre 318,1 millions de dollars l'année précédente, tandis que le bénéfice brut a augmenté de 40% pour atteindre 6,0 millions de dollars. L'entreprise a annoncé une perte nette de 0,04 dollar par action, comparativement à une perte de 0,05 dollar par action au troisième trimestre 2023. Les ventes d'alcools spécialisés ont augmenté de 4 millions de gallons par rapport à l'année dernière. La trésorerie et les équivalents de trésorerie s'élevaient à 33,6 millions de dollars au 30 septembre 2024, avec une disponibilité totale d'emprunts de 92,2 millions de dollars.
Alto Ingredients (ALTO) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht und eine CO2-Transport- und -Speichervereinbarung mit Vault 44.01 angekündigt. Der Nettoumsatz im dritten Quartal sank im Jahresvergleich auf 251,8 Millionen Dollar von 318,1 Millionen Dollar, während der Bruttogewinn um 40% auf 6,0 Millionen Dollar anstieg. Das Unternehmen berichtete über einen Nettoverlust von 0,04 Dollar pro Aktie, verglichen mit einem Verlust von 0,05 Dollar pro Aktie im dritten Quartal 2023. Der Verkauf von Spezialalkoholen stieg im Vergleich zum Vorjahr um 4 Millionen Gallonen. Bargeld und bargeldähnliche Mittel beliefen sich zum 30. September 2024 auf 33,6 Millionen Dollar, mit einer Gesamtkreditverfügbarkeit von 92,2 Millionen Dollar.
- Gross profit improved 40% year-over-year to $6.0 million
- Specialty alcohol sales volume increased by 4 million gallons
- Cash position improved to $33.6 million from $30.0 million at year-end 2023
- SG&A expenses reduced to $7.5 million from $8.5 million year-over-year
- Gained $0.8 million from sale of idle assets
- Net sales declined 21% to $251.8 million from $318.1 million
- Q3 net loss of $2.8 million ($0.04 per share)
- Nine-month Adjusted EBITDA turned negative at -$0.8 million vs positive $17.2 million in 2023
- Nine-month net loss increased to $18.2 million from $10.0 million year-over-year
Insights
Alto Ingredients' Q3 2024 results show mixed performance with some concerning trends. Net sales declined significantly to
The balance sheet remains stable with
- Enters CO2 Transportation and Sequestration Agreement with Vault 44.01 -
PEKIN, Ill., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients, reported its financial results for the quarter ended September 30, 2024. In a separate press release, the company announced it entered into a CO2 Transportation and Sequestration Agreement (TSA) with Vault 44.01 to transport, inject and sequester carbon from the company’s Pekin campus into the Mt. Simon sandstone formation in Illinois.
Bryon McGregor, President and CEO of Alto Ingredients, said, “Our team is committed to delivering the highest quality products to our customers while improving profitability on a consistent basis. In Q3 2024, we increased the production capabilities and uptime at our Pekin campus, compared to the prior year quarter, reflecting the success of our scheduled repairs and maintenance outage in Q2. As a result, specialty alcohol sold increased by 4 million gallons compared to last year, positively shifting our sales mix. Consolidated gross profit for the quarter improved over
“We are managing through the current market dynamics and positioning the company to leverage the opportunities presented by our unique facilities. In addition, consistent with our strategy to lower our carbon footprint, we entered into an agreement for the safe transportation and storage of our CO2 emissions from our Pekin campus. While we await EPA submission and approval, address financing and source equipment, the TSA marks a significant milestone on our path toward a more sustainable and prosperous future.”
Financial Results for the Three Months Ended September 30, 2024 Compared to 2023
- Net sales were
$251.8 million , compared to$318.1 million . - Cost of goods sold was
$245.9 million , compared to$314.0 million . - Gross profit was
$6.0 million , including$3.6 million in realized gains on derivatives, compared to a gross profit of$4.2 million , including$6.2 million in realized gains on derivatives. - Selling, general and administrative expenses were
$7.5 million , compared to$8.5 million . - Gain on sale of certain idled assets was
$0.8 million , compared to none in the prior year period. - Income from cash grant was
$2.8 million in 2023, while none in 2024 as the USDA closed out the Biofuel Producer Program associated with the pandemic. - Net loss available to common stockholders was
$2.8 million , or$0.04 per share, compared to$3.8 million , or$0.05 per share. - Adjusted EBITDA was positive
$12.2 million , including$3.6 million in realized gains on derivatives, compared to positive$13.6 million , including$6.2 million dollars in realized gains on derivatives and$2.8 million income from cash grant.
