adminBy Colin Kellaher
Shares of Alto Ingredients lost more than half of their value in early trading Tuesday following the latest quarterly update from the producer and distributor of specialty alcohols and essential ingredients.
Shares of the Pekin, Ill., company were recently changing hands at $2.30, down 53%.
Alto reported a third-quarter loss of 5 cents a share on sales of $318.1 million, compared with a loss of 39 cents a share on sales of $336.9 million a year earlier.
The company’s results in the latest quarter were boosted by a $2.8 million USDA cash grant.
Alto said preliminary findings from its primary yeast front-end engineering design study are promising, but its revenue upside and projected installation costs have risen significantly, reflecting inflationary pressures and supply chain constraints.
The company said that based on the findings, along with changing capital requirements and current capital-market conditions, it has extended its Ebitda expansion goals by six to 12 months.
Write to Colin Kellaher at [email protected]
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