Rex American Resources Corp. (NYSE:REX) reported fiscal third-quarter 2025 results on Thursday that surpassed Wall Street expectations, delivering adjusted earnings per share of $0.71 — far above the consensus estimate of $0.27. Revenue came in at $175.6 million, also ahead of the projected $169 million.
Shares of the ethanol producer rose 1.55% in pre-market trading after the results were released.
The company generated gross profit of $36.1 million during the quarter, down from $39.7 million a year earlier, largely due to weaker pricing for ethanol and distillers grains. Net income attributable to shareholders totaled $23.4 million, compared with $24.5 million in the same quarter of fiscal 2024.
“REX continues to deliver value to shareholders, marking our 21st consecutive quarter of positive earnings,” said Zafar Rizvi, Chief Executive Officer of REX. “As our ethanol expansion and carbon capture projects advance, we are evaluating how best to leverage the 45Z tax credits to further enhance shareholder value.”
Revenue was little changed year-over-year, inching up from $174.9 million in the prior-year quarter. Consolidated ethanol sales volumes reached 78.4 million gallons in the period.
The company also noted steady progress on its ethanol expansion at the One Earth facility, which remains scheduled for completion in 2026. Capital expenditures tied to the carbon capture and sequestration project at One Earth totaled $155.8 million as of the third quarter, with total project spending expected between $220 million and $230 million.
Rex American Resources ended the quarter with $335.5 million in cash, cash equivalents, and short-term investments — and no bank debt. The EPA’s published timeline suggests the final permitting decision for the sequestration component of the carbon capture project will occur in June 2026.