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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2024
ALTO INGREDIENTS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
|
000-21467 |
|
41-2170618 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
1300 South Second Street
Pekin, Illinois |
|
61554 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (916) 403-2123
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ | Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, $0.001 par
value |
|
ALTO |
|
The
Nasdaq Stock Market LLC
(Nasdaq Capital Market) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 6, 2024, Alto Ingredients,
Inc. issued a press release announcing certain results of operations for the three and six months ended June 30, 2024. A copy of the press
release is furnished (not filed) as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in
this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of that section. The information in this Item 2.02 of this Current Report on Form 8-K is not incorporated by reference into any filings
of Alto Ingredients, Inc. made under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date
of this Current Report on Form 8-K, regardless of any general incorporation language in the filing unless specifically stated so therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: August 6, 2024 |
ALTO INGREDIENTS, INC. |
|
|
|
By: |
/S/
ROBERT R. OLANDER |
|
|
Robert R. Olander, |
|
|
Chief Financial Officer |
-2-
Exhibit
99.1
Alto
Ingredients, Inc. Reports Second Quarter 2024 Results
Pekin,
IL, August 6, 2024 – Alto Ingredients, Inc. (NASDAQ: ALTO), a producer and distributor of renewable fuel, essential ingredients
and specialty alcohols, reported its financial results for the quarter ended June 30, 2024.
Bryon
McGregor, President and CEO of Alto Ingredients, said, “Our Pekin Campus has been producing alcohol and serving customers for over
150 years throughout many market cycles. We continue to strengthen our facilities by reinvesting our cash flow from operations and excess
liquidity in capital upgrades as well as repairs and maintenance. Most notably, our recent biennial outage at our Pekin wet mill
improved capacity utilization, while reducing our fixed costs per unit at the mill. Even with over $5 million of expenses related to
these planned facility outages, our Pekin Campus delivered over $10 million of gross profit in the second quarter of 2024, up from over
$4 million in the first quarter of 2024.
“Our
Pekin Campus is fully operational and taking advantage of the favorable summer driving season economics. In July, average crush margins
more than doubled compared to the second quarter. At Magic Valley, we resumed operations in early July and are encouraged by the initial
results. We expect to increase production rates in the coming weeks as we complete the system upgrades.
“If
current margins hold and we continue to hit our production targets, we expect to deliver positive Adjusted EBITDA for the third quarter.
We are excited to see our initiatives come to fruition, bolstering our ability to continue serving our customers for many years to come,”
McGregor concluded.
Financial
Results for the Three Months Ended June 30, 2024 Compared to 2023
| ● | Net
sales were $236.5 million, compared to $317.3 million. |
| ● | Cost
of goods sold was $228.9 million, compared to $300.1 million. |
| ● | Gross
profit was $7.6 million, including $2.9 million in realized losses on derivatives and $5.4
million in costs related to the planned Pekin Campus outages, compared to a gross profit
of $17.2 million, including $5.5 million in realized gains on derivatives. |
| ● | Selling,
general and administrative expenses were $9.0 million, compared to $7.9 million. |
| ● | Net
loss available to common stockholders was $3.4 million, or $0.05 per share, compared to net
income available to common stockholders $7.2 million, or $0.10 per share. |
| ● | Adjusted
EBITDA was negative $5.9 million, including $2.9 million in realized losses on derivatives
and $5.4 million in costs related to planned Pekin Campus outages, compared to positive $14.0
million, including $5.5 million in realized gains on derivatives. |
Cash
and cash equivalents were $27.1 million at June 30, 2024, compared to $30.0 million at December 31, 2023. At June 30, 2024, the company’s
borrowing availability was $95.0 million including $30.0 million under the company’s operating line of credit and $65.0 million
under its term loan facility, subject to certain conditions.
Financial
Results for the Six Months Ended June 30, 2024 Compared to 2023
| ● | Net
sales were $477.1 million, compared to $631.2 million. |
| ● | Net
loss available to common stockholders was $15.5 million, or $0.21 per share, compared to
$6.2 million, or $0.08 per share. |
| ● | Adjusted
EBITDA was negative $13.0 million, including $2.7 million in realized losses on derivatives
and $5.4 million in costs related to the biennial outage, compared to positive $3.6 million,
including $2.2 million in realized losses on derivatives. |
Second
Quarter 2024 Results Conference Call
Management
will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Tuesday, August 6, 2024, and will deliver prepared
remarks via webcast followed by a question-and-answer session.