Cash and cash equivalents were
Financial Results for the Nine Months Ended September 30, 2024 Compared to 2023
- Net sales were
$728.9 million , compared to$949.3 million . - Net loss available to common stockholders was
$18.2 million , or$0.25 per share, compared to$10.0 million , or$0.14 per share. - Adjusted EBITDA was negative
$0.8 million , including$0.9 million in realized gains on derivatives and$5.4 million in costs related to the biennial outage in the second quarter, compared to positive$17.2 million , including$4.0 million in realized gains on derivatives and the aforementioned$2.8 million USDA cash grant.
Third 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 Wednesday, November 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 Wednesday, November 6, 2024, through 8:00 p.m. Eastern Time on Wednesday, November 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 8828903.
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, 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 specialty alcohols, essential ingredients and renewable fuels. 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 and future performance; Alto Ingredients’ repair and maintenance programs, plant improvements and other capital projects, including its carbon capture and storage (CCS) project, 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 specialty alcohols, renewable fuels 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 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, including CCS; 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 August 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 September 30, | Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net sales | $ | 251,814 | $ | 318,127 | $ | 728,911 | $ | 949,315 | ||||
| Cost of goods sold | 245,854 | 313,966 | 717,798 | 931,137 | ||||||||
| Gross profit | 5,960 | 4,161 | 11,113 | 18,178 | ||||||||
| Selling, general and administrative expenses | (7,510 | ) | (8,488 | ) | (24,403 | ) | (24,281 | ) | ||||
| Gain on sale of assets | 830 | — | 830 | — | ||||||||
| Asset impairments | — | — | — | (574 | ) | |||||||
| Loss from operations | (720 | ) | (4,327 | ) | (12,460 | ) | (6,677 | ) | ||||
| Interest expense, net | (1,867 | ) | (2,000 | ) | (5,170 | ) | (5,299 | ) | ||||
| Income from cash grant | — | 2,812 | — | 2,812 | ||||||||
| Other income, net | 146 | 26 | 358 | 104 | ||||||||
| Loss before provision for income taxes | (2,441 | ) | (3,489 | ) | (17,272 | ) | (9,060 | ) | ||||
| Provision for income taxes | — | — | — | — | ||||||||
| Net loss | $ | (2,441 | ) | $ | (3,489 | ) | $ | (17,272 | ) | $ | (9,060 | ) |
| Preferred stock dividends | $ | (319 | ) | $ | (319 | ) | $ | (950 | ) | $ | (946 | ) |
| Net loss available to common stockholders | $ | (2,760 | ) | $ | (3,808 | ) | $ | (18,222 | ) | $ | (10,006 | ) |
| Net loss per share, basic and diluted | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.25 | ) | $ | (0.14 | ) |
| Weighted-average shares outstanding, basic and diluted | 73,835 | 73,191 | 73,364 | 73,464 | ||||||||
| ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except par value) | |||||
| ASSETS | September 30, 2024 | December 31, 2023 | |||
| Current Assets: | |||||
| Cash and cash equivalents | $ | 33,591 | $ | 30,014 | |
| Restricted cash | 4,903 | 15,466 | |||
| Accounts receivable, net | 52,038 | 58,729 | |||
| Inventories | 48,014 | 52,611 | |||
| Derivative instruments | 36 | 2,412 | |||
| Other current assets | 6,568 | 9,538 | |||
| Total current assets | 145,150 | 168,770 | |||
| Property and equipment, net | 238,892 | 248,748 | |||
| Other Assets: | |||||
| Right of use operating lease assets, net | 19,283 | 22,597 | |||
| Intangible assets, net | 8,057 | 8,498 | |||
| Other assets | 6,029 | 5,628 | |||
| Total other assets | 33,369 | 36,723 | |||
| Total Assets | $ | 417,411 | $ | 454,241 | |
| ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) (unaudited, in thousands, except par value) | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | September 30, 2024 | December 31, 2023 | ||||||||
| Current Liabilities: | ||||||||||
| Accounts payable | $ | 17,205 | $ | 20,752 | ||||||
| Accrued liabilities | 14,255 | 20,205 | ||||||||
| Current portion – operating leases | 4,440 | 4,333 | ||||||||
| Derivative instruments | 3,394 | 13,849 | ||||||||
| Other current liabilities | 5,808 | 6,149 | ||||||||
| Total current liabilities | 45,102 | 65,288 | ||||||||
| Long-term debt, net | 83,342 | 82,097 | ||||||||
| Operating leases, net of current portion | 15,740 | 19,029 | ||||||||
| Other liabilities | 9,302 | 8,270 | ||||||||
| Total Liabilities | 153,486 | 174,684 | ||||||||
| Stockholders’ Equity: | ||||||||||
| Preferred stock, | 1 | 1 | ||||||||
| Common stock, | 77 | 76 | ||||||||
| Non-voting common stock, | — | — | ||||||||
| Additional paid-in capital | 1,043,501 | 1,040,912 | ||||||||
| Accumulated other comprehensive income | 2,481 | 2,481 | ||||||||
| Accumulated deficit | (782,135 | ) | (763,913 | ) | ||||||
| Total Stockholders’ Equity | 263,925 | 279,557 | ||||||||
| Total Liabilities and Stockholders’ Equity | $ | 417,411 | $ | 454,241 | ||||||
| Reconciliation of Adjusted EBITDA to Net Loss | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| (in thousands) (unaudited) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Net loss | $ | (2,441 | ) | $ | (3,489 | ) | $ | (17,272 | ) | $ | (9,060 | ) |
| Adjustments: | ||||||||||||
| Interest expense, net | 1,867 | 2,000 | 5,170 | 5,299 | ||||||||
| Interest income | (194 | ) | (179 | ) | (519 | ) | (590 | ) | ||||
| Unrealized derivative (gains) losses | 6,199 | 8,917 | (8,079 | ) | 1,517 | |||||||
| Acquisition-related expense | 675 | 700 | 2,025 | 2,100 | ||||||||
| Asset impairments | — | — | — | 574 | ||||||||
| Depreciation and amortization expense | 6,058 | 5,647 | 17,860 | 17,382 | ||||||||
| Total adjustments | 14,605 | 17,085 | 16,457 | 26,282 | ||||||||
| Adjusted EBITDA | $ | 12,164 | $ | 13,596 | $ | (815 | ) | $ | 17,222 | |||
| Sales and Operating Metrics (unaudited) | |||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Alcohol Sales (gallons in millions) | |||||||||||
| Pekin Campus renewable fuel gallons sold | 31.1 | 34.4 | 93.6 | 104.4 | |||||||
| Western production renewable fuel gallons sold | 18.0 | 22.2 | 38.2 | 46.6 | |||||||
| Third party renewable fuel gallons sold | 25.2 | 21.9 | 89.3 | 82.4 | |||||||
| Total renewable fuel gallons sold | 74.3 | 78.5 | 221.1 | 233.4 | |||||||
| Specialty alcohol gallons sold | 22.5 | 18.6 | 69.8 | 56.6 | |||||||
| Total gallons sold | 96.8 | 97.1 | 290.9 | 290.0 | |||||||
| Sales Price per Gallon | |||||||||||
| Pekin Campus | $ | 2.02 | $ | 2.48 | $ | 1.96 | $ | 2.46 | |||
| Western production | $ | 2.02 | $ | 2.57 | $ | 1.94 | $ | 2.63 | |||
| Marketing and distribution | $ | 2.17 | $ | 2.69 | $ | 2.01 | $ | 2.62 | |||
| Total | $ | 2.06 | $ | 2.56 | $ | 1.97 | $ | 2.53 | |||
| Alcohol Production (gallons in millions) | |||||||||||
| Pekin Campus | 53.4 | 51.8 | 157.0 | 158.1 | |||||||
| Western production | 19.2 | 22.5 | 37.5 | 47.3 | |||||||
| Total | 72.6 | 74.3 | 194.5 | 205.4 | |||||||
| Corn Cost per Bushel | |||||||||||
| Pekin Campus | $ | 4.40 | $ | 6.29 | $ | 4.55 | $ | 6.72 | |||
| Western production | $ | 5.52 | $ | 7.37 | $ | 5.69 | $ | 7.91 | |||
| Total | $ | 4.68 | $ | 6.60 | $ | 4.76 | $ | 6.98 | |||
| Sales and Operating Metrics (unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Average Market Metrics | ||||||||||||||||
| PLATTS Ethanol price per gallon | $ | 1.81 | $ | 2.29 | $ | 1.72 | $ | 2.32 | ||||||||
| CME Corn cost per bushel | $ | 3.92 | $ | 4.98 | $ | 4.23 | $ | 5.94 | ||||||||
| Board corn crush per gallons (1) | $ | 0.41 | $ | 0.51 | $ | 0.21 | $ | 0.20 | ||||||||
| Essential Ingredients Sold (thousand tons) | ||||||||||||||||
