Seeking Alpha

REX American +9% after posting six-fold jump in Q1 earnings

  • REX American Resources (REX +9.1%) shares reach a new 52-week high after the ethanol producer reported a sixfold increase in Q1 earnings over year-ago levels, also beating the single analyst estimate for the period.
  • Net income attributable to shareholders jumped to $21.7M, or $2.67/share, during the April quarter, up from $3.5M a year ago and topping the $2.50/share expected from the lone analyst following the company.
  • Revenue fell 12.6% Y/Y to $156M, in line with the single estimate; REX says the decline was due primarily to lower commodity pricing.
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