REX American Resources Corporation (NYSE:REX) Q3 2024 Results Conference Call December 3, 2024 11:00 AM ET
Company Participants
Doug Bruggeman - Chief Financial Officer
Stuart Rose - Executive Chairman
Zafar Rizvi - Chief Executive Officer
Conference Call Participants
Jordan Levy - Truist
Pavel Molchanov - Raymond James
Operator
Good morning, and welcome to the REX American Resources Third Quarter 2024 Earnings 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.
Doug Bruggeman
Good morning, and thank you for joining REX American Resources Q3 2024 conference call. With me on our call today are Stuart Rose, REX Executive Chairman; and Zafar Rizvi, the REX CEO. 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. During the third quarter, REX American Resources continued our progress on our three goals for 2024, setting the Company up for success well into the future.
As a reminder, these goals were to continue profitable operations to complete the construction phase of our One Earth Energy 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 per year.
To the first goal, we exceeded the mark. The third quarter was REX American Resources' second most profitable quarter in the Company's history behind only the third quarter of 2023. Our net income per share of $1.38 was an improvement of 97% over the second quarter of 2024, principally reflecting better corn pricing. Gross margin improved over the third quarter of 2023 by 1% despite a 21% reduction in product revenue.