REX American Resources Corporation (NYSE:REX) Q2 2024 Earnings Conference Call August 27, 2024 11:00 AM ET
Company Participants
Douglas Bruggeman - CFO
Stuart Rose - Executive Chairman
Zafar Rizvi - CEO
Conference Call Participants
Jordan Levy - Truist Securities
Pavel Molchanov - Raymond James
Chris Sakai - Singular Research
Operator
Good morning, and welcome to the REX American Resources Second Quarter 2024 Conference Call. As a reminder, today's call is being recorded. And at this time, all participants are in 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 Q2 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 contain 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 in the company's filing 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.
During the second quarter, REX American Resources made excellent progress in the three goals for the remainder of the year that I laid out in our last call. As a reminder, these were to continue profitable operations, to complete the construction phase of our One Earth carbon capture and compression facility, and to complete the capacity expansion of our One Earth Energy ethanol production facility to 175 million gallons per year and move toward the planned further permitting of the facility to 200 million gallons.
To the first goal, we were entirely successful. REX had very profitable operations relative to the prior year's comparable quarter. Our team produced strong gross margin in the second quarter, improved by 37% over the first quarter and by nearly 8% over second quarter 2023. Net income per share also improved more than 20% over the first quarter of 2024 and more than 35% over second quarter 2023.