REX American Resources (REX) - 2025 Q4 - Annual Results

Financial Performance - For the full fiscal year 2024, REX reported net sales and revenue of $642.5 million, a decrease of 23% from $833.4 million in fiscal year 2023[3] - Full fiscal year 2024 gross profit was $91.5 million, down from $98.2 million in the prior year, with a gross profit margin increase to 14% from 12%[3] - Net income attributable to REX shareholders for fiscal year 2024 was $58.2 million, compared to $60.9 million in fiscal year 2023, resulting in diluted net income per share of $3.30, down from $3.47[4] - In Q4 2024, REX reported net sales and revenue of $158.2 million, a decline from $187.6 million in Q4 2023, primarily due to lower product pricing[5] - Q4 2024 gross profit was $17.6 million, compared to $30.4 million in Q4 2023, leading to income before income taxes of $17.9 million, down from $32.5 million[5] Cash and Investments - As of January 31, 2025, REX had $359.1 million in cash, cash equivalents, and short-term investments, with no bank debt[14] - Cash and cash equivalents at the end of the year were $196,255 million, down from $223,397 million at the beginning of the year[27] - Net cash provided by operating activities decreased to $64,192 million from $127,970 million, reflecting a decline of 49.9%[27] - Net cash used in investing activities was $(72,860) million, a shift from net cash provided of $28,402 million in the prior year[27] Capital Expenditures and Share Repurchase - REX is progressing on the expansion of ethanol production at the One Earth facility, with capital expenditures totaling $115.6 million related to this project[11] - Capital expenditures increased significantly to $71,318 million compared to $37,663 million in the previous year, representing an increase of 89.5%[27] - The company has authorized an additional share repurchase program of up to 1.5 million shares, following the repurchase of approximately 372,567 shares for $15.5 million in fiscal year 2024[12][13] - Treasury stock acquired amounted to $14,741 million, indicating a new strategy in capital management[27] Production and Capacity - REX's effective ownership of annual ethanol production volumes is approximately 300 million gallons, with a total production capacity of about 730 million gallons per year across its facilities[19] Tax and Other Financial Metrics - Long-term taxes payable increased to $4,334 million, reflecting changes in tax strategy[27] - The company reported a loss on disposal of property and equipment of $50 million, down from $243 million[27] - Non-cash investing activities included accrued capital expenditures of $1,152 million, up from $918 million[28] - Stock awards issued totaled $2,172 million, compared to $965 million in the previous year, indicating increased compensation strategies[28] Ongoing Projects - The permitting process for the carbon capture and sequestration project is ongoing, with final permitting expected to be completed by October 2025[9]