The
webcast for the conference call can be accessed from Alto Ingredients’ website at www.altoingredients.com. Alternatively, to receive
a number and unique PIN by email, register here. To dial directly up to twenty minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. The webcast will be archived for replay on the Alto Ingredients website
for one year. In addition, a telephonic replay will be available at 8:00 p.m. Eastern Time on Tuesday, August 6, 2024, through 8:00 p.m.
Eastern Time on Tuesday, August 13, 2024. To access the replay, please dial (877) 344-7529. International callers should dial 00-1 412-317-0088.
The pass code will be 3306041.
Use
of Non-GAAP Measures
Management
believes that certain financial measures not in accordance with generally accepted accounting principles ("GAAP") are useful
measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest
income, provision for income taxes, asset impairments, loss on extinguishment of debt, unrealized derivative gains and losses, acquisition-related
expense and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted
EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will
have the same financial information that management uses, which may assist investors in properly assessing the company's performance
on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an
alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing
activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you
should not consider this measure in isolation or as a substitute for analysis of the company's results as reported under GAAP.
About
Alto Ingredients, Inc.
Alto
Ingredients, Inc. (NASDAQ: ALTO) produces and distributes renewable fuel, essential ingredients and specialty alcohols. Leveraging the
unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home
& Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information,
please visit www.altoingredients.com.
Safe
Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements
and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results
or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of
existing trends and information as of the date of the communication. Forward-looking statements generally will be accompanied by words
such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,”
“expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,”
“might,” “will,” “possible,” “potential,” “predict,” “project,”
or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning
Alto Ingredients’ projected outlook, future performance, margin improvements and crush spreads; Alto Ingredients’ repair
and maintenance programs, plant improvements and other capital projects, and their financing, costs, timing and effects; and Alto Ingredients’
other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations
and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations
depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others adverse
economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international
demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including
production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints; and the cost, ability
to fund, timing and effects of, including the financial and other results deriving from, Alto Ingredients’ repair and maintenance
programs, plant improvements and other capital projects, including carbon capture and storage (CCS), and other business initiatives and
