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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 2025
REX AMERICAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 001-09097 | 31-1095548 | ||
| (State or other jurisdiction | (Commission File No.) | (IRS Employer Identification No.) | ||
| of incorporation) |
| 7720 Paragon Road Dayton, Ohio | 45459 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (937) 276-3931
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
| Commons stock, $0.01 par value | REX | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition |
On March 26, 2025, REX American Resources Corporation issued a press release announcing financial results for the three and twelve-month periods ended January 31, 2025. The press release is furnished as Exhibit 99 to this report.
| Item 9.01. | Financial Statements and Exhibits |
| (c) | Exhibits. The following exhibits are furnished with this report: | ||
| 99 | Press Release dated March 26, 2025 | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REX AMERICAN RESOURCES CORPORATION | ||||
| Date: March 26, 2025 | By: | /s/ DOUGLAS L. BRUGGEMAN | ||
| Name: | Douglas L. Bruggeman | |||
| Title: | Vice President - Finance, | |||
| Chief Financial Officer | ||||
| and Treasurer | ||||
Exhibit 99
REX American Resources Reports Full Fiscal Year
2024 Net Income Per Share
Attributable to REX Common Shareholders of $3.30
Board of Directors Authorized Additional 1.5 Million Share Buyback Program
| § | Generated $0.63 and $3.30 of net income per share in Q4 and Full Fiscal Year ‘24, respectively | |
| § | Reported gross profit of $17.6 million and $91.5 million for Q4 and Full Fiscal Year ‘24, respectively | |
| § | Reported net sales and revenue of $158.2 million and $642.5 million for Q4 and Full Fiscal Year ’24, respectively | |
| § | Reported consolidated ethanol sales volumes of 74.6 million gallons and 289.7 million gallons for Q4 and Full Fiscal Year ’24, respectively |
Dayton, OH - Wednesday, March 26, 2025 - REX American Resources Corporation (“REX” or the “Company”) (NYSE: REX), a leading ethanol production company, today announced financial and operational results for the Company’s full year and fiscal fourth quarter 2024.
REX American Resources’ Q4 and full fiscal year 2024 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates.
Full Fiscal Year 2024 Results
For the full fiscal year 2024, REX reported net sales and revenue of $642.5 million, compared with $833.4 million for full fiscal year 2023. The year-over-year net sales and revenue decrease primarily reflects reduced pricing for ethanol and co-products. Full fiscal year 2024 gross profit for the Company was $91.5 million, compared with $98.2 million in full fiscal year 2023, reflecting the lower selling prices, partially offset by decreased corn and natural gas prices and increased ethanol production levels. Gross profit margin for fiscal year 2024 increased to 14% from 12% for fiscal year 2023. This led to full fiscal year 2024 income before income taxes and non-controlling interests of $92.9 million, compared with $98.5 million in the prior year period.
Net income attributable to REX shareholders in full fiscal year 2024 was $58.2 million, compared to $60.9 million in full fiscal year 2023. Full fiscal year diluted net income per share attributable to REX common shareholders was $3.30, compared to $3.47 per share in full fiscal year 2023. Per share results for full fiscal years 2024 and 2023 are based on 17,636,000 and 17,576,000 diluted weighted average shares outstanding, respectively.
Fourth Quarter 2024 Results
REX reported Q4 ’24 net sales and revenue of $158.2 million, compared to Q4 ‘23 net sales and revenue of $187.6 million. The year-over-year net sales and revenue decrease primarily reflects lower product pricing. Q4 ‘24 gross profit for the Company was $17.6 million, compared with $30.4 million in Q4 ’23, a result of the lower selling prices, partially offset by decreases in corn and natural gas prices, and increased ethanol production levels. This led to Q4 ‘24 income before income taxes and non-controlling interests of $17.9 million, compared with $32.5 million in Q4 ’23.
Net income attributable to REX shareholders in Q4 ‘24 was $11.1 million, compared to $20.6 million in Q4 ’23. Q4 ‘24 diluted net income per share attributable to REX common shareholders was $0.63, compared to $1.16 per share in Q4 ’23. Per share results for Q4 ’24 and Q4 ’23 are based on 17,630,000 and 17,657,000 diluted weighted average shares outstanding, respectively.
Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects
REX is progressing on construction work for the expansion of ethanol production at the One Earth facility. Construction of utility substation and interconnection equipment, necessary for both the ethanol production expansion and the carbon capture and sequestration facilities, have been completed by the local Illinois utility.
REX substantially completed construction of the capture and compression portions of its One Earth carbon capture and sequestration project at the Company’s Gibson City, Illinois location during Fiscal Year 2024. Currently, the Environmental Protection Agency (EPA) Class VI injection well permitting process is ongoing, and final permitting is expected to be completed in October 2025, according to the published EPA timeline.
As previously noted, in July 2024 Illinois instituted a moratorium on the permitting and construction of new carbon dioxide pipelines in the state for the shorter of two years or until the approval and promulgation of new Federal pipeline safety guidelines.
