REX American Resources Corporation (NYSE:REX) Q3 2023 Results Conference Call November 30, 2023 11:00 AM ET
Company Participants
Stuart Rose - Executive Chairman of the Board
Zafar Rizvi - CEO
Doug Bruggeman - CFO
Conference Call Participants
David Locke - Old Mammoth Investments
Chris Sakai - Singular Research
Operator
Greetings, and welcome to the REX American Resources Fiscal 2023 Third Quarter Conference Call. [Operator Instructions].
I would now like to turn the conference over to Mr. Doug Bruggeman, Chief Financial Officer. Please go ahead.
Doug Bruggeman
Good morning, and thank you for joining REX American Resources fiscal 2023 third 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.
We are very pleased to report these record net income and earnings per share quarterly results. Sales for the third quarter increased slightly compared to the prior year. Ethanol sales for the quarter were based upon 73.2 million gallons this year versus 66.3 million last year. The increase in sales volume were offset by lower pricing across all categories, largely reflecting commodity pricing for this time period. We reported a $30 million increase in third quarter gross profit to $39.3 million this year versus $9.3 million in the prior year as we benefited from lower corn and natural gas pricing over the prior year third quarter.
SG&A increased from -- increased for the third quarter from $5.8 million to $7.6 million primarily due to incentive compensation linked to the large increase in earnings.