Alto Ingredients, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 08, 2023 at 01:46 am IST
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Alto Ingredients, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 317.3 million compared to USD 362.19 million a year ago. Net income was USD 7.6 million compared to USD 22.12 million a year ago. Basic earnings per share from continuing operations was USD 0.1 compared to USD 0.29 a year ago. Diluted earnings per share from continuing operations was USD 0.1 compared to USD 0.29 a year ago.
For the six months, sales was USD 631.19 million compared to USD 670.31 million a year ago. Net loss was USD 5.57 million compared to net income of USD 19.51 million a year ago. Basic loss per share from continuing operations was USD 0.08 compared to basic earnings per share from continuing operations of USD 0.26 a year ago. Diluted loss per share from continuing operations was USD 0.08 compared to diluted earnings per share from continuing operations of USD 0.26 a year ago.
Alto Ingredients, Inc. produces and distributes renewable fuel and essential ingredients and is a producer of specialty alcohols in the United States. The Company's segments include Pekin Campus production, marketing and distribution and Western production. Pekin Campus production segment includes the production and sale of alcohols and essential ingredients produced at the Companyâs Pekin, Illinois campus. Its marketing and distribution segment includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties. Western production segment includes the production and sale of fuel-grade ethanol and essential ingredients produced the Companyâs two western production facilities. It produces specialty alcohols, fuel-grade ethanol and essential ingredients, focusing on various markets, such as health, home and beauty; food and beverage; essential ingredients, and renewable fuels.