REX American Resources Corporation reported its financial results for the three and six months ended July 31, 2024, highlighting significant changes in revenue and profitability compared to the previous fiscal period.

For the three months ended July 31, 2024, the company recorded net sales and revenue of $148.2 million, reflecting a 30% decrease from $212.0 million in the same period of 2023. Despite the decline in revenue, REX achieved a gross profit of $19.8 million, an increase from $18.4 million year-over-year. This resulted in a net income of $15.0 million for the quarter, up from $12.3 million in the prior year. Net income attributable to REX common shareholders also rose to $12.4 million, compared to $9.1 million in the same period of 2023. Basic net income per share attributable to REX common shareholders increased to $0.71, up from $0.52 a year earlier.

For the six months ended July 31, 2024, REX reported total net sales and revenue of $309.4 million, down from $424.7 million for the same period in 2023. However, net income for the six-month period increased to $27.3 million, compared to $19.0 million in the previous year.

As of July 31, 2024, REX American Resources had total assets of $680.0 million, an increase from $664.8 million as of January 31, 2024. Cash and cash equivalents also rose to $261.0 million, up from $223.4 million at the end of January 2024. The company had 17,567,152 shares of common stock outstanding as of the reporting date.

These results indicate a complex performance landscape for REX American Resources, with notable revenue declines juxtaposed against improvements in profitability metrics.