REX American Resources Reports Strong Fiscal Q3 2024 Results

On December 3, 2024, REX American Resources Corporation (NYSE: REX) released its financial results for the fiscal third quarter of 2024, showing solid performance despite market challenges. The company reported net income attributable to REX shareholders of $24.5 million for the quarter, down from $26.1 million in the same period the previous year. This resulted in diluted net income per share of $1.38 for Q3 2024, compared to $1.49 per share in the prior-year quarter.

The fiscal third quarter results also included gross profit of $39.7 million, slightly higher than the $39.3 million recorded in Q3 2023. The company reported consolidated ethanol sales volumes of 75.5 million gallons for the quarter, marking a 3% increase compared to the same period in fiscal 2023.

REX American Resources highlighted its ongoing expansion efforts at the One Earth Energy ethanol production facility in Gibson City, IL. The company is on track to complete the facility’s expansion in mid-2025, increasing production capacity to 175 million gallons per year. Plans are in place to further expand production to 200 million gallons per year without significant additional capital expenditures.

As of October 31, 2024, REX had a strong balance sheet with $365.1 million in cash, cash equivalents, and short-term investments, with no bank debt.

Zafar Rizvi, CEO of REX American Resources, expressed confidence in the company’s ability to deliver positive results consistently, citing strong performance driven by operational efficiency. He also provided updates on the progress of the carbon capture and compression projects at the One Earth Energy facility, highlighting the company’s commitment to environmental sustainability.

In conjunction with the earnings release, REX will host a conference call today at 11:00 a.m. ET to discuss the quarterly results and answer questions from participants. Interested individuals can access the call by dialing (877) 269-7751 (US) or (201) 389-0908 (international), with a webcast available on the REX website.

REX American Resources Corporation owns interests in six ethanol production facilities with a total production capacity of approximately 730 million gallons annually. More information about REX is available on their website.

Please note that this article contains forward-looking statements subject to various risks and uncertainties. Readers are advised to consider the risk factors outlined in the company’s filings with the Securities and Exchange Commission.

Contact:
Douglas Bruggeman, Chief Financial Officer, Caldwell Bailey, ICR, Inc. via [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read REX American Resources’s 8K filing here.

REX American Resources Company Profile

REX American Resources Corporation, together with its subsidiaries, produces and sells ethanol in the United States. The company also offers corn, distillers grains, ethanol, distillers corn oil, gasoline, and natural gas. In addition, it provides dry distillers grains with solubles, which is used as a protein in animal feed.