strategies. These factors also include, among others, the inherent uncertainty associated with financial and other projections and large-scale
capital projects; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive
products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries;
changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’
facilities, products and/or businesses; changes in laws, regulations and governmental policies, including with respect to the Inflation
Reduction Act’s tax and other benefits Alto Ingredients expects to derive from CCS; the loss of key senior management or staff;
and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities
and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto
Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2024.
Company
IR and Media Contact:
Michael
Kramer, Alto Ingredients, Inc., 916-403-2755, Investorrelations@altoingredients.com
IR
Agency Contact:
Kirsten
Chapman, LHA Investor Relations, 415-433-3777, Investorrelations@altoingredients.com
ALTO
INGREDIENTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited,
in thousands, except per share data)
| |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Net
sales | |
$ | 236,468 | | |
$ | 317,297 | | |
$ | 477,097 | | |
$ | 631,188 | |
Cost
of goods sold | |
| 228,915 | | |
| 300,116 | | |
| 471,944 | | |
| 617,171 | |
Gross
profit | |
| 7,553 | | |
| 17,181 | | |
| 5,153 | | |
| 14,017 | |
Selling,
general and administrative expenses | |
| 8,961 | | |
| 7,911 | | |
| 16,893 | | |
| 15,793 | |
Asset
impairments | |
| — | | |
| — | | |
| — | | |
| 574 | |
Income
(loss) from operations | |
| (1,408 | ) | |
| 9,270 | | |
| (11,740 | ) | |
| (2,350 | ) |
Interest
expense, net | |
| (1,669 | ) | |
| (1,734 | ) | |
| (3,303 | ) | |
| (3,299 | ) |
Other
income (expense), net | |
| (29 | ) | |
| 59 | | |
| 212 | | |
| 78 | |
Income
(loss) before provision for income taxes | |
| (3,106 | ) | |
| 7,595 | | |
| (14,831 | ) | |
| (5,571 | ) |
Provision
for income taxes | |
| — | | |
| — | | |
| — | | |
| — | |
Net
income (loss) | |
$ | (3,106 | ) | |
$ | 7,595 | | |
$ | (14,831 | ) | |
$ | (5,571 | ) |
Preferred
stock dividends | |
$ | (316 | ) | |
$ | (315 | ) | |
$ | (631 | ) | |
$ | (627 | ) |
Net
income allocated to participating securities | |
| — | | |
| (96 | ) | |
| — | | |
| — | |
Net
income (loss) available to common stockholders | |
$ | (3,422 | ) | |
$ | 7,184 | | |
$ | (15,462 | ) | |
$ | (6,198 | ) |
Net
income (loss) per share, basic | |
$ | (0.05 | ) | |
$ | 0.10 | | |
$ | (0.21 | ) | |
$ | (0.08 | ) |
Net
income (loss) per share, diluted | |
$ | (0.05 | ) | |
$ | 0.10 | | |
$ | (0.21 | ) | |
$ | (0.08 | ) |
Weighted-average
shares outstanding, basic | |
| 73,486 | | |
| 73,394 | | |
| 73,126 | | |
| 73,603 | |
Weighted-average
shares outstanding, diluted | |
| 73,486 | | |
| 74,103 | | |
| 73,126 | | |
| 73,603 | |
ALTO
INGREDIENTS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value)
| |
June
30,
2024 | | |
December
31,
2023 | |
ASSETS | |
| | |
| |
Current
Assets: | |
| | |
| |
Cash
and cash equivalents | |
$ | 27,124 | | |
$ | 30,014 | |
Restricted
cash | |
| 1,287 | | |
| 15,466 | |
Accounts
receivable, net | |
| 64,081 | | |
| 58,729 | |
Inventories | |
| 49,434 | | |
| 52,611 | |
Derivative
instruments | |
| 5,606 | | |
| 2,412 | |
Other
current assets | |
| 6,126 | | |
| 9,538 | |
