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REX American Resources Corporation (REX) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales and revenue to $174.9 million from $221.1 million in the same quarter the previous year. This decline is attributed to lower average selling prices for ethanol and related products.
Cost of sales for the quarter was $135.2 million, representing 77% of sales, compared to 82% in the same quarter of the previous year. The decrease in cost ratio is primarily due to lower corn and natural gas prices.
The company reported a gross profit of $39.7 million for the quarter, compared to $39.3 million in the previous year, reflecting stable margins despite lower sales.
Income before income taxes was $39.5 million, down slightly from $41.3 million in the previous year. The provision for income taxes was $9.4 million, resulting in net income of $30.1 million.
Net income attributable to REX common shareholders was $24.5 million, compared to $26.1 million in the previous year.
Cash provided by operating activities was $39.1 million, while cash provided by investing activities was $37.6 million, primarily due to capital expenditures and the purchase and maturity of short-term investments.
REX American Resources continues its carbon sequestration project at One Earth Energy, LLC, with significant investments made towards the completion of the capture and compression facility.
The company holds a 75.9% interest in One Earth Energy, LLC and a 99.7% interest in NuGen Energy, LLC, with additional equity investments in Big River Resources, LLC.
The filing also discusses ongoing regulatory and market risks, including changes in the Renewable Fuel Standard and potential impacts from the Inflation Reduction Act.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the REX American Resources Corporation quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.