Alto Ingredients(ALTO)2024-11-06 21:19Financial Performance - Net sales for Q3 2024 were 318.1 million in Q3 2023, representing a decrease of approximately 21% year-over-year[3][4]. - For the nine months ended September 30, 2024, net sales were 949.3 million in the same period of 2023, a decrease of approximately 23%[7][8]. - Net sales reported for the three months ended September 2024 were 318,127,000 for the same period in 2023[25]. - Total Pekin Campus sales for the nine months ended September 2024 were 558,969,000 in the prior year[25]. Profitability - Gross profit improved over 40% year-over-year to 4.2 million in the prior year, despite market fluctuations[2][4]. - Adjusted EBITDA was positive 13.6 million in Q3 2023, reflecting a decrease of approximately 10%[6]. - Adjusted EBITDA for the three months ended September 30, 2024, was 13,596 thousand for the same period in 2023, a decrease of about 10.5%[20]. - The net loss available to common stockholders was 0.04 per share, compared to a net loss of 0.05 per share in the prior year[5][14]. - The company reported a net loss of 10.0 million in the same period of 2023[8][14]. Sales Breakdown - Specialty alcohol sold increased by 4 million gallons compared to the same quarter last year, positively impacting the sales mix[2]. - Alcohol sales at the Pekin Campus for the three months ended September 2024 were 128,554,000 in the same quarter of 2023[25]. - Essential ingredient sales for the three months ended September 2024 were 51,634,000 in the prior year[25]. - Total marketing and distribution sales for the three months ended September 2024 were 62,271,000 in the same period of 2023[25]. - Western production sales for the three months ended September 2024 were 75,037,000 in the same quarter of 2023[25]. Cost and Expenses - Selling, general and administrative expenses decreased to 8.5 million year-over-year[4]. - Cost of goods sold for the three months ended September 2024 was 313,966,000 in the same period of 2023[25]. Assets and Liabilities - Cash and cash equivalents increased to 30.0 million at December 31, 2023[7][15]. - Total current liabilities decreased from 45,102 thousand, a reduction of approximately 31%[17]. - Long-term debt increased slightly from 83,342 thousand, reflecting a 1.5% increase[17]. - Total stockholders' equity decreased from 263,925 thousand, a decline of about 5.6%[18]. Market Trends - Average PLATTS ethanol price per gallon decreased from 1.81, a decline of approximately 20.9%[23]. - Corn cost per bushel decreased from 4.68, a reduction of approximately 29%[21]. - Total renewable fuel gallons sold decreased from 78.5 million to 74.3 million, a decline of approximately 2.7%[21]. - Total essential ingredients sold decreased from 423.2 thousand tons to 391.4 thousand tons, a reduction of about 7.5%[23]. - Consolidated total return on essential ingredients increased from 40.4% to 42.8%, an improvement of 2.4 percentage points[23]. Sustainability Initiatives - The company entered into a CO2 Transportation and Sequestration Agreement with Vault 44.01, marking a significant step towards sustainability[1][3].