Rex American Resources Corp. (REX) Misses Q2 EPS by 2c, Revenues Miss

Rex American Resources Corp. (NYSE: REX) reported Q2 EPS of ($0.28), $0.02 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $39.33 million versus the consensus estimate of $82 million.

REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “As we indicated at the time we reported the fiscal 2020 first quarter, the second quarter saw a continuation of the challenging operating environment due to the severe disruptions related to the COVID-19 pandemic and its impact on fuel demand and the economy at large. In order to preserve our financial liquidity and flexibility, we made the strategic decision to temporarily idle our two consolidated plants thus significantly reducing our ethanol output while mitigating operating losses.

“As we enter the second half of fiscal 2020, the operating environment has improved and we’ve re-opened the NuGen Energy and One Earth Energy plants based on the increase in ethanol demand. However, we expect ethanol crush spread margins and distillers grains pricing to remain volatile.“

For earnings history and earnings-related data on Rex American Resources Corp. (REX) click here.

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