Total
current assets | |
| 153,658 | | |
| 168,770 | |
Property
and equipment, net | |
| 244,893 | | |
| 248,748 | |
Other
Assets: | |
| | | |
| | |
Right
of use operating lease assets, net | |
| 20,404 | | |
| 22,597 | |
Intangible
assets, net | |
| 8,204 | | |
| 8,498 | |
Other
assets | |
| 5,339 | | |
| 5,628 | |
Total
other assets | |
| 33,947 | | |
| 36,723 | |
Total
Assets | |
$ | 432,498 | | |
$ | 454,241 | |
ALTO
INGREDIENTS, INC.
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(unaudited, in thousands, except par value)
| |
June
30,
2024 | | |
December
31,
2023 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | |
| |
Current Liabilities: | |
| | |
| |
Accounts
payable | |
$ | 20,132 | | |
$ | 20,752 | |
Accrued liabilities | |
| 16,504 | | |
| 20,205 | |
Current portion –
operating leases | |
| 4,481 | | |
| 4,333 | |
Derivative instruments | |
| 2,764 | | |
| 13,849 | |
Other
current liabilities | |
| 5,886 | | |
| 6,149 | |
Total current liabilities | |
| 49,767 | | |
| 65,288 | |
| |
| | | |
| | |
Long-term debt, net | |
| 90,960 | | |
| 82,097 | |
Operating leases, net of current portion | |
| 16,828 | | |
| 19,029 | |
Other liabilities | |
| 9,120 | | |
| 8,270 | |
Total
Liabilities | |
| 166,675 | | |
| 174,684 | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock,
$0.001 par value; 10,000 shares authorized; Series A: no shares issued and outstanding as of June 30, 2024 and December 31, 2023
Series B: 927 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | |
| 1 | | |
| 1 | |
Common stock, $0.001
par value; 300,000 shares authorized; 76,645 and 75,703 shares issued and outstanding as of June 30, 2024 and December 31, 2023,
respectively | |
| 77 | | |
| 76 | |
Non-voting common
stock, $0.001 par value; 3,553 shares authorized; 1 share issued and outstanding as of June 30, 2024 and December 31, 2023 | |
| — | | |
| — | |
Additional paid-in capital | |
| 1,042,639 | | |
| 1,040,912 | |
Accumulated other comprehensive
income | |
| 2,481 | | |
| 2,481 | |
Accumulated
deficit | |
| (779,375 | ) | |
| (763,913 | ) |
Total
Stockholders’ Equity | |
| 265,823 | | |
| 279,557 | |
Total
Liabilities and Stockholders’ Equity | |
$ | 432,498 | | |
$ | 454,241 | |
Reconciliation
of Adjusted EBITDA to Net Income
| |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
(in
thousands) (unaudited) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net
income (loss) | |
$ | (3,106 | ) | |
$ | 7,595 | | |
$ | (14,831 | ) | |
$ | (5,571 | ) |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
| 1,669 | | |
| 1,734 | | |
| 3,303 | | |
| 3,299 | |
Interest
income | |
| (150 | ) | |
| (190 | ) | |
| (325 | ) | |
| (411 | ) |
Unrealized
derivative (gains) losses | |
| (11,089 | ) | |
| (1,474 | ) | |
| (14,279 | ) | |
| (7,400 | ) |
Acquisition-related
expense | |
| 675 | | |
| 700 | | |
| 1,350 | | |
| 1,400 | |
Asset
impairments | |
| — | | |
| — | | |
| — | | |
| 574 | |
Depreciation
and amortization expense | |
| 6,074 | | |
| 5,680 | | |
| 11,802 | | |
| 11,735 | |
Total
adjustments | |
| (2,821 | ) | |
| 6,450 | | |
| 1,851 | | |
| 9,197 | |
Adjusted
EBITDA | |
$ | (5,927 | ) | |
$ | 14,045 | | |
$ | (12,980 | ) | |
$ | 3,626 | |
Sales
and Operating Metrics (unaudited)
| |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Alcohol Sales (gallons in millions) | |
| | |
| | |
| | |
| |
Pekin
Campus renewable fuel gallons sold | |
| 30.7 | | |
