The following is a summary of the REX American Resources Corporation (REX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• REX American reported a strong Q1 2024 with a 4% increase in ethanol sold at 74.5 million gallons over the same quarter in 2023.

• The company reported the second most profitable net income per share in its history, primarily due to lower natural gas and corn input prices.

• Q1 net income attributable to REX shareholders rose to $10.2 million, up from $5.2 million in Q1 2023.

• The company ended Q1 2024 with a cash position of $351.8 million, inclusive of cash equivalents, and short-term investments.

Business Progress:

• REX is progressing as planned with the construction of the One Earth Energy carbon capture facility in Gibson City, Illinois.

• The company is also on track to complete the expansion of ethanol production capacity at the One Earth Energy facility to 175 million gallons per year, with plans to seek permits for further expansion to 200 million gallons per year.

• In Q4 2024, REX expects to connect power to the carbon capture and compression facility site.

• REX has invested approximately $78.1 million in the One Earth carbon capture project and the associated ethanol production capacity expansion, with a total budget estimated to be within $165 million-$175 million.

More details: REX American Resources IR

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