REX American Q1 EPS rises to $0.58 as net sales fall 24% to $161.2 million
REX American reported fiscal first quarter 2024 results for the three months ended April 30, 2024. Net sales and revenue fell to $161.2 million from $212.7 million, but net income attributable to REX common shareholders rose to $10.2 million, or $0.58 per diluted share, from $5.2 million, or $0.30 per share, a year earlier. The company also said it has secured rights of way for 100% of its planned carbon pipeline and expects construction of its carbon capture and compression facility to finish in July 2024.
Key points
- Net sales and revenue were $161.2 million, down from $212.7 million a year earlier, which the company attributed mainly to reduced ethanol and co-product pricing.
- Gross profit rose to $14.5 million from $10.2 million, reflecting lower corn and natural gas prices and higher production levels.
- Diluted EPS attributable to REX common shareholders was $0.58, compared with $0.30 a year earlier.
- As of April 30, 2024, REX had $351.8 million of cash, cash equivalents and short-term investments and no bank debt; capital expenditures on its carbon capture and ethanol expansion projects totaled $78.1 million through the quarter.
The filing
Written by AI on Nov 8, 2026, 6:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 22, 2024.
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