Q3 2024 Alto Ingredients Inc Earnings Call Transcript
Key Points
- Pekin campus increased production capabilities and uptime, improving profitability despite fluctuating market conditions.
- Consolidated gross profit improved to $6 million and adjusted EBITDA was $12.2 million in Q3 2024.
- Finalized a CO2 transportation and sequestration agreement with Vault, marking a significant step towards sustainability.
- Increased production of specialty alcohols, reaching 42% of total Pekin sales volume, a 7% increase from the previous year.
- Completed upgrades to Magic Valley's technology system, achieving full capacity ethanol production and expanding corn oil yields.
- Net sales decreased to $252 million in Q3 2024 from $318 million in Q3 2023 due to lower market prices.
- Western facilities experienced a gross loss of $2.3 million, driven by downtime and costs associated with Magic Valley upgrades.
- Ethanol production outpaced demand, leading to higher inventory levels and lower ethanol prices.
- Carbon prices dropped significantly, impacting revenue, with an 80% decrease in Oregon and Washington and 20% in California.
- Magic Valley facility faced margin compression due to increased regional corn basis and declining protein and corn oil market prices.
Good day and welcome to the Alto Ingredients Inc third quarter, 2024 financial results conference call. (Operator Instructions)
I would now like to turn the conference over to Kirsten Chapman of Alliance Advisors, Investor Relations.
Thank you, Megan and thank you all for joining us today for the Alto Ingredients third quarter, 2024 results conference call. On the call today our 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 November 13. The details of which are included in today's press release a webcast replay will also be available at Alto Ingredients website. Please note that the information on this call speaks only as of today, November 6. You're advised that any
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
