Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 125

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 2
Chunk 125
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 grains were exported from the United States, which represented approximately 37% and 34%
in 2024 and 2023, respectively, of U.S production. Through August 2025, distiller grain exports declined by approximately 4% on
the calendar year. There has been much discussion around proposed and recently enacted tariffs by the United States and counter-tariffs
and other trade restrictions 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 November 14, 2025 report from
the USDA, corn production is forecasted to be 16.75 billion bushels in 2025, up 12% from 2024. The average corn yield is forecasted
to be a record high of 186 bushels per acre, an increase of 6.7 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 Nine Months Ended October 31, 2025
and 2024

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

    Three Months Ended October 31,  
    Nine Months Ended October 31, 

    2025  
    2024  
    2025  
    2024 

    Net sales and revenue 
    $175,625  
    $174,877  
    $492,528  
    $484,263 

    Cost of sales 
     139,493  
     135,196  
     427,735  
     410,358 

    Gross profit 
    $36,132  
    $39,681  
    $64,793  
    $73,905 

    Income before income taxes 
    $35,457  
    $39,505  
    $61,180  
    $74,964 

    Provision for income taxes 
    $(7,988)  
    $(9,402)  
    $(13,711)  
    $(17,581) 

    Net income attributable to REX common shareholders 
    $23,413  
    $24,500  
    $39,202  
    $47,069 

32

The following table summarizes net sales
and revenue by product group (amounts in thousands