REX American Resources Corporation (NYSE: REX) shares began Tuesday sharply lower, as the leading ethanol production company today announced financial and operational results for the Company’s fiscal second quarter 2024.
For fiscal second-quarter 2024, REX reported net sales and revenue of $148.2 million, compared with $212.0 million for fiscal second quarter 2023. The year-over-year net sales and revenue decrease primarily reflects reduced pricing for ethanol and co-products. Gross profit was $19.8 million, compared with $18.4 million in fiscal second quarter 2023, reflecting decreased corn and natural gas prices. Interest and other income for the second fiscal quarter 2024 was $4.4 million, compared to $3.3 million for second fiscal quarter 2023. This resulted in higher fiscal second quarter 2024 income before income taxes and non-controlling interests of $19.5 million, compared with $16.1 million in the prior year period.
Net income attributable to REX shareholders in fiscal second quarter 2024 was $12.4 million, compared to $9.1 million in fiscal second quarter 2023. Fiscal second quarter 2024 diluted net income per share attributable to REX common shareholders was $0.70, compared to $0.52 per share in fiscal second quarter 2023.
According to this morning’s news release, “REX continues to progress construction of the carbon capture and compression facility portion of its One Earth Energy carbon capture and sequestration project.”
REX shares faltered $2.18, or 4.6%, to $45.10.
