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$Alto Ingredients (ALTO.US)$ NEWS Alto Ingredients, Inc. Rep...
NEWS
Alto Ingredients, Inc. Reports First Quarter 2024 Results
Alto Ingredients, Inc. reported improved financial results for Q1 2024 compared to Q1 2023, with gross profit up by $0.8 million, net loss reduced by $1.4 million, and Adjusted EBITDA increased by $3.4 million. The company's strategies to diversify revenue, improve capacity utilization rates, reduce costs, and expand operating margins are yielding positive results. However, weather factors impacted performance negatively, with increased transportation expenses and lower margin feed products due to cold spikes and energy hedging losses. The company's outlook for 2024 remains favorable, supported by solid corn inventories, increased export demand for ethanol, and EPA waivers for 15% ethanol blends. Additionally, Alto is progressing with its strategic carbon capture and storage initiative to reduce carbon footprint and has entered into a partnership with Vault 44.01 for CO2 storage.
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