Alto Ingredients (NASDAQ:ALTO) stock is falling on Tuesday following the release of the food and drink company’s earnings report for the third quarter of 2023.
Unfortunately for investors, the company released a mixed earnings report for that period. That starts with its earnings per share of -5 cents. That’s worse than the 10 cents per share Wall Street was expecting. However, it is better than the -39 cents per share reported in the same period of the year prior.
On the flip side of that, the company’s revenue of $318.13 million comes in above analysts’ estimate of $308.71 million. Despite that beat, revenue decreased 5.6% year-over-year from $336.9 million.
Bryon McGregor, president and CEO of Alto Ingredients, said the following in the earnings report:
“Our transition to provide high margin, differentiated specialty alcohols and essential ingredients in consumer, pharmaceutical, food, beverage and industrial products has greatly improved our financial profile over the past three years. We continue to make good progress, yet we remain subject to operational and commodity market challenges.”
ALTO Stock Reactions on Tuesday
With this latest earnings news comes heavy trading of ALTO stock on Tuesday. This has more than 1.4 million shares changing hands as investors sell the stock. For comparison, the company’s daily average trading volume is around 945,000 shares.
ALTO stock is down 45.1% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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November 07, 2023 at 09:06PM
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Why Is Alto Ingredients (ALTO) Stock Down 45% Today? - InvestorPlace
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