Copyright Benzinga
Alto Ingredients Inc. (NASDAQ:ALTO) shares jumped 38% in after-hours trading on Wednesday to $1.60 following the release of its third-quarter earnings. Check out the current price of ALTO stock here. According to the Benzinga Pro data, the stock closed at $1.16 on Wednesday, up 2.65%. Q3 Results Show Profitability Turnaround The Illinois-based company’s third-quarter results are: See Also: DraftKings Q3 Preview: Record NFL Betting Expected, Will Prediction Markets Hurt Results, Guidance? Revenue Mix Shifts Drive Margin Expansion The cost of goods sold decreased from $245.9 million to $217.5 million, while net sales fell from $251.8 million to $241.0 million. Bryon McGregor, president and CEO of Alto Ingredients, stated in the earnings report, "We delivered robust improvements in all of our business segments, reflecting increased renewable fuel export sales, greater demand for liquid CO2, and the continued positive effects of our cost reduction efforts." Section 45Z Tax Credits, Carbon Intensity Focus According to the company's press release, Alto Ingredients remains confident in generating Section 45Z tax credits on domestic renewable fuel sales and is evaluating methods to lower carbon intensity in order to increase the value of these tax credits. As of September 30, the bio-based alcohols producer reported cash and cash equivalents of $32.5 million, along with borrowing availability of $85 million. Stock Performance The stock is down 31.36% year-to-date but has gained 36.47% over the past six months. ALTO has a 52-week range of $0.76 to $2.00 and a market capitalization of $89.78 million. Benzinga’s Edge Stock Rankings indicate that ALTO is experiencing long-term consolidation along with medium and short-term upward movement. Know how its momentum lines up with other well-known names. Read Next: Forge Global Stock Rockets 53% After Hours On Charles Schwab Buyout Buzz Photo Courtesy: Miha Creative on Shutterstock.com
