REX reports Q3 EPS $0.18 vs $0.74 YoY; files carbon sequestration permit

REX AMERICAN RESOURCES Corp

Net sales $220.3M (+8.5% YoY); gross profit fell to $11.3M from $25.2M on higher corn and natural gas costs.
Net income attributable to REX common shareholders from continuing ops $3.2M ($0.18 diluted EPS) vs $13.3M ($0.74) in Q3 '21.
Filed Class VI injection well permit (three wells) for carbon sequestration; secured compression facility contract at One Earth Energy.
Cash and short-term investments $289.8M; no debt. Repurchased 249,570 shares for ~$6.8M in Q3.
Net income for first nine months of fiscal 2022 was $1.10 per share, ninth consecutive profitable quarter.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REX AMERICAN RESOURCES Corp reported the three-month period ended October 31, 2022 results: revenue $220.3 million, net income $3.2 million, EPS $0.18.

Period: the three-month period ended October 31, 2022
Revenue: $220.3 million
Net income: $3.2 million
EPS: $0.18
Result: reported results

Exact text from the filing

REX’s Q3 ’22 net sales and revenue were $220.3 million, compared with $203.1 million in Q3 ’21. The year-over-year net sales and revenue increase primarily reflects higher pricing for ethanol, dried distillers grains, non-food grade corn oil and modified distillers grains. Q3 ’22 gross profit for the Company’s continuing operations decreased to $11.3 million, compared with $25.2 million in Q3 ’21 as the higher net sales and revenue were offset by significant increases in corn and natural gas prices. This led to Q3 ’22 income before income taxes and non-controlling interests of $6.1 million, compared with $19.2 million in the comparable year ago period. Net income attributable to REX shareholders from continuing operations in Q3 ’22 was $3.2 million, compared to $13.3 million in Q3 ’21. Q3 ’22 basic and diluted net income per share attributable to REX common shareholders from continuing operations was $0.18, compared to $0.74 per share in Q3 ’21.

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Source: SEC EDGAR

accession 0000930413-22-001999

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