The company had more than 6.4 million shares outstanding as of April 30, 2018.
First quarter results for the energy investing company saw net income attributable to common shareholders of nearly $9.5 million, more than double the $4.5 million the company saw in the first quarter last year.
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Quarterly results reflect Rex’ interests in six ethanol production facilities and its refined coal operation.
Net sales and revenue for the most recently completed quarter were $120.8 million, compared with $113.1 million in the first quarter of 2017.
The company’s gross profit for its ethanol and by-products segment increased to $13.5 million, from $12.5 million in the comparable prior-year period.
Rex also saw income before income taxes of $11 million in the quarter, compared to $8.9 million in the 2017 first quarter for the ethanol and by-products segment.
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Rex said it also recorded a gross loss from its refined coal operation of $2.7 million in the most recently completed quarter.
The first quarter’s diluted net income per share attributable to Rex common shareholders was $1.45 per share, compared to 69 cents per share in the first quarter last year.
“Ethanol pricing remained pressured in the first quarter based on industry supply levels and legislative uncertainty,” Zafar Rizvi, Rex chief executive, said in a statement. “However, our consolidated plants increased the volume of ethanol sold by 9 percent over last year’s first quarter and with the recovery in distillers grain pricing we grew the gross profit in the ethanol and by-products segment by 8.5 percent.
This growth, with the benefits of its coal operations and other tax cuts, let REX more than double its net income and earnings per share in the first quarter, the company said.
Rex executives will host a conference call at 11 a.m. Wednesday. The dial in number for the call is (212) 231-2924.
Participants can also listen to a live webcast of the call on the Rex website, www.rexamerican.com/Corp/Page4.aspx.
Rex closed its retail electronics stores in 2009 as it became an alternative energy investor.
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