REX American Resources Reports Fiscal 2024 Third Quarter Net Income Per Share Attributable to REX Common Shareholders of $1.38, the Second-Best Quarterly Result in Company History
-
Reported net income attributable to REX shareholders of
$24.5 million for Fiscal Q3 ’24, compared to$26.1 million for Fiscal Q3 ‘23 -
Generated
$1.38 of net income per share in Fiscal Q3 ‘24, the second-best quarterly result in company history -
Reported gross profit of
$39.7 million for Fiscal Q3 ‘24, compared to$39.3 million for Fiscal Q3 ‘23 - Reported consolidated ethanol sales volumes of 75.5 million gallons for Fiscal Q3 ‘24, an increase of approximately 3% compared to the same period in Fiscal 2023
REX American Resources’ fiscal third quarter 2024 results principally reflect its interests in six ethanol production facilities.
Fiscal Third Quarter 2024 Results
For fiscal third quarter 2024, REX reported net sales and revenue of
Net income attributable to REX shareholders in fiscal third quarter 2024 was
Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects
REX is progressing on the expansion of its ethanol production facility at the One Earth Energy facility in
At this time, the necessary utility interconnection work required for the ethanol production expansion and carbon capture and compression facility remains on track. The
REX has substantially completed work on the carbon capture and compression portion of the One Earth Energy carbon capture and sequestration project. Currently, REX is focused on managing further near-term costs for the project as the Company awaits the approval of its Class VI injection well applications to the EPA, approval of other state and local permits, completion of interconnection work at the site previously mentioned, and the resolution of issues around the Illinois CO2 pipeline moratorium.
Through the end of fiscal third quarter 2024, capital expenditures related to the One Earth Energy carbon capture and sequestration project totaled
Balance Sheet
At the end of fiscal third quarter 2024 on
Management Commentary
“REX American continues to produce outsized positive results across market conditions thanks to our employees and management team and focused ethanol production operations,” said
“As we await permitting of the One Earth Energy carbon capture and sequestration facility, we remain positive about the eventual approval of our EPA Class VI injection well permit, as well as resolution of Illinois’ moratorium on CO2 pipeline construction. We are working with our government partners and other stakeholders to make sure carbon capture and sequestration operations in the state are among the safest in the country. We look forward to further updates as things progress,” concluded
Conference Call Information
REX will host a conference call at
About
Forward-Looking Statements
This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
|||||||||||
Consolidated Statements of Operations |
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(in thousands, except per share amounts) |
|||||||||||
Unaudited |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net sales and revenue |
$ |
174,877 |
$ |
221,079 |
|
$ |
484,263 |
$ |
645,770 |
||
Cost of sales |
|
135,196 |
|
181,789 |
|
410,358 |
|
577,962 |
|||
Gross profit |
|
39,681 |
|
39,290 |
|
|
73,905 |
|
67,808 |
||
Selling, general and administrative expenses |
|
(8,426) |
|
(7,609) |
|
|
(20,977) |
|
(21,996) |
||
Equity in income of unconsolidated ethanol affiliates |
|
3,621 |
|
4,738 |
|
|
7,086 |
|
9,275 |
||
Interest and other income, net |
|
4,629 |
|
4,863 |
|
14,950 |
|
10,935 |
|||
Income before income taxes and noncontrolling interests |
|
39,505 |
|
41,282 |
|
|
74,964 |
|
66,022 |
||
Provision for income taxes |
|
(9,402) |
|
(9,640) |
|
(17,581) |
|
(15,396) |
|||
Net Income |
|
30,103 |
|
31,642 |
|
|
57,383 |
|
50,626 |
||
Net Income attributable to noncontrolling interests |
|
(5,603) |
|
(5,566) |
|
(10,314) |
|
(10,259) |
|||
Net income attributable to REX common shareholders |
$ |
24,500 |
$ |
26,076 |
$ |
47,069 |
$ |
40,367 |
|||
|
|
|
|
|
|
||||||
Weighted average shares outstanding – basic |
|
17,595 |
|
17,531 |
|
17,550 |
|
17,461 |
|||
|
|
|
|
|
|
||||||
Basic net income per share attributable to REX common shareholders |
$ |
1.39 |
$ |
1.49 |
$ |
2.68 |
$ |
2.31 |
|||
|
|||||||||||
Weighted average shares outstanding – diluted |
|
17,723 |
|
17,531 |
|
17,673 |
|
17,461 |
|||
|
|||||||||||
Diluted net income per share attributable to REX common shareholders |
$ |
1.38 |
$ |
1.49 |
$ |
2.66 |
$ |
