REX American Resources Q2 Profit Rises Sharply, Revenue Increases- Update

REX American Resources

36.00 EUR -0.55%

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(RTTNews) - REX American Resources Corporation (REX), an ethanol producer and marketer, on Wednesday reported significantly higher second-quarter profit, helped by production tax credit benefits, a jump in equity income from unconsolidated affiliates and improved pricing.

Net income attributable to REX common shareholders increased to $34.94 million, or $1.06 per share, from $7.11 million, or $0.22 per share a year ago.

The company recorded $18.41 million in production tax credit income, compared with none a year earlier, while equity in income of unconsolidated affiliates increased to $7.20 million from $0.89 million.

Gross profit increased to $53.30 million from $14.32 million a year earlier, reflecting improved crush margins and the benefits of production tax credits.

Net sales and revenue grew to $168.49 million from $158.56 million in the previous year, primarily helped by improved pricing.

REX shares were down more than 2% in pre-market trading after closing at $41.99 on Tuesday.