Rex reports improved 3Q results



Net sales and revenue for Rex American Resources Corp. grew in the third quarter of the company’s fiscal year, the company reported Tuesday.

Also growing: The company’s earnings per share.

Rex’s net sales and revenue for its fiscal third quarter were $116.3 million, over the $110.6 million reported in the fiscal third quarter of 2015, Rex said.

The company has interests in six ethanol production facilities in Illinois, South Dakota, Iowa and Wisconsin. The facilities shipped a total of about 661 million gallons of ethanol in the year that ended Oct. 31, 2016.

Its gross profit in the third quarter this year grew to $20.2 million, up from $14.3 million in the same quarter last year, the company reported.

Diluted earnings per share rose 26 percent to $1.36, the company also said.

“We are pleased with our results for the third quarter, including a 26 percent increase in earnings per share, on the back of improved industry crush spreads and the positive impact of our capital investment projects to further expand production at our consolidated plants,” Zafar Rizvi, Rex chief executive, said in a statement. “Given our highly capable employees, the capital improvements at our plants and our operating disciplines, we were able to increase the number of gallons of ethanol produced by approximately 10 percent versus the prior year period.”


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