REX American Resources Reports Fiscal 2023 First Quarter Net Income Per Share

Source: 5/25/2023, Location: North America

REX American Resources Corporation reported financial results for its fiscal 2023 first quarter (“Q1 ‘23”) ended April 30, 2023. REX management will host a conference call and webcast today at 11:00 a.m. ET.

REX American Resources’ Q1 ‘23 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates.

REX’s Q1 ‘23 net sales and revenue rose 9.5% to $212.7 million from $194.2 million in Q1 ‘22. The year-over-year net sales and revenue increase primarily reflects an increase in the quantities sold of ethanol, dried distillers grains and distillers corn oil as well as higher prices for dried and modified distillers grains. Q1 ‘23 gross profit increased 26.2% to $15.0 million, from $11.9 million in Q1 ’22, while SG&A increased to $10.6 million. This led to Q1 ‘23 income before income taxes and non-controlling interests of $8.7 million, compared with $8.8 million in the comparable year ago period.

Net income attributable to REX shareholders was $5.2 million in both Q1 ’23 and Q1 ’22. Q1 ‘23 basic and diluted net income per share attributable to REX common shareholders was $0.30, compared to $0.29 per share in Q1 ‘22. Per share results for Q1 ‘23 and Q1 ‘22 are based on 17,439,000 and 17,836,000 diluted weighted average shares outstanding, respectively, reflecting the Company’s 3-for-1 common stock split effected August 5, 2022.

REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “Our first quarter results mark our eleventh consecutive quarter of profitability as we have consistently offset challenges related to the industry and economy. The first quarter results reflect the positive trends across our operating margins as the quarter progressed as well as the continued disciplined and efficient operation of our plants.

“We recently published REX’s inaugural Sustainability Report which is available on our website and highlights our commitment to addressing the sustainable economy and our social responsibilities. We continue to strategically invest in initiatives that we expect will generate attractive rates of return, including enhanced production and energy efficiency at our plants, which are intended to reduce the carbon intensity of our plants. In addition, we continue to advance our One Earth carbon capture project and remain excited by the significant opportunities this initiative holds. Our NuGen Energy facility recently reached an agreement to be part of Summit Carbon Solutions’ carbon capture and storage pipeline, which we believe will further advance our sustainability goals.

“Our healthy financial foundation, company-wide focus on operational excellence and the effectiveness of our plant operations teams reinforce our confidence in our ability to extend our long track record of leading industry results. As we look to the balance of fiscal 2023 and beyond, we intend to continue our strategic investments in the efficiency and capacity of our plants and moving our carbon capture and sequestration initiatives forward.”

Balance Sheet
As of April 30, 2023, REX had cash and cash equivalents and short-term investments of $265.8 million, $34.2 million of which was at the parent company, and $231.6 million of which was at its consolidated production facilities. This compares with cash, cash equivalents and short-term investments at January 31, 2023, of $280.9 million, $42.1 million of which was at the parent company, and $238.8 million of which was at its consolidated ethanol production facilities.

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