Company: REX
Filing Date: 2025-09-02
Form Type: 10-Q
Source: 0000930413-25-002856
Chunk: 94

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-09-02
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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2023 and 2022, respectively. Through June
2025, the United States exported 1.1 billion gallons of ethanol, compared to 968 million gallons through June 2024. In 2024 and
2023, an estimated 12.2 and 10.8 million metric tons, respectively, of distillers grains were exported from the United States,
which represented approximately 37% and 34% in 2024 and 2023, respectively, of U.S production. For the first half of calendar-year
2025, distiller grain exports declined by approximately. 6.5%. There has been much discussion around proposed and recently enacted
tariffs by the United States 

31

and counter-tariffs and other trade restriction involving countries which have been large purchasers
from our industry in the United States which could affect future demand for these products.

Based on the August 12, 2025 report from
the USDA, corn production is forecasted to be 16.7 billion bushels in 2025, up 13% from 2024. The average corn yield is forecasted
to be a record high of 188.8 bushels per acre, an increase of 9.5 bushels from 2024.

The trends and uncertainties mentioned above
could impact our future operating results in both positive and negative ways.

Comparison of Three and Six Months Ended July 31, 2025 and
2024

The following table summarizes our results
from operations (amounts in thousands):

    Three Months Ended July 31,
      
    Six Months Ended July 31,

    2025
      
    2024
      
    2025
      
    2024

    Net sales and revenue 
    $158,563  
    $148,155  
    $316,903  
    $309,386 

    Cost of sales 
     144,244  
     128,382  
     288,242  
     275,162 

    Gross profit 
    $14,319  
    $19,773  
    $28,661  
    $34,224 

    Income before income taxes 
    $12,097  
    $19,496  
    $25,723  
    $35,459 

    Provision for income taxes 
    $(2,769) 
    $(