Capital expenditures at fiscal year-end related to the One Earth Energy carbon capture and sequestration project and related expansion of ethanol production capacity at the Gibson City location totaled $115.6 million. As part of the ongoing construction process, REX management is currently reviewing certain details of the ethanol expansion project. As a result of this review, REX expects the timeline for completion of the project to extend beyond the previously communicated target of the middle of 2025. The Company is now budgeting a total of $220-$230 million for this project.
Share Repurchases
During Fiscal Year 2024, the Company repurchased approximately 372,567 shares, for total consideration of $15.5 million. Subsequent to January 31, 2025, the Company repurchased 281,709 shares for approximately $11.9 million through open market transactions. After these repurchases, a total of 222,510 shares remained available to purchase under existing board authorization.
On March 25, 2025, the Board of Directors authorized the repurchase of up to an additional 1.5 million shares through open market transactions, privately negotiated transactions, or transactions by other means in accordance with applicable securities law, effective immediately. The new authorization is in addition to remaining repurchases already authorized under the prior repurchase authorization.
Balance Sheet
As of January 31, 2025, REX had $359.1 million of cash, cash equivalents, and short-term investments available and no bank debt.
Management Commentary
“During Fiscal Year 2024, REX American continued to provide value to shareholders in the form of profitable operations, properly positioning our growth strategy, and closely monitoring of policy at both the state and Federal levels,” said Zafar Rizvi, REX Chief Executive Officer. “Our continued financial success is due to our incredible team that lives and breathes the ethanol market every day.
This is especially important in a weaker crush spread environment like we saw during the fourth quarter, and which has continued into first quarter 2025. As in the past, REX will continue to manage our business closely to deliver for our customers and shareholders.
“Our two growth projects at our One Earth facility are progressing, and REX is managing both operational and cost aspects in an effort for each project to deliver on its growth prospects for the Company. The technical review underway at our ethanol expansion project is in line with our philosophy of prioritizing efficiency of operations across our plants. As the carbon capture and sequestration facility’s permitting moves forward, we are working to make sure that each project maximizes its growth potential and ultimately the bottom line,” concluded Mr. Rizvi.
Conference Call Information
REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s full fiscal year and fourth quarter results, and will also host a question and answer session. To access the conference call, interested parties may dial (877) 269-7751 (US) or (201) 389-0908 (international). Participants can also view an updated presentation, as well as listen to a live webcast of the call by going to the Investors section on the REX website at www.rexamerican.com. A replay will be available shortly after the live conference call and can be accessed by dialing (844) 512-2921 (US) or (412) 317-6671 (international). The passcode for the replay is 13751633. The replay will be available for 30 days after the call.
About REX American Resources Corporation
REX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity
totaling approximately 730 million gallons per year. REX’s effective ownership of annual volumes is approximately 300 million
gallons. Further information about REX is available at www.rexamerican.com.
Forward-Looking Statements
This press release contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, distillers corn oil, gasoline and natural gas, commodity market risk, ethanol plants operating efficiently and according to forecasts and projections, logistical interruptions, success in permitting and developing the planned carbon sequestration facility near the One Earth Energy ethanol plant, changes in the international, national or regional economies, the impact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism or acts of war and the effect of pandemics on the Company’s business operations, including impacts on supplies, demand, personnel and other factors. The Company does not intend to update publicly any forward-looking statements except as required by law.
Investor Contacts
Douglas Bruggeman
Chief Financial Officer
Caldwell Bailey
ICR, Inc.
rexamerican@icrinc.com
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share amounts)
Unaudited
| Three Months Ended January 31, |
Twelve Months Ended January 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net sales and revenue | $ | 158,228 | $ | 187,614 | $ | 642,491 | $ | 833,384 | ||||||||
| Cost of sales | 140,656 | 157,204 | 551,014 | 735,166 | ||||||||||||
| Gross profit | 17,572 | 30,410 | 91,477 | 98,218 | ||||||||||||
| Selling, general and administrative expenses | (6,171) | (7,383) | (27,148) | (29,379) | ||||||||||||
| Equity in income of unconsolidated ethanol affiliates | 2,299 | 4,646 | 9,385 | 13,921 | ||||||||||||
| Interest and other income, net | 4,208 | 4,789 | 19,158 | 15,724 | ||||||||||||
| Income before income taxes and noncontrolling interests | 17,908 | 32,462 | 92,872 | 98,484 | ||||||||||||
