Q2 2024 Alto Ingredients Inc Earnings Call Transcript
Key Points
- Increased production at the Pekin Campus, generating over $10 million in gross profit in Q2 2024, up from $4 million in Q1 2024.
- Average Chicago crush margin improved significantly, rising to $0.21 per gallon in Q2 2024 and further to $0.48 per gallon in July.
- Successful completion of biennial wet mill repairs and maintenance outage at the Pekin Campus, leading to improved operational performance.
- Received the 2024 Bronze Medal Sustainability Rating from EcoVadis for the ICP and Pekin Plants, placing them in the top 35% of companies assessed.
- Strong balance sheet with $27 million in cash and $95 million in total loan borrowing availability as of June 30, 2024.
- Consolidated Q2 2024 net loss of $3.1 million compared to net income of $7.6 million in Q2 2023.
- Adjusted EBITDA for Q2 2024 was negative $5.9 million, including $3.6 million in costs related to the wet mill outage and $2.9 million in realized losses on derivatives.
- Q2 2024 net sales decreased to $236 million from $317 million in Q2 2023 due to lower market prices.
- Historic low carbon market pricing negatively impacted renewable fuel revenue and bottom line results at the Columbia plant.
- Realized derivative losses for Q2 2024 were $2.9 million compared to $5.5 million in realized derivative gains for the same quarter in 2023.
Good afternoon and welcome to the Alto Ingredients Inc second quarter 2024 financial results conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Kirsten Chapman with LHS Investor Relations, a division of Alliance Advisors. Please go ahead.
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Thank you, Kaylee. And thank you all for joining us today for the Alto Ingredients second quarter 2024 results conference call. On the call today are President and CEO, Bryon McGregor and CFO, Rob Olander. Alto Ingredients issued a press release after the market closed today providing details of the company's financial results.
The company has also prepared a presentation for today's call that is available on the company's website at altoingredients.com. A telephone replay of today's call will be available through August 13, the details of which are included in today's press release. A webcast replay will also be
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