Welcome to our dedicated page for REX American Resources Corporation news (Ticker: REX), a resource for investors and traders seeking the latest updates and insights on REX American Resources Corporation stock.
REX American Resources Corp (symbol: REX) operates as a distinguished holding company with a primary focus on investments in alternative energy and ethanol production. The company has established itself in the renewable energy sector through its two key operating segments: Ethanol and By-Products.
REX's core offerings include ethanol, a widely used renewable fuel, and various by-products such as dried distillers grains (DDGS), modified distillers grains (MDGS), and non-food grade corn oil. These by-products are essential for animal feed and other industrial applications, contributing to sustainable agricultural practices.
The company's commitment to alternative energy is reflected in its strategic investments and partnerships, aimed at expanding its production capabilities and improving operational efficiencies. REX has been actively involved in acquiring and managing ethanol production facilities, which allows it to maintain a strong presence in the renewable energy market.
Recent achievements include advancements in production technology, strategic expansion into new markets, and efforts to reduce the environmental footprint of its operations. These initiatives highlight REX's dedication to innovation and sustainability.
Financially, REX American Resources Corp. remains robust, with consistent revenue streams generated from its diversified product lines. The company's sound financial health is supported by its prudent investment strategies and efficient management practices.
Investors are particularly interested in REX due to its stability and growth potential in the renewable energy sector. As the demand for sustainable energy solutions continues to rise, REX is well-positioned to capitalize on these trends.
For the latest updates and detailed information about REX American Resources Corp., including performance metrics and recent developments, visit our news section.
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.
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