REX
REX American Resources Corporation33.12
-0.44-1.31%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Quantifies 45Z, clarifies CCS timing
Q&A quantified the $28 million 45Z tax credit as full-year FY2025 at ~$0.10/gallon, optimistic for run-rate through 2029 but no CCS-driven credits in 2026 despite construction complete. Management pegged CCS CI reduction at 30-35 points, eyeing up to $1/gallon potential at One Earth once permitted—final EPA review underway, possibly beating September. Tariffs left exports unscathed; high oil prices widen ethanol's edge. E15 expansion eyed via independents, not mandates. Permits pending. Details sharpen the CCS thesis without contradictions.
Key Stats
Market Cap
1.09BP/E (TTM)
22.23Basic EPS (TTM)
1.49Dividend Yield
0%Recent Filings
8-K
Record $2.50 EPS on margins, credits
REX American Resources posted record FY2025 net income of $83.0 million, or $2.50 per share, up from $58.2 million and $1.65 last year, fueled by stronger crush margins and $28.1 million in Q4 45Z tax credits. Q4 gross profit jumped to $28.9 million from $17.6 million, thanks to better ethanol prices and lower corn costs. One Earth expansion nears completion for FY2026 operations; carbon capture awaits permits. Repurchased $32.9 million in shares. Balance sheet boasts $375.8 million in cash, no debt.
8-K
Q3 EPS $0.71, expansion on track
REX American Resources posted Q3 fiscal 2025 net income of $0.71 per share on $175.6M revenue, down slightly from $0.69 on $174.9M last year as lower ethanol prices trimmed $36.1M gross profit versus $39.7M. One Earth expansion advances toward 2026 finish; carbon capture permitting awaits EPA nod by June 2026. Cash pile hit $335.5M, debt-free. Projects on budget at $220-230M.
10-Q
Q3 FY2026 results
REX American Resources posted steady Q3 FY2026 revenue of $175.6M, up slightly y/y from $174.9M yet down q/q on softer ethanol pricing, while gross profit dipped to $36.1M from $39.7M as distillers grains weakened but corn oil surged 60%. Operating income held firm at $35.5M (down 10% y/y), driving diluted EPS of $0.71—consistent with 33M shares. Cash swelled to $272M on $64M operating cash flow, funding $56M capex and $33M buybacks; no debt. Big River equity income rose to $4.4M. Carbon projects advance at One Earth. Shares repurchased aggressively. Small refinery exemptions threaten RIN values.
10-Q
Q2 FY2026 results
REX American Resources posted Q2 FY2026 revenue of $158.6M, up 7% y/y from $148.2M, driven by 8% higher ethanol gallons sold despite a 2% price dip; yet gross profit fell to $14.3M from $19.8M as cost of sales rose 12% on elevated corn and other inputs. Diluted EPS dropped to $0.43 from $0.70, matching 16,505K shares. Cash swelled to $241M with $12.8M operating cash flow (derived), funding $28.9M capex including One Earth expansion; free cash flow not disclosed in the 10-Q. Treasury stock repurchases totaled $33.4M. Stock split announced post-quarter. Volatility in corn prices poses ongoing risks.
8-K
Q2 earnings down; 2-for-1 split
REX American Resources posted Q2 net income of $7.1 million ($0.43/share), down from $12.4 million ($0.70/share) last year, on $158.6 million revenue and 70.6 million gallons ethanol sales—higher volumes offset lower prices. Board declared 2-for-1 stock split as 100% dividend, payable September 15 to September 8 record holders, doubling shares to 33 million. One Earth expansion on track for 2026. Stock split signals confidence.
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