Welcome to our dedicated page for Alto Ingredients news (Ticker: ALTO), a resource for investors and traders seeking the latest updates and insights on Alto Ingredients stock.
Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of specialty alcohols and essential ingredients in the United States. The company serves five key markets: Health, Home & Beauty, Food & Beverage, Industry & Agriculture, Essential Ingredients, and Renewable Fuels. With production facilities primarily in the western United States, Alto Ingredients caters to major food and beverage companies, consumer products manufacturers, and distributors.
Alto Ingredients operates under three segments: Marketing and Distribution, Pekin Campus Production, and Other Production. The Marketing and Distribution segment is involved in marketing and merchant trading for alcohols and essential ingredients. The Pekin Campus segment is responsible for producing and selling products made at the company's Pekin, Illinois campus, which accounts for about half of the firm's revenue. Other Production covers the output from the company's other facilities.
The company is notable for its production of low-carbon renewable fuels such as ethanol, which is blended into gasoline. Alto Ingredients also produces ethanol co-products including wet distillers grain, a nutritious animal feed, and corn oil. Serving integrated oil companies and gasoline marketers, the company provides transportation, storage, and delivery of ethanol through third-party service providers in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho, and Washington.
Recent achievements highlight Alto Ingredients' focus on business transformation and strategic partnerships. In November 2023, the company announced its third-quarter financial results, showing positive Adjusted EBITDA despite operational challenges such as unscheduled downtime. The company also completed numerous repair and maintenance projects aimed at improving future production consistency.
Alto Ingredients is advancing its long-term growth strategy with significant projects such as a carbon capture and storage (CCS) initiative at its Pekin campus. Partnering with Vault 44.01, the company plans to capture and store CO2 emissions generated from ethanol production, substantially reducing its carbon footprint and benefiting the local community.
Financially, the company ended 2023 with $1.22 billion in net sales and $15.7 million in gross profit. Despite some losses, the company is optimistic about its future performance, leveraging favorable market outlooks and ongoing investments to improve capacity utilization, reduce costs, and expand operating margins.
Alto Ingredients' operations and strategic initiatives demonstrate its commitment to sustainability and shareholder value, positioning it well for continued growth and profitability in the renewable fuels and specialty alcohols market.
Alto Ingredients (NASDAQ: ALTO) reported third-quarter 2022 net sales of $336.9 million, a 10% increase from $305.6 million in 2021. However, the company faced significant challenges, including a gross loss of $19.8 million compared to a loss of $3.4 million in the prior year. Increased costs and logistical constraints contributed to a net loss of $28.4 million, or $0.39 per share. The company secured a $125 million term debt financing to support upcoming capital projects aimed at diversifying its specialty alcohols and enhancing operational efficiency.
Alto Ingredients, Inc. (NASDAQ: ALTO) recently announced a $125 million senior secured term loan facility with Orion Infrastructure Capital. The facility allows for periodic draws up to $100 million, with an additional $25 million contingent on certain conditions. This six-year loan features a fixed interest rate of 10% and no scheduled amortization payments. The funding aims to upgrade production capabilities, focusing on expanding corn oil, specialty alcohol, and pursuing sustainability initiatives. The company plans to issue 1.6 million shares to Orion as part of this transaction.
Alto Ingredients, Inc. (NASDAQ: ALTO) announced it will release its third quarter 2022 financial results after market close on November 7, 2022. The company will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) the same day, featuring remarks via webcast and a Q&A session.
Investors can access the webcast on the company's website, register for a conference call PIN, or dial in directly. An archived version of the webcast will be available for one year, along with a telephonic replay from November 7 to November 14, 2022.
Alto Ingredients, Inc. (NASDAQ: ALTO) has announced a $50 million share repurchase program, commencing with an initial authorization of $10 million. The company believes its shares are undervalued and aims to enhance shareholder value through this initiative. Funding for the program will come from existing cash, cash flow, and potential borrowings. Repurchases may occur in various formats depending on market conditions. The program lacks a fixed end date and can be modified as needed, demonstrating Alto's commitment to investing in its future while enhancing operational efficiency.
Alto Ingredients, Inc. (NASDAQ: ALTO) will participate in the H.C. Wainwright & Co. 24th Annual Global Investment Conference on September 13, 2022, in New York City. CEO Mike Kandris and CFO Bryon McGregor will hold one-on-one meetings and present at 8:30 am ET. Interested stakeholders can access presentation materials and a webcast via Alto Ingredients' website.
Alto Ingredients specializes in producing and distributing specialty alcohols and essential ingredients for key markets like Food & Beverage and Renewable Fuels.
Alto Ingredients (NASDAQ: ALTO) reported a significant increase in net sales to $362.2 million for Q2 2022, up 21% from Q2 2021. Net income also surged to $21.5 million or $0.29 per diluted share, compared to $8.0 million or $0.11 per diluted share last year. The company achieved an Adjusted EBITDA of $29.9 million, up from $17.0 million. The growth was attributed to a cash grant from the USDA and improved sales of specialty alcohols, despite facing higher freight and maintenance costs. Cash and equivalents rose to $57.4 million.
Alto Ingredients, Inc. (NASDAQ: ALTO) announced it will release its Q2 2022 financial results on August 8, 2022, after market close. The company is a leader in producing specialty alcohols and essential ingredients used across various markets, including Health, Home & Beauty and Renewable Fuels. A conference call will take place at 2:00 PM PT to discuss the results, followed by a Q&A session. Investors can access the call through the company's website, with a replay available for one week.
Alto Ingredients, Inc. (NASDAQ: ALTO) announced that all company proxy proposals were approved at the Annual General Meeting of Shareholders held on June 24, 2022. Shareholders elected Maria G. “Gabby” Gray as an independent director, succeeding John L. Prince who retired. Gray brings extensive experience in refining and chemical processes, which aligns with the company's focus on quality and sustainability. The board now consists of seven members, and Gray's appointment aims to enhance board diversity and operational efficiency.
Alto Ingredients, Inc. (NASDAQ: ALTO) has secured a $22.7 million cash grant from the USDA’s Biofuel Producer Program, established under the CARES Act. This funding aims to assist biofuel producers affected by the COVID-19 pandemic. CEO Mike Kandris stated that the grant will be allocated for facility maintenance, equipment upgrades, and operational improvements, aimed at enhancing efficiency and reliability. The strategic initiatives are expected to drive growth and profitability for the company.
Alto Ingredients, Inc. (NASDAQ: ALTO), a prominent producer of specialty alcohols, announced its participation in upcoming investment conferences. The company will hold virtual one-on-one meetings and presentations at the H.C. Wainwright Global Investment Conference on May 23-24 and the 19th Annual Craig-Hallum Institutional Conference on June 1, 2022. Investors can access presentation materials and webcasts through the company's website. Alto Ingredients focuses on key markets including Health, Home & Beauty, Food & Beverage, Essential Ingredients, and Renewable Fuels.
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