REX American Q1 2023 Earnings Report
Key Takeaways
REX American Resources Corporation reported a 9.5% increase in net sales and revenue to $212.7 million for Q1 2023, with net income attributable to REX shareholders remaining consistent at $5.2 million. The company's basic and diluted net income per share attributable to REX common shareholders was $0.30, compared to $0.29 per share in Q1 2022.
Net sales and revenue increased by 9.5% to $212.7 million in Q1 2023 from $194.2 million in Q1 2022.
Gross profit increased by 26.2% to $15.0 million in Q1 2023, up from $11.9 million in Q1 2022.
Net income attributable to REX shareholders remained consistent at $5.2 million in both Q1 2023 and Q1 2022.
Basic and diluted net income per share attributable to REX common shareholders was $0.30 in Q1 2023, compared to $0.29 per share in Q1 2022.
REX American
REX American
Forward Guidance
REX American Resources intends to continue strategic investments in plant efficiency and capacity, as well as advance carbon capture and sequestration initiatives throughout fiscal year 2023 and beyond.
Positive Outlook
- Strategic investments expected to generate attractive rates of return.
- Enhanced production and energy efficiency initiatives at plants.
- Reduction of carbon intensity at plants.
- Advancement of the One Earth carbon capture project.
- NuGen Energy facility agreement to be part of Summit Carbon Solutions’ carbon capture and storage pipeline.
Challenges Ahead
- Effect of pandemics such as COVID-19 on the Company’s business operations, including impacts on supplies, demand, personnel and other factors
- The impact of legislative and regulatory changes
- The price volatility and availability of corn, distillers grains, ethanol, distillers corn oil, commodity market risk, gasoline and natural gas
- Ethanol plants operating efficiently and according to forecasts and projections, logistical interruptions
- Changes in the international, national or regional economies, the impact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates and the effects of terrorism or acts of war.