| Pekin Campus: | ||||||||||||||||
| Distillers grains | 83.7 | 85.3 | 251.1 | 252.5 | ||||||||||||
| CO2 | 53.5 | 48.9 | 135.9 | 139.0 | ||||||||||||
| Corn wet feed | 30.0 | 28.3 | 80.4 | 70.0 | ||||||||||||
| Corn dry feed | 26.5 | 22.1 | 65.2 | 67.3 | ||||||||||||
| Corn oil and germ | 18.8 | 17.8 | 54.1 | 55.6 | ||||||||||||
| Syrup and other | 8.0 | 9.2 | 28.6 | 28.5 | ||||||||||||
| Corn meal | 9.8 | 8.2 | 26.1 | 27.8 | ||||||||||||
| Yeast | 6.3 | 6.4 | 17.8 | 19.7 | ||||||||||||
| Total Pekin Campus essential ingredients sold | 236.6 | 226.2 | 659.2 | 660.4 | ||||||||||||
| Western production: | ||||||||||||||||
| Distillers grains | 116.6 | 144.6 | 250.2 | 307.7 | ||||||||||||
| CO2 | 14.7 | 14.9 | 43.1 | 41.7 | ||||||||||||
| Syrup and other | 21.4 | 35.2 | 37.6 | 71.6 | ||||||||||||
| Corn oil | 2.1 | 2.3 | 4.5 | 5.2 | ||||||||||||
| Total Western production essential ingredients sold | 154.8 | 197.0 | 335.4 | 426.2 | ||||||||||||
| Total Essential Ingredients Sold | 391.4 | 423.2 | 994.6 | 1,086.6 | ||||||||||||
| Essential ingredients return % (2) | ||||||||||||||||
| Pekin Campus return | ||||||||||||||||
| Western production return | ||||||||||||||||
| Consolidated total return | ||||||||||||||||
| (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 September 30, | Nine Months Ended September 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net Sales | |||||||||||||
Pekin Campus, recorded as gross: | |||||||||||||
| Alcohol sales | $ | 106,459 | $ | 128,554 | $ | 315,494 | $ | 388,629 | |||||
| Essential ingredient sales | 41,217 | 51,634 | 127,297 | 169,220 | |||||||||
| Intersegment sales | 321 | 363 | 927 | 1,120 | |||||||||
| Total Pekin Campus sales | 147,997 | 180,551 | 443,718 | 558,969 | |||||||||
| Marketing and distribution: | |||||||||||||
| Alcohol sales, gross | $ | 54,531 | $ | 58,805 | $ | 179,118 | $ | 215,741 | |||||
| Alcohol sales, net | 71 | 74 | 169 | 292 | |||||||||
| Intersegment sales | 2,862 | 3,392 | 8,002 | 8,734 | |||||||||
| Total marketing and distribution sales | 57,464 | 62,271 | 187,289 | 224,767 | |||||||||
| Western production, recorded as gross: | |||||||||||||
| Alcohol sales | $ | 36,395 | $ | 57,159 | $ | 74,084 | $ | 122,477 | |||||
| Essential ingredient sales | 10,408 | 17,841 | 24,184 | 40,614 | |||||||||
| Intersegment sales | 8 | 37 | (122) | 99 | |||||||||
| Total Western production sales | 46,811 | 75,037 | 98,146 | 163,190 | |||||||||
| Corporate and other | 2,733 | 4,060 | 8,565 | 12,342 | |||||||||
| Intersegment eliminations | (3,191) | (3,792) | (8,807) | (9,953) | |||||||||
| Net sales as reported | $ | 251,814 | $ | 318,127 | $ | 728,911 | $ | 949,315 | |||||
| Cost of goods sold: | |||||||||||||
| Pekin Campus | $ | 141,823 | $ | 179,995 | $ | 423,135 | $ | 546,591 | |||||
| Marketing and distribution | 53,553 | 58,051 | 176,676 | 212,923 | |||||||||
| Western production | 49,079 | 73,584 | 112,762 | 165,401 | |||||||||
| Corporate and other | 2,952 | 3,538 | 8,690 | 9,322 | |||||||||
| Intersegment eliminations | (1,553) | (1,202) | (3,465) | (3,100) | |||||||||
| Cost of goods sold as reported | $ | 245,854 | $ | 313,966 | $ | 717,798 | $ | 931,137 | |||||
| Gross profit (loss): | |||||||||||||
| Pekin Campus | $ | 6,174 | $ | 556 | $ | 20,583 | $ | 12,378 | |||||
| Marketing and distribution | 3,911 | 4,220 | 10,613 | 11,844 | |||||||||
| Western production | (2,268) | 1,453 | (14,616) | (2,211) | |||||||||
| Corporate and other | (219) | 522 | (125) | 3,020 | |||||||||
| Intersegment eliminations | (1,638) | (2,590) | (5,342) | (6,853) | |||||||||
| Gross profit (loss) as reported | $ | 5,960 | $ | 4,161 | $ | 11,113 | $ | 18,178 | |||||
FAQ
What was Alto Ingredients (ALTO) revenue in Q3 2024?
What was ALTO's earnings per share in Q3 2024?
How much cash does Alto Ingredients (ALTO) have as of Q3 2024?
What was Alto Ingredients' (ALTO) gross profit in Q3 2024?
