Aug 28, 2014 - Rex American Resources Corp (NYSE:REX), which has stakes in seven ethanol plants, on Wednesday reported a net profit of USD 21.9 million (EUR 16.6m) in its second quarter through July, soaring by 277% on the year.
Diluted earnings per share (EPS) for the May-July quarter increased to USD 2.68 apiece from USD 0.71. CEO Stuart Rose explained that the record bottom line result was due to favorable market dynamics combined with the efficiency of its plants.
The company booked income from continuing operations before income tax and non-controlling interests of USD 40.7 million, up from USD 10.3 million from a year ago.
At the same time, Rex American Resources saw its revenue in the fiscal second quarter fall to USD 150.2 million from USD 175.4 million due to a drop in ethanol and distillers grains pricing.
Rex American closed the first half of its fiscal year with a net profit of USD 43.6 million, growing from USD 9.3 million a year back, and revenues of USD 306.2 million, down from USD 353.8 million. At the end of July, the firm had USD 152.2 million in cash and cash equivalents, up from USD 105.1 million at end-January.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.