Rex American Resources Corp. (NYSE: REX) reported Q1 EPS of ($1.21), $1.72 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $83.25 million versus the consensus estimate of $110.6 million.

REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “The first quarter of fiscal 2020 marked one of the more challenging periods we have encountered in ethanol production as the onset of the Covid-19 pandemic, decline in ethanol pricing and corn supply shortages had a significant impact on our business and ability to operate certain production facilities. As such, we made the strategic decision to temporarily idle operations at our NuGen and One Earth plants in order to help preserve our strong financial and liquidity position.

“I am pleased to report that while we continue to face a challenging operating environment, conditions have improved as Covid-19 restrictions have begun to be lifted and ethanol pricing has begun to recover. As a result, we are now in the process of reopening the One Earth plant. As we move forward, we will remain disciplined in our operating approach and focus on adapting our resources to this fluid and uncertain operating dynamic to ensure that we operate as efficiently as possible, including bringing our NuGen plant back online when appropriate. We are well positioned to leverage near- and long-term opportunities to enhance shareholder value, including recent repurchases of over 108,000 REX common shares. We believe our robust balance sheet, including cash, cash equivalents and short-term investments in excess of $196 million, working capital of $227 million and no bank debt positions REX well to emerge strongly as economic and industry conditions improve.”

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