Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 80

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 14,510 

Net sales and revenue in the quarter ended
April 30, 2025 decreased 2% compared to the prior year first quarter.

Ethanol revenue increased 4% in the first
quarter of fiscal year 2025 compared to the first quarter of fiscal year 2024 as the selling price per gallon sold increased 10%
during the first quarter of fiscal year 2025 compared to the prior year comparable period, partially offset by a 5% decrease in
gallons of ethanol sold, impacted by lower production levels. The ethanol pricing increase was primarily driven by overall market
supply and demand.

Dried distillers grains revenue decreased
27% in the first quarter of fiscal year 2025 compared to the first quarter of fiscal year 2024 as the average price per ton sold
decreased 22%, coupled with a 6% decrease in tons sold. The decrease in the dried distillers grains selling price is consistent
with recent quarters and reflects an extended period of lower corn pricing as dried distillers grains prices often correlate with
corn pricing. The decrease in tons sold was partially offset by an increase in tons of modified distillers grains sold, but also
impacted by lower production levels. Our consolidated plants’ decisions to sell modified or dried distillers grains fluctuate
from time to time based upon market conditions.

31

Distillers corn oil revenue increased approximately
1% in the first quarter of fiscal year 2025 compared to the first quarter of fiscal year 2024 as the amount of pounds sold increased
2%, offset by a 2% decrease in the average price per pound. The decrease in the distillers corn oil selling price resulted primarily
from fluctuations in demand in the renewable biodiesel market which often reflects the price of soybean oil.

Modified distillers grains revenue increased
36% in the first quarter of fiscal year 2025 compared to the first quarter of fiscal year 2024 as the amount of pounds sold increased
by 52%, offset partially by a decrease in the average selling price per ton sold of 11%. The decrease in the modified distillers
grains selling price resulted primarily from an extended period of lower corn prices as prices tend to move in the same direction.
Our consolidated plants’ decisions to sell modified or dried distillers grains fluctuate from time to time based upon market
conditions.

Cost of sales decreased 2% in the quarter
ended April 30,