Rex American Resources Corp. has released financial results for fiscal year 2014, which ended Jan. 31, reporting net sales of $572.2 million, down from $666 million in fiscal 2013. Gross profits, however, more than doubled, reaching $141.9 million, up from $64.3 million the previous year. Fiscal 2014 income from continuing operations before income taxes and noncontrolling interests also more than doubled, reaching $152.8 million, up from $58.9 million in fiscal 2013.
Rex reported net income attributable to Rex shareholders of $87.3 million last year, a 149 percent increase compared with $35.1 million in fiscal 2013. Diluted net income per share attributable to Rex common shareholders rose to a record $10.76 in fiscal 2014, compared to $4.29 per share in fiscal 2013.
For the fourth quarter of fiscal 2014, Rex reported net sales and revenue of $127.7 million, down from $146.1 million during the same period of 2013. Gross profit for the quarter increased to $30 million, up from $26.3 million during the same quarter of the previous year. Rex attributed the increase to solid ethanol crush spread margins during the quarter. Net income attributable to Rex shareholders increased to $20.3 million, up from $15.9 million during the fourth quarter of 2013. Fourth quarter 2014 diluted net income per share attributable to Rex common shareholders was a record $2.55 per share, up from $1.95 per share during the same period of 2013.
During an investor call, Stuart Rose, chairman and CEO of Rex, noted demand for ethanol is expected to pick up with the summer driving season. He also noted distillers dried grains prices are improving now that the Chinese market has reopened.
According to Rose, even though crush spreads are down, Rex&rsquo;s plants are still running at slightly better than breakeven. Margins have improved over the past couple of weeks, he added.
Rose also noted Rex continues to explore the possibility of building a new plant. While the company believes that permitting is now possible, a final decision will have to wait until industry economics improve. Rex is also continuing to look for opportunities to buy additional ethanol plants.&nbsp;
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Rex American Resources Corp. has released financial results for fiscal year 2014, which ended Jan. 31, reporting net sales of $572.2 million, down from $666 million in fiscal 2013. Gross profits, however, more than doubled, reaching $141.9 million.

Rex American Resources reports record net income for fiscal 2014

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