Why Specialty Alcohols Producer & Distributor Alto Ingredients' Shares Are Tanking Today
Portfolio Pulse from Lekha Gupta
Alto Ingredients Inc's shares have dropped by over 55% following the release of their Q3 FY23 results. Despite net sales of $318.1 million surpassing the consensus of $308.7 million, and a gross profit of $4.2 million compared to a gross loss of $(19.8) million the prior year, the company's EPS loss of $(0.05) missed the consensus of $0.10. The results were affected by high unscheduled downtime that lowered production volumes and shifted the mix towards lower margin products.
November 07, 2023 | 2:46 pm
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NEGATIVE IMPACT
Alto Ingredients Inc's stock price has taken a significant hit following their Q3 FY23 results. Despite some positive figures, the company's EPS loss and the impact of high unscheduled downtime on production volumes have negatively affected investor sentiment.
Alto Ingredients Inc's Q3 FY23 results have led to a significant drop in their stock price. While the company reported higher net sales and gross profit, the EPS loss and the impact of high unscheduled downtime on production volumes have negatively affected investor sentiment. This has likely led to the sell-off, resulting in the over 55% drop in the stock price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100