8-K
filed August 7, 2023, 7:59 PM ET
ticker ALTO
CIK 0000778164
leadership
confidence high
sentiment neutral
materiality 0.70
Alto Ingredients posts Q2 net income $7.2M; appoints Bryon McGregor as CEO and Robert Olander as CFO
Alto Ingredients, Inc.
- Q2 net sales $317.3M (down 12% YoY); net income $7.2M/$0.10 diluted EPS vs $21.5M/$0.29 incl. $22.7M USDA grant.
- Adjusted EBITDA $15.5M vs $29.9M (incl. $22.7M grant); operating income $9.3M vs prior loss of $152,000.
- Expects positive adjusted EBITDA in Q3 2023; targets annual EBITDA increase of $125M by end of 2026 via carbon capture and other projects.
- Bryon McGregor (former CFO) appointed President/CEO effective Aug 1; Michael Kandris retired as CEO, appointed Interim COO for up to one year.
- Robert Olander (former VP, Corporate Controller) appointed CFO effective Aug 1.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Alto Ingredients, Inc. updated its the third quarter of 2023 guidance (initiated).
- Period
- the third quarter of 2023
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
Based on current trends, we expect to post positive Adjusted EBITDA in the third quarter of 2023 as well.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Alto Ingredients, Inc. reported the six months ended June 30, 2023 results: revenue $631.2 million, net income $6.2 million, EPS $0.08 per diluted share.
- Period
- the six months ended June 30, 2023
- Revenue
- $631.2 million
- Net income
- $6.2 million
- EPS
- $0.08 per diluted share
- Result
- reported results
Exact text from the filing
● Net sales were $631.2 million, compared to $670.3 million. ● Cost of goods sold was $617.2 million, compared to $656.7 million. ● Gross profit was $14.0 million, compared to $13.6 million. ● Selling, general and administrative expenses were $15.8 million, compared to $16.6 million. ● Operating loss was $2.4 million, compared to $3.0 million. ● Net loss available to common stockholders was $6.2 million, or $0.08 per diluted share, compared to net income available to common stockholders of $18.6 million, including the $22.7 million USDA cash grant, or $0.26 per diluted share.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Alto Ingredients, Inc. reported the quarter ended June 30, 2023 results: revenue $317.3 million, net income $7.2 million, EPS $0.10 per diluted share.
- Period
- the quarter ended June 30, 2023
- Revenue
- $317.3 million
- Net income
- $7.2 million
- EPS
- $0.10 per diluted share
- Result
- reported results
Exact text from the filing
● Net sales were $317.3 million, compared to $362.2 million. ● Cost of goods sold was $300.1 million, compared to $353.3 million. ● Gross profit was $17.2 million, compared to $8.8 million. ● Selling, general and administrative expenses were $7.9 million, compared to $9.0 million. ● Operating income was $9.3 million, compared to an operating loss of $152,000. 1 ● Net income available to common stockholders was $7.2 million, or $0.10 per diluted share, compared to $21.5 million, which included a $22.7 million USDA cash grant, or $0.29 per diluted share.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bryon T. McGregor was appointed as President and Chief Executive Officer at Alto Ingredients, Inc..
- Action
- appointed
- Role
- President and Chief Executive Officer
Exact text from the filing
the Board of Directors (the “Board”) of the Company appointed Bryon T. McGregor to serve as the Company’s President and Chief Executive Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert R. Olander was appointed as Chief Financial Officer at Alto Ingredients, Inc..
- Action
- appointed
- Role
- Chief Financial Officer
Exact text from the filing
Effective August 1, 2023, the Board appointed Robert R. Olander to serve as the Company’s Chief Financial Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael D. Kandris was appointed as Interim Chief Operating Officer at Alto Ingredients, Inc..
- Action
- appointed
- Role
- Interim Chief Operating Officer
Exact text from the filing
On the same date, the Board appointed Mr. Kandris to serve as the Company’s Interim Chief Operating Officer for a period of up to one year.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael D. Kandris retired as President and Chief Executive Officer at Alto Ingredients, Inc..
- Action
- retired
- Role
- President and Chief Executive Officer
Exact text from the filing
Effective August 1, 2023, Michael D. Kandris retired as President and Chief Executive Officer of the Company.
View on SEC.gov
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