Fri. Jan 24th, 2020

REX American Resources Corporation (NYSE: REX)

12 min read

REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) stated recently fiscal results for its fiscal 2k19 3rd-quarter (“Q3 ‘19”) finished October 31, 2k19.

REX’s Q3 ‘19 net sales and revenue were $86.70M, compared with $123.80M in Q3 ‘18. Although ethanol and corn oil pricing strengthened on a year-to-year basis, lower Q3 ’19 ethanol production and lower distiller grain pricing resulted in a year-over-year decline in net sales and revenue. Primarily reflecting these factors and a significant year-over-year incline in corn prices, Q3 ‘19 gross profit for the Company’s ethanol and by-products segment was $28,000.00, compared with $11.30M in Q3 ‘18. As a result, the ethanol and by-products segment loss before income taxes was $2.80M in Q3 ‘19, compared to income of $8.40M in Q3 ‘18. The Company’s refined coal operation incurred a $1.80M gross loss and a $1.60M loss before income taxes in Q3 ‘19, compared to a $3.50M gross loss and a loss before income taxes of $4.20M in Q3 ‘18. REX reported a Q3 ‘19 loss before income taxes and non-controlling interests of $4.90M, compared with income before income taxes and non-controlling interests of $3.80M in the comparable year-ago duration. While the refined coal operation negatively impacted gross profit and income before income taxes, it contributed a tax benefit of $2.20M and $8.30M for Q3 ’19 and Q3 ‘18, respectively. The year-over-year decline in the refined coal gross loss, loss before taxes and reduced year-over-year tax benefits are related to lower production levels.

Net loss attributable to REX shareholders in Q3 ‘19 was $2.10M, compared to net income of $11.90M in Q3 ‘18. Q3 ‘19 basic and diluted net loss for each share attributable to REX common shareholders was $0.320, compared to net income for each share of $1.860 in Q3 ‘18. for each share results in Q3 ‘19 and Q2 ‘18 are based on 6,319,000 and 6,388,000 diluted weighted average shares outstanding, respectively.

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