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REX American Resources Corporation (REX+2.04%) has submitted its 10-K filing for the fiscal year ended January 31, 2025.
The filing includes financial statements for the year, showing net income attributable to REX common shareholders of $58.2 million, compared to $60.9 million in the previous year. The decrease is primarily attributed to lower selling prices for ethanol and by-products, despite a decrease in corn and natural gas prices.
REX reported net sales and revenue of $642.5 million, down from $833.4 million in the previous year. The decline was due to weaker selling prices across all products.
The company's ethanol business faced volatility in corn and ethanol pricing, with Chicago Board of Trade corn prices ranging from $3.62 to $4.97 per bushel and S&P Global Platts ethanol pricing from $1.38 to $2.12 per gallon during the year.
REX is involved in a carbon sequestration project at its One Earth Energy ethanol plant. The company has applied for a Class VI injection well permit with the EPA and expects a draft permit by the second quarter of 2025.
The company plans to expand the One Earth ethanol plant's production capacity from 150 million gallons to 175 million gallons per year, with further expansion to 200 million gallons per year planned.
REX's investment in Big River Resources, LLC, accounted for under the equity method, contributed $9.4 million in income during the year.
The company is exploring various investment opportunities, including energy-related, carbon sequestration, and agricultural ventures. REX also has a stock buyback program, with authorization to repurchase up to an additional 1.5 million shares.
The company identified risks related to commodity price volatility, regulatory changes, and competition in the ethanol industry, which could impact future financial performance.
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 annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.