On March 10, 2022, Alto Ingredients Inc. (ALTO) declared its Q4 and 2021 year-end financial results. Consequently, the stock rebounded and became bullish in the after-hours on Thursday.
During the regular session, ALTO traded actively at a volume of 5.68 million shares which was 321% of its average 1.77 million shares. The stock closed the regular session in the red with a slight loss of 0.85% as the uncertainty of the earnings prevailed. Following the announcement of the earnings, ALTO rebounded to add a good 17.12% in the after-hours. Hence, the stock was trading at $6.84 apiece in the after-hours on Thursday as 2.28 million shares were exchanged.
The specialty alcohols and essential ingredients producer, Alto Ingredients Inc. was founded in 2003. The Pekin, IL-based company has a market capitalization of $428.79 million with its 72.8 million shares outstanding. Currently, the ALTO stock stands at a year-to-date gain of 21.41% while it lost 3.63% last year.
ALTO’s Q4 2021 Results
The company reported net sales of $385.5 million for Q4 2021, against $168.8 million for the year-ago quarter.
Moreover, the net income was $35.4 million or $0.49 per diluted share in Q4 2021. Comparatively, the company had a net loss of $20.5 million or $0.30 per share in the year-ago quarter.
In addition, ALTO had adjusted EBITDA of $43.4 million and gross profit of $42.1 million in the quarter.
Fiscal 2021 Results
The company had net sales of $1.2 billion in fiscal 2021 against $897.0 million in the previous year.
Furthermore, ALTO had a net income of $44.2 million or $0.61 per diluted share in fiscal 2021. This compares to a net loss of $16.4 million or $0.28 per share in fiscal 2020.
Additionally, the adjusted EBITDA was $76.8 million while the gross profit was $67.8 million in fiscal 2021.
ALTO’s Recent Developments
On March 03, the company announced receiving additional medical and pharmaceutical ingredient certification at Pekin, Illinois campus. Thus, its Pekin facility is now ICH Q7 and EXCiPACT Good Manufacturing Practices (GMP) certified.
According to ICH Q7, ALTO’s specialty alcohol is certified for use as an active pharmaceutical ingredient. And EXCiPACT GMP certifies for the use of excipients (solvents) in the pharmaceutical industry.
Conclusion
On Thursday, the company posted a beat quarterly earnings with sales up 128% YOY and gross profit 209%. Impressing the investors, ALTO stock entered the green in the after-hours and soared high on the beat results.