| 34.7 | | |
| 62.5 | | |
| 70.0 | |
Western
production renewable fuel gallons sold | |
| 9.0 | | |
| 16.5 | | |
| 20.2 | | |
| 24.4 | |
Third
party renewable fuel gallons sold | |
| 34.4 | | |
| 26.6 | | |
| 64.1 | | |
| 60.5 | |
Total
renewable fuel gallons sold | |
| 74.1 | | |
| 77.8 | | |
| 146.8 | | |
| 154.9 | |
Specialty
alcohol gallons sold | |
| 21.0 | | |
| 16.6 | | |
| 47.3 | | |
| 38.0 | |
Total
gallons sold | |
| 95.1 | | |
| 94.4 | | |
| 194.1 | | |
| 192.9 | |
| |
| | | |
| | | |
| | | |
| | |
Sales
Price per Gallon | |
| | | |
| | | |
| | | |
| | |
Pekin
Campus | |
$ | 1.98 | | |
$ | 2.54 | | |
$ | 1.94 | | |
$ | 2.46 | |
Western
production | |
$ | 1.94 | | |
$ | 2.69 | | |
$ | 1.86 | | |
$ | 2.67 | |
Marketing
and distribution | |
$ | 2.04 | | |
$ | 2.73 | | |
$ | 1.94 | | |
$ | 2.60 | |
Total | |
$ | 2.00 | | |
$ | 2.63 | | |
$ | 1.93 | | |
$ | 2.52 | |
| |
| | | |
| | | |
| | | |
| | |
Alcohol
Production (gallons in millions) | |
| | | |
| | | |
| | | |
| | |
Pekin
Campus | |
| 50.0 | | |
| 53.0 | | |
| 103.6 | | |
| 106.3 | |
Western
production | |
| 8.6 | | |
| 17.5 | | |
| 18.3 | | |
| 24.8 | |
Total | |
| 58.6 | | |
| 70.5 | | |
| 121.9 | | |
| 131.1 | |
| |
| | | |
| | | |
| | | |
| | |
Corn
Cost per Bushel | |
| | | |
| | | |
| | | |
| | |
Pekin
Campus | |
$ | 4.50 | | |
$ | 7.06 | | |
$ | 4.62 | | |
$ | 6.83 | |
Western
production | |
$ | 5.78 | | |
$ | 8.14 | | |
$ | 5.84 | | |
$ | 8.42 | |
Total | |
$ | 4.68 | | |
$ | 7.32 | | |
$ | 4.81 | | |
$ | 7.19 | |
Sales
and Operating Metrics (unaudited)
| |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Average Market Metrics | |
| | |
| | |
| | |
| |
PLATTS Ethanol
price per gallon | |
$ | 1.79 | | |
$ | 2.45 | | |
$ | 1.67 | | |
$ | 2.33 | |
CME Corn
cost per bushel | |
$ | 4.43 | | |
$ | 6.25 | | |
$ | 4.39 | | |
$ | 6.42 | |
Board
corn crush per gallons (1) | |
$ | 0.21 | | |
$ | 0.22 | | |
$ | 0.10 | | |
$ | 0.03 | |
| |
| | | |
| | | |
| | | |
| | |
Essential
Ingredients Sold (thousand tons) | |
| | | |
| | | |
| | | |
| | |
Pekin
Campus: | |
| | | |
| | | |
| | | |
| | |
Distillers
grains | |
| 79.7 | | |
| 76.4 | | |
| 167.4 | | |
| 167.2 | |
CO2 | |
| 43.3 | | |
| 47.8 | | |
| 82.4 | | |
| 90.1 | |
Corn
wet feed | |
| 24.8 | | |
| 15.0 | | |
| 50.4 | | |
| 41.7 | |
Corn
dry feed | |
| 19.8 | | |
| 23.7 | | |
| 38.7 | | |
| 45.2 | |
Corn
oil and germ | |
| 17.5 | | |
| 18.5 | | |
| 35.3 | | |
| 37.8 | |
Syrup
and other | |
| 11.1 | | |
| 8.8 | | |
| 20.6 | | |
| 19.3 | |
Corn
meal | |
| 8.0 | | |
| 10.2 | | |
| 16.3 | | |
| 19.6 | |
Yeast | |
| 5.8 | | |
| 6.9 | | |
| 11.5 | | |
| 13.3 | |
Total
Pekin Campus essential ingredients sold | |
| 210.0 | | |
| 207.3 | | |
| 422.6 | | |
| 434.2 | |
| |
| | | |
| | | |
| | | |
| | |
Western
production: | |
| | | |
| | | |
| | | |
| | |
Distillers
grains | |
| 61.8 | | |
| 109.1 | | |
| 133.6 | | |
| 163.1 | |
CO2 | |
| 15.1 | | |
| 13.2 | | |
| 28.4 | | |
| 26.8 | |
Syrup
and other | |
| 2.0 | | |
| 32.9 | | |
| 16.2 | | |
| 36.4 | |
Corn
oil | |
| 0.9 | | |
| 1.6 | | |
| 2.4 | | |
| 2.9 | |
Total
Western production essential ingredients sold | |
| 79.8 | | |
| 156.8 | | |
| 180.6 | | |
| 229.2 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Essential Ingredients Sold | |
| 289.8 | | |
| 364.1 | | |
| 603.2 | | |
| 663.4 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Essential
ingredients return % (2) | |
| | | |
| | | |
