REX American Resources Corp (NYSE:REX)
$ 42.74 -1.11 (-2.53%) Market Cap: 750.82 Mil Enterprise Value: 490.47 Mil PE Ratio: 11.19 PB Ratio: 1.33 GF Score: 70/100
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Q2 2024 REX American Resources Corp Earnings Call Transcript

Aug 27, 2024 / 03:00PM GMT
Release Date Price: $44.85 (-5.58%)

Key Points

Positve
  • REX American Resources Corp (REX) achieved a 37% improvement in gross margin over the first quarter and nearly 8% over the second quarter of 2023.
  • Net income per share increased by more than 20% over the first quarter of 2024 and more than 35% over the second quarter of 2023.
  • The company has no debt, allowing it to grow without financial burden.
  • REX American Resources Corp (REX) is on track to complete the expansion of its One Earth Energy ethanol production facility to 175 million gallons per year by the first quarter of 2025.
  • The company has invested approximately $91 million into the One Earth carbon capture project and associated ethanol production capacity expansion, showing strong commitment to future growth.
Negative
  • Ethanol sales volume decreased by approximately 6% compared to the second quarter of 2023.
  • Average selling prices for ethanol, dry distillers grain, and corn oil all declined compared to the second quarter of 2023.
  • The carbon capture and sequestration project faced delays due to regulatory actions by the state of Illinois, impacting the construction schedule.
  • The company is experiencing delays in receiving equipment and components, which could affect the completion timeline of its projects.
  • REX American Resources Corp (REX) ended the second quarter with a decrease in total cash, cash equivalents, and short-term investments, primarily due to ongoing construction projects.
Operator

Good morning, and welcome to the REX American Resources Second Quarter 2024 Conference Call. As a reminder, today's call is being recorded. (Operator Instructions)

I would now like to turn the call over to Mr. Doug Bruggeman, Chief Financial Officer of REX American. Please go ahead.

Douglas Bruggeman
REX American Resources Corp - Chief Financial Officer, Vice President - Finance, Treasurer

Good morning and thank you for joining REX American Resources Q2 2024 Conference Call. We'll get to our presentation and comments momentarily as well as your questions, but first, I will review the safe harbor disclosure.

In addition to historical facts or statements of current conditions, today's conference call contain forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs but are not guarantees of future performance. As such, actual results may vary materially from expectations. The

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