REX American Resources Corporation reports developments tied to its ethanol production business and related by-products. Company news commonly covers operating and financial results, ethanol sales volumes, pricing for ethanol and corn oil, corn cost trends, crush margins, and gross profit from its Ethanol and By-Products segment.
Updates also include investor conference participation, earnings call schedules, shareholder voting matters, governance items, and capital-structure actions involving REX common stock. The company’s product references include ethanol, dried and modified distillers grains, distillers corn oil, and other ethanol-production co-products.
REX American Resources reported net income per share of $0.58 for fiscal Q1 2024, marking their second-best Q1 in history.
Gross profit surged by over 42% to $14.5 million, driven by lower corn and natural gas prices.
Net sales and revenue decreased by 24% to $161.2 million due to reduced ethanol pricing.
Ethanol sales volumes increased by 4% to 74.5 million gallons.
REX advanced their One Earth Energy carbon capture project, securing agreements for 100% of the required rights of way and the subsurface area for injection wells.
Completion of the construction phase is scheduled for July 2024.
Capital expenditures for the project amounted to $78.1 million, with a budget of $165-$175 million.
REX ended the quarter with $351.8 million in cash and no debt.
REX American Resources (REX) will report its Q1 2024 results on May 22, 2024, and host a conference call and webcast to review the results. Interested parties can access the call via phone or webcast.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.