| | | |
| | |
Pekin
Campus return | |
| 48.8 | % | |
| 41.3 | % | |
| 50.0 | % | |
| 43.8 | % |
Western
production return | |
| 35.1 | % | |
| 30.3 | % | |
| 37.4 | % | |
| 33.2 | % |
Consolidated
total return | |
| 45.6 | % | |
| 38.3 | % | |
| 47.8 | % | |
| 41.7 | % |
(1) | Assumes corn
conversion of 2.80 gallons of alcohol per bushel of corn. |
(2) | Essential ingredients
revenues as a percentage of total corn costs consumed. |
Segment
Financials (unaudited, in thousands)
| |
Three
Months Ended
June 30, | | |
Six
Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net
Sales | |
| | |
| | |
| | |
| |
Pekin Campus, recorded as gross: | |
| | |
| | |
| | |
| |
Alcohol
sales | |
$ | 100,687 | | |
$ | 127,694 | | |
$ | 209,035 | | |
$ | 260,075 | |
Essential ingredient
sales | |
| 39,371 | | |
| 53,954 | | |
| 86,080 | | |
| 117,585 | |
Intersegment
sales | |
| 286 | | |
| 444 | | |
| 606 | | |
| 757 | |
Total Pekin Campus sales | |
| 140,344 | | |
| 182,092 | | |
| 295,721 | | |
| 378,417 | |
| |
| | | |
| | | |
| | | |
| | |
Marketing and distribution: | |
| | | |
| | | |
| | | |
| | |
Alcohol sales, gross | |
$ | 70,157 | | |
$ | 72,589 | | |
$ | 124,587 | | |
$ | 156,936 | |
Alcohol sales, net | |
| 64 | | |
| 104 | | |
| 98 | | |
| 218 | |
Intersegment
sales | |
| 2,388 | | |
| 2,499 | | |
| 5,140 | | |
| 5,342 | |
Total marketing and distribution
sales | |
| 72,609 | | |
| 75,192 | | |
| 129,825 | | |
| 162,496 | |
| |
| | | |
| | | |
| | | |
| | |
Western production, recorded as gross: | |
| | | |
| | | |
| | | |
| | |
Alcohol sales | |
$ | 17,456 | | |
$ | 44,384 | | |
$ | 37,690 | | |
$ | 65,316 | |
Essential ingredient
sales | |
| 5,950 | | |
| 14,421 | | |
| 13,776 | | |
| 22,773 | |
Intersegment
sales | |
| — | | |
| 62 | | |
| (130 | ) | |
| 62 | |
Total Western production
sales | |
| 23,406 | | |
| 58,867 | | |
| 51,336 | | |
| 88,151 | |
| |
| | | |
| | | |
| | | |
| | |
Corporate and other | |
| 2,783 | | |
| 4,151 | | |
| 5,831 | | |
| 8,285 | |
Intersegment eliminations | |
| (2,674 | ) | |
| (3,005 | ) | |
| (5,616 | ) | |
| (6,161 | ) |
Net sales as reported | |
$ | 236,468 | | |
$ | 317,297 | | |
$ | 477,097 | | |
$ | 631,188 | |
Cost
of goods sold: | |
| | | |
| | | |
| | | |
| | |
Pekin Campus | |
$ | 130,200 | | |
$ | 168,419 | | |
$ | 281,311 | | |
$ | 366,596 | |
Marketing and distribution | |
| 69,437 | | |
| 71,746 | | |
| 123,123 | | |
| 154,871 | |
Western production | |
| 27,167 | | |
| 57,834 | | |
| 63,683 | | |
| 91,815 | |
Corporate and other | |
| 2,943 | | |
| 3,414 | | |
| 5,738 | | |
| 5,786 | |
Intersegment eliminations | |
| (832 | ) | |
| (1,297 | ) | |
| (1,911 | ) | |
| (1,897 | ) |
Cost of goods sold as
reported | |
$ | 228,915 | | |
$ | 300,116 | | |
$ | 471,944 | | |
$ | 617,171 | |
Gross
profit (loss): | |
| | | |
| | | |
| | | |
| | |
Pekin Campus | |
$ | 10,144 | | |
$ | 13,673 | | |
$ | 14,410 | | |
$ | 11,821 | |
Marketing and distribution | |
| 3,172 | | |
| 3,446 | | |
| 6,702 | | |
| 7,625 | |
Western production | |
| (3,761 | ) | |
| 1,033 | | |
| (12,347 | ) | |
| (3,664 | ) |
Corporate and other | |
| (160 | ) | |
| 737 | | |
| 93 | | |
| 2,499 | |
Intersegment eliminations | |
| (1,842 | ) | |
| (1,708 | ) | |
| (3,705 | ) | |
| (4,264 | ) |
Gross profit (loss) as
reported | |
$ | 7,553 | | |
$ | 17,181 | | |
$ | 5,153 | | |
$ | 14,017 | |
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