| Provision for income taxes | (3,805) | (7,164) | (21,386) | (22,560) | ||||||||||||
| Net Income | 14,103 | 25,298 | 71,486 | 75,924 | ||||||||||||
| Net Income attributable to noncontrolling interests | (3,004) | (4,730) | (13,319) | (14,989) | ||||||||||||
| Net income attributable to REX common shareholders | $ | 11,099 | $ | 20,568 | $ | 58,167 | $ | 60,935 | ||||||||
| Weighted average shares outstanding – basic | 17,630 | 17,548 | 17,636 | 17,482 | ||||||||||||
| Basic net income per share attributable to REX common shareholders | $ | 0.63 | $ | 1.17 | $ | 3.30 | $ | 3.49 | ||||||||
| Weighted average shares outstanding – diluted | 17,630 | 17,657 | 17,636 | 17,576 | ||||||||||||
| Diluted net income per share attributable to REX common shareholders | $ | 0.63 | $ | 1.16 | $ | 3.30 | $ | 3.47 | ||||||||
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
Unaudited
| January 31, 2025 |
January 31, 2024 |
|||||||
| ASSETS: | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 196,255 | $ | 223,397 | ||||
| Short-term investments | 162,820 | 155,260 | ||||||
| Accounts receivable | 21,511 | 23,185 | ||||||
| Inventory | 31,676 | 26,984 | ||||||
| Refundable income taxes | 6,445 | 5,728 | ||||||
| Prepaid expenses and other | 17,112 | 17,549 | ||||||
| Total current assets | 435,819 | 452,103 | ||||||
| Property and equipment, net | 210,683 | 155,587 | ||||||
| Operating lease right-of-use assets | 20,985 | 13,038 | ||||||
| Other assets | 16,721 | 9,138 | ||||||
| Equity method investment | 35,800 | 34,936 | ||||||
| TOTAL ASSETS | $ | 720,008 | $ | 664,802 | ||||
| LIABILITIES AND EQUITY: | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable – trade | $ | 28,337 | $ | 42,073 | ||||
| Current operating lease liabilities | 5,746 | 4,469 | ||||||
| Accrued expenses and other current liabilities | 16,360 | 19,717 | ||||||
| Total current liabilities | 50,443 | 66,259 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Deferred taxes | 3,562 | 1,598 | ||||||
| Long-term operating lease liabilities | 15,367 | 8,378 | ||||||
| Long-term taxes payable | 4,334 | - | ||||||
| Other long-term liabilities | 2,700 | 970 | ||||||
| Total long-term liabilities | 25,963 | 10,946 | ||||||
| EQUITY: | ||||||||
| REX shareholders’ equity: | ||||||||
| Common stock | 299 | 299 | ||||||
| Paid-in capital | 6,470 | 3,769 | ||||||
| Retained earnings | 759,928 | 701,761 | ||||||
| Treasury stock | (206,360) | (191,911) | ||||||
| Total REX shareholders’ equity | 560,337 | 513,918 | ||||||
| Noncontrolling interests | 83,265 | 73,679 | ||||||
| Total equity | 643,602 | 587,597 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 720,008 | $ | 664,802 | ||||
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
Unaudited
| Year Ended | ||||||||
| January 31, 2025 |
January 31, 2024 |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net Income including noncontrolling interest | $ | 71,486 | $ | 75,924 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation | 15,927 | 17,794 | ||||||
| Amortization of operating lease right-of-use assets | 5,788 | 5,245 | ||||||
| Income from equity method investments | (9,385) | (13,921) | ||||||
| Dividends received from equity method investments | 8,521 | 12,030 | ||||||
| Interest income from investments | (5,576) | (10,008) | ||||||
| Deferred income taxes | 9,802 | 14,627 | ||||||
| Stock based compensation expense | 3,638 | 6,209 | ||||||
| Loss on disposal of property and equipment – net | 50 | 243 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 1,674 | 1,977 | ||||||
| Inventories | (4,692) | 21,760 | ||||||
| Refundable income taxes | (717) | (2,766) | ||||||
| Other assets | (14,946) | (4,495) | ||||||
| Accounts payable – trade | (14,724) | 7,868 | ||||||
| Long-term taxes payable | 4,334 | - | ||||||
| Other liabilities | (6,988) | (4,517) | ||||||
| Net cash provided by operating activities | 64,192 | 127,970 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Capital expenditures | (71,318) | (37,663) | ||||||
| Purchase of short-term investments | (372,341) | (448,507) | ||||||
| Maturity of short-term investments | 370,357 | 514,586 | ||||||
| Proceeds from sale of real estate and property and equipment | 262 | 29 | ||||||
| Deposits | 180 | (43) | ||||||
| Net cash (used in) provided by investing activities | (72,860) | 28,402 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Treasury stock acquired | (14,741) | - | ||||||
| Capital contributions from minority investor | - | 22 | ||||||
| Payments to noncontrolling interests holders | (3,733) | (4,344) | ||||||
| Net cash used in financing activities | (18,474) | (4,322) | ||||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (27,142) | 152,050 | ||||||
| CASH AND CASH EQUIVALENTS – Beginning of year | 223,397 | 71,347 | ||||||
| CASH AND CASH EQUIVALENTS – End of year | $ | 196,255 | $ | 223,397 | ||||
| Non-cash investing activities – Accrued capital expenditures | $ | 1,152 | $ | 918 | ||||
| Non-cash investing activities – Capital additions transferred from prepaid expenses | $ | 217 | $ | - | ||||
| Non-cash financing activities – Stock awards accrued | $ | 2,037 | $ | 2,172 | ||||
| Non-cash financing activities – Stock awards issued | $ | 2,172 | $ | 965 | ||||
| Non-cash financing activities – Stock repurchase accrued | $ | 781 | $ | - | ||||
| Right-of-use assets acquired and liabilities incurred upon lease execution | $ | 13,734 | $ | 3,210 |