REX American Resources Corporation (NYSE:REX) Q4 2023 Earnings Conference Call March 28, 2024 11:00 AM ET
Company Participants
Doug Bruggeman - Chief Financial Officer
Stuart Rose - Executive Chairman
Zafar Rizvi - Chief Executive Officer
Conference Call Participants
Pavel Molchanov - Raymond James
BJ Cook - Singular Research
Operator
Good morning, and welcome to the REX American Resources Fourth Quarter and Full Fiscal Year 2023 Conference Call. As a reminder, today's call is being recorded. And at this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.
I would now like to turn the call over to Mr. Doug Bruggeman, Chief Financial Officer of REX American. Please go ahead.
Doug Bruggeman
Good morning, and thank you for joining REX American Resources' Q4 and full fiscal year 2023 conference call.
I have joining me on the call, Stuart Rose, Executive Chairman, and Zafar Rizvi, Chief Executive Officer.
We'll get to our presentation and comments momentarily, as well as your question-and-answer session, but first I will 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 would now like to turn the call over to Stuart Rose.
Stuart Rose
Good morning, and thank you again to everyone for joining with us.
Fiscal 2023 was a great year for REX American. Our core business of ethanol and co-product production was strong, with 285.9 million gallons of ethanol sold, an increase of more than 7% over 2022. We kicked off construction of the One Earth Energy carbon capture and sequestration project at our Gibson City, Illinois location. We are also on track to complete the first phase of ethanol production capacity expansion to One Earth Energy facility.
On the financial front, 2023 saw the most profitable quarter in the company's history from a net income per share perspective during the third quarter. I'm also proud to announce that both fourth quarter and full year 2023 were the second most profitable quarter and full year in REX's 39-year history as a public company. This is quite an achievement for our company.