REX American Resources Posts Record $2.50 EPS and 290M Gallon Ethanol Sales
REX American Resources reported record fiscal 2025 net income per share of $2.50, underpinned by $28 million in 45Z tax credits and ethanol sales of 290 million gallons. The company closed 2025 with $375.8 million cash, zero debt, and expects One Earth Energy's 200 million gallon capacity expansion in 2026.
1. Company Financial Performance
REX American Resources achieved record fiscal 2025 net income per share of $2.50, driven by favorable commodity pricing and strong operational efficiency. The company recognized $28 million in 45Z tax credits in 2025 and expanded ethanol sales volumes to 290 million gallons while increasing corn oil sales by 10% to 97 million pounds.
2. Balance Sheet and Liquidity
The ethanol producer ended 2025 with a strengthened balance sheet, holding $375.8 million in cash and carrying zero bank debt. SG&A expenses rose to $32.6 million, reflecting higher incentive bonuses tied to record profitability and ongoing investments.
3. Growth Initiatives and Outlook
REX invested $166 million toward carbon capture and ethanol expansion projects, remaining within a $220–230 million total budget. One Earth Energy's capacity expansion to 200 million gallons is slated for 2026, and the company anticipates continued 45Z tax credit benefits through 2029 pending CCS permitting.