The company’s fiscal third quarter 2024 results principally reflect its interests in six ethanol production facilities.
For the quarter, Washington Twp.-based REX reported net sales and revenue of $174.9 million, down from with $221.1 million for the fiscal third quarter in 2023. The decrease in year-over-year net sales and revenue primarily reflect reduced pricing for ethanol and co-products, the company said.
Fiscal third quarter 2024 gross profit for the company was $39.7 million, compared with $39.3 million from the same quarter last year, reflecting what the business said was decreased corn and natural gas prices.
Interest and other income for the quarter was $4.6 million, compared to $4.9 million for third fiscal quarter last year.
“REX American continues to produce outsized positive results across market conditions thanks to our employees and management team and focused ethanol production operations,” Zafar Rizvi, REX chief executive, said in a statement. “Quarter after quarter, the REX team consistently demonstrates our ability to produce industry-leading results — and the third quarter was no exception.
Rizvi said the company produced a year-over-year increase in gross margin by maximizing production at its consolidated plants and managing costs.
A former appliances and electronics retailer once known as REX stores, the company now focuses on its interests in six ethanol production sites.
Shares of REX (NYSE: REX) closed at $41.95 Tuesday, down $1.50 or 3.45%.
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