REX American Resources Corporation (NYSE:REX) Q1 2022 Earnings Conference Call May 25, 2022 11:00 AM ET
Company Participants
Douglas Bruggeman - Chief Financial Officer
Stuart Rose - Executive Chairman of the Board
Zafar Rizvi - Chief Executive Officer
Conference Call Participants
Jordan Levy - Truist Securities
Pavel Molchanov - Raymond James
Operator
Greetings, and welcome to the REX American Resources Fiscal 2022 First Quarter Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session [Operator Instructions]
I would now like to turn the call over to Doug Bruggeman, Chief Financial Officer. Please go ahead.
Douglas Bruggeman
Good morning, and thank you for joining REX American Resources fiscal 2022 first quarter conference call. We'll get to our presentation and comments momentarily as well as your question-and-answer session. But first, I'll review the Safe Harbor disclosure.
In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs, but are not guarantees of future performance. As such, actual results may vary materially from expectations.
The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission including the company's reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.
I have joining me on the call today, Stuart Rose, Executive Chairman of the Board; and Zafar Rizvi, Chief Executive Officer. I'll first review our financial performance and then turn the call over to Stuart for his comments.
Sales for the first quarter increased by 18%, as we experienced higher pricing for ethanol distiller grains and corn oil. Ethanol sales for the quarter were based upon 64.5 million gallons this year versus 70 million gallons last year. We reported gross profit of $11.9 million this year versus a gross profit of $19.5 million in the prior year.
For the current year quarter through selling prices were offset by higher corn and natural gas pricing. Ethanol pricing improved by 27%, dried distilled grain improved by 5% and corn oil pricing improved by 91% for this year's quarter over the prior year first quarter. Corn cost increased by 27% and natural gas pricing increased by 86% for this year's quarter compared again to the prior year first quarter, as inflationary pressures and impact on commodity pricing from Ukraine and Russia conflict continued.