Alto Ingredients slips after reporting wider Q3 loss

Alto Ingredients

07/11/2022 22:49

** Shares of specialty alcohol maker Alto Ingredients Inc
 ALTO.O  down ~14% at $3.57 in after market trade
    ** Co reports a wider Q3 loss  
    ** ALTO reports Q3 net loss available to common stockholders
of $28.36 mln, or 39 cents per share, vs $3.45 mln, or 5 cents
per share, a year earlier
    ** "Our third quarter 2022 results were affected by
logistical constraints, increased transportation costs, and low
commodity margins," says CEO Mike Kandris
    ** However, co beat Q3 revenue estimates, as per Refinitiv
    ** Separately, ALTO enters into $125 mln term loan facility
to accelerate business transformation 
    ** Up to Monday's close, stock had fallen ~14% this year
 (Reporting by Granth Vanaik)
 ((Granth.Vanaik@thomsonreuters.com;))