Alto Ingredients Inc (ALTO)

[seeksup]

I sent them an email asking about this through their website, and amazingly, received a call from IR literally 2 minutes after submitting. He reported that the GM in Q1 was exceptionally high - "peak levels" he called them. Q2's margins were still "very good". Madera had nothing to do with the decline in GM in Q2.

So to sum up, the GM's in Q1 were about as high as they can go due to the rail car situation, corn crush spread, etc. Q2 came back down to Earth but were still very good. Going forward, we are looking for more "really good" GM's.

My take is that we silly investors used the Q1 GM's as a standard from which to model our projections for Q2... and we were a bit off base.