REX American Resources Q1 Profit Up - Quick Facts

(RTTNews) - REX American Resources Corp. (REX) reported that its net income attributable to shareholders for its first quarter ended April 30, 2014 significantly increased to $21.7 million, from $3.5 million, while net income per share improving to $2.67 from $0.43 last year.

Quarterly net sales and revenue declined to $155.9 million, from last year's $178.4 million, principally due to lower commodity pricing.

Primarily as a result of strong ethanol crush spread margins in the latest-quarter, the Company's gross profit rose to $36.6 million, from $9.0 million in the prior year period.

Reflecting the healthy ethanol industry environment, equity in income of unconsolidated ethanol affiliates increased to $8.3 million, compared with $1.6 million last year. The strong growth in quarterly gross profit and income of unconsolidated ethanol affiliates resulted in the recent quarter net income from continuing operations before income taxes and non-controlling interests of $38.0 million, compared with $5.8 million in the previous year.