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ALTO - Why Alto Ingredients Stock Crashed After Earnings
Alto Ingredients Inc.
Shares of Alto Ingredients (NASDAQ: ALTO) dropped 9.4% as of 11:45 a.m. EDT on Wednesday, after the company formerly known as Pacific Ethanol beat on sales but missed on profits in its second-quarter 2021 financial report, released Tuesday after market close.
Analysts had forecast that the producer of specialty alcohols like hand sanitizer would earn $0.15 per share on $288.1 million in sales this past quarter. In fact, it did $2 9 8.1 million in sales -- but managed to earn only $0.11 per share.