REX American Resources Corporation (NYSE:REX) Q1 2024 Earnings Conference Call May 22, 2024 11:00 AM ET
Company Participants
Douglas Bruggeman - Chief Financial Officer
Stuart Rose - Executive Chairman
Zafar Rizvi - Chief Executive Officer
Conference Call Participants
Pavel Molchanov - Raymond James
B.J. Cook - Singular Research
Operator
Good morning, and welcome to the REX American Resources Fiscal First Quarter 2024 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.
Douglas Bruggeman
Good morning, and thank you for joining REX American Resources Q1 2024 conference call. We'll get to our presentation and comments momentarily as well as your questions. 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'd now like to turn the call over to our Executive Chairman, Stuart Rose.
Stuart Rose
Good morning, and thank you again to everyone for joining us. First quarter saw a continuation of the strong results of REX American returned over its history. Once again, our core business of ethanol and co-product production was strong, with 74.5 million gallons of ethanol sold, an increase of approximately 4% and over first quarter of 2023.
Construction of the One Earth Energy carbon capture facility continue to pace their Gibson City, Illinois location. We're also on track to complete the ethanol production capacity expansion at the One Earth Energy facility with the initial plan to run at 175 million gallons per year. And then apply for an EPA permit to increase production to 200 million gallons per year. To match our operational achievements, our financial results were among the best in our history, with first quarter 2024, the second most profitable first quarter in the company's history from a net income per share perspective. This was made possible due to lower natural gas and corn input prices and the excellent execution of our team despite a weaker pricing environment for both ethanol and co-products.