Company: REX
Filing Date: 2025-09-02
Form Type: 10-Q
Source: 0000930413-25-002856
Chunk: 135

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-09-02
Form: 10-Q
Item: Part I, Item 2
Chunk 135
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.7 million) compared to the first six months of 2024 ($1.2 million). We do not expect
patronage income from this investment in a cooperative to be significant in future periods.

As a result of the foregoing, income before
income taxes was approximately $12.1 million and $19.5 million for the second quarters of fiscal year 2025 and 2024, respectively.
Income before income taxes was approximately $25.7 million and $35.5 million for the first six months of fiscal year 2025 and 2024,
respectively. 

The Company applies an effective tax rate
to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting
the interim periods. Our income tax provision was approximately $2.8 million and $4.5 million for the three months ended July 31,
2025 and 2024, respectively. Our income tax provision was approximately $5.7 million and $8.2 million for the first six months
of fiscal year 2025 and 2024, respectively.

As a result of the foregoing, net income
was approximately $9.3 million for the second quarter of fiscal year 2025 compared to approximately $15.0 million for the second
quarter of fiscal year 2024. Net income was approximately $20.0 million for the first six months of fiscal year 2025 compared to
approximately $27.3 million for the first six months of fiscal year 2024.

35

Net income attributable to noncontrolling
interests was approximately $2.2 million for the second quarter of fiscal year 2025 and $2.6 million for the second quarter of
2024. Net income attributable to noncontrolling interests was approximately $4.2 million for the first six months of fiscal year
2025 and $4.7 million for the first six months of fiscal year 2024. These amounts represent the other owners’ share of the
income of NuGen and One Earth.

As a result of the foregoing, net income
attributable to REX common shareholders for the second quarter of fiscal year 2025 was approximately $7.1 million, compared to
net income attributable to REX common shareholders of approximately $12.4 million for the second quarter of fiscal year 2024. Net
income attributable to REX common shareholders from the first six months of fiscal year 2025 was approximately $15.8 million,