Alto Ingredients rises on higher Q1 revenue

Alto Ingredients

09/05/2023 12:39

** Shares of specialty alcohol maker Alto Ingredients Inc
 ALTO.O  up 15.4% at $1.57 premarket
    ** Co reports higher Q1 net sales of $313.9 mln vs $308.1
mln last year
    ** Co expects to report positive adj EBITDA for Q2 of 2023
    ** Brokerage H.C. Wainwright & Co believes ALTO is already
starting to see positive contribution to its EBITDA from various
operational efficiency improvements implemented over past few
quarters
    ** ALTO, however, posts wider loss of $13.5 mln or
$0.18/share vs $2.9 mln or $0.04/share last year
    ** Up to last close, stock had fallen 52.78% so far this
year

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))