Rex American Resources ( (REX) ) has released its Q3 earnings. Here is a breakdown of the information Rex American Resources presented to its investors.
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REX American Resources Corporation is a prominent player in the ethanol production sector, with interests in multiple ethanol production facilities across the United States.
In its fiscal third quarter of 2024, REX American Resources reported a substantial net income per share of $1.38, marking it as the company’s second-best quarterly result. The company generated a net income of $24.5 million, slightly down from the previous year, while achieving a gross profit of $39.7 million.
The company reported a decline in net sales and revenue to $174.9 million from the previous year’s $221.1 million, primarily due to reduced pricing for ethanol and co-products. Despite this, REX saw a 3% increase in ethanol sales volumes, demonstrating operational resilience. The company’s ongoing projects, such as the expansion of the One Earth Energy facility to boost production capacity and its carbon capture initiatives, highlight its strategic focus on future growth.
Looking ahead, REX American Resources remains optimistic about its enhanced production capabilities set to come online in 2025. The management is positive about securing necessary permits for its carbon capture projects and anticipates a significant increase in earnings potential with the planned expansions.