2.31 |
|||
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
|||||
Consolidated Balance Sheets |
|||||
(in thousands) |
|||||
Unaudited |
|||||
|
|
|
|
||
|
2024 |
2024 |
|||
ASSETS: |
|
|
|
||
CURRENT ASSETS: |
|
|
|
||
Cash and cash equivalents |
$ |
298,249 |
|
$ |
223,397 |
Short-term investments |
|
66,826 |
|
|
155,260 |
Accounts receivable |
|
22,331 |
|
|
23,185 |
Inventory |
|
29,127 |
|
|
26,984 |
Refundable income taxes |
|
5,556 |
|
|
5,728 |
Prepaid expenses and other |
|
14,408 |
|
17,549 |
|
Total current assets |
|
436,497 |
|
|
452,103 |
Property and equipment, net |
|
200,496 |
|
|
155,587 |
Operating lease right-of-use assets |
|
22,580 |
|
|
13,038 |
Other assets |
|
17,074 |
|
|
9,138 |
Equity method investment |
|
39,015 |
|
34,936 |
|
TOTAL ASSETS |
$ |
715,662 |
$ |
664,802 |
|
LIABILITIES AND EQUITY: |
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
||
Accounts payable – trade |
$ |
22,220 |
|
$ |
42,073 |
Current operating lease liabilities |
|
5,857 |
|
|
4,469 |
Accrued expenses and other current liabilities |
|
15,883 |
|
19,717 |
|
Total current liabilities |
|
43,960 |
|
66,259 |
|
LONG-TERM LIABILITIES: |
|
|
|
||
Deferred taxes |
|
5,694 |
|
|
1,598 |
Long-term operating lease liabilities |
|
16,761 |
|
|
8,378 |
Other long-term liabilities |
|
2,647 |
|
970 |
|
Total long-term liabilities |
|
25,102 |
|
10,946 |
|
EQUITY: |
|
|
|
||
REX shareholders’ equity: |
|
|
|
||
Common stock |
|
299 |
|
|
299 |
Paid-in capital |
|
6,254 |
|
|
3,769 |
Retained earnings |
|
748,830 |
|
|
701,761 |
|
|
(190,892) |
|
(191,911) |
|
Total REX shareholders’ equity |
|
564,491 |
|
|
513,918 |
Noncontrolling interests |
|
82,109 |
|
73,679 |
|
Total equity |
|
646,600 |
|
587,597 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
715,662 |
$ |
664,802 |
|
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
|||||
Consolidated Statements of Cash Flows |
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(in thousands) |
|||||
Unaudited |
|||||
|
Nine Months Ended |
||||
|
|
|
|
||
|
2024 |
2023 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||
Net Income including noncontrolling interest |
$ |
57,383 |
|
$ |
50,626 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||
Depreciation |
|
12,433 |
|
|
13,371 |
Amortization of operating lease right-of-use assets |
|
4,192 |
|
|
3,766 |
Income from equity method investments |
|
(7,086) |
|
|
(9,275) |
Dividends received from equity method investments |
|
3,007 |
|
|
5,513 |
Interest income from investments |
|
(4,219) |
|
|
(6,950) |
Deferred income taxes |
|
11,934 |
|
|
10,048 |
Stock based compensation expense |
|
2,980 |
|
5,146 |
|
Loss on disposal of property and equipment – net |
|
45 |
|
|
205 |
Changes in assets and liabilities: |
|
|
|
||
Accounts receivable |
|
854 |
|
|
(4,976) |
Inventories |
|
(2,143) |
|
|
11,229 |
Refundable income taxes |
|
172 |
|
(1,486) |
|
Other assets |
|
(12,639) |
|
(1,312) |
|
Accounts payable – trade |
|
(21,629) |
|
|
(5,622) |
Other liabilities |
|
(6,178) |
|
|
(4,819) |
Net cash provided by operating activities |
|
39,106 |
|
|
65,464 |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||
Capital expenditures |
|
(55,428) |
|
|
(22,359) |
Purchase of short-term investments |
|
(210,328) |
|
|
(378,381) |
Maturity of short-term investments |
|
302,981 |
|
|
337,490 |
Proceeds from sale of real estate and property and equipment |
|
210 |
|
|
10 |
Deposits |
|
195 |
|
|
(27) |
Net cash provided by (used in) investing activities |
|
37,630 |
|
(63,267) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||
Payments to noncontrolling interests holders |
|
(1,884) |
|
|
(716) |
Net cash used in financing activities |
|
(1,884) |
|
|
(716) |
|
|
|
|
||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
74,852 |
|
|
1,481 |
CASH AND CASH EQUIVALENTS – Beginning of period |
|
223,397 |
|
71,347 |
|
CASH AND CASH EQUIVALENTS – End of period |
$ |
298,249 |
|
$ |
72,828 |
|
|||||
Non-cash investing activities – Accrued capital expenditures |
$ |
3,275 |
$ |
722 |
|
Non-cash investing activities – Capital additions transferred from prepaid expenses |
$ |
188 |
$ |
- |
|
Non-cash financing activities – Stock awards accrued |
$ |
1,648 |
$ |
1,467 |
|
Non-cash financing activities – Stock awards issued |
$ |
2,172 |
$ |
965 |
|
Right-of-use assets acquired and liabilities incurred upon lease execution |
$ |
13,734 |
$ |
3,210 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241203543985/en/
Investor Contacts
Chief Financial Officer
rexamerican@icrinc.com
Source: