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Alto Ingredients Inc (NASDAQ:ALTO) shares are trading lower by over 55% after the company reported Q3 FY23 results.
Net sales of $318.1 million topped the consensus of $308.7 million.
Gross profit stood at $4.2 million, vs. a gross loss of $(19.8) million the prior year.
Adjusted EBITDA (including the USDA cash grant) came in at $4.7 million versus a loss of $(20.6) million a year ago.
EPS loss of $(0.05) missed the consensus of $0.10.
Q3 results reflect the contribution from stronger ethanol crush margins partly offset by the impact of unusually high unscheduled downtime that lowered the anticipated production volumes and shifted the mix toward lower margin products.
As of September 30, 2023, cash and cash equivalents came in at $26.2 million.
"Our transition to provide high margin, differentiated specialty alcohols and essential ingredients in consumer, pharmaceutical, food, beverage and industrial products has greatly improved our financial profile over the past three years," said Bryon McGregor, President and CEO.
Price Action: ALTO shares are down 55.46% at $2.18 on the last check Tuesday.
Posted In: ALTO
