REX American Q3 Profit Climbs, Announces Share Buyback Increase

(RTTNews) - REX American Resources Corp. (REX) Thursday said third-quarter attributable net income climbed to $23.3 million from $9.9 million. Earnings per share advanced to $2.86 per share from $1.21 per share.

Due to lower corn prices and strong ethanol crush spread margins in the just concluded quarter, the company's gross profit rose to $36.5 million from $18.0 million in the prior year period.

Net sales and revenue fell to $138.5 million from $166.2 million, principally reflecting reduced ethanol and distillers grains pricing.

The company also announced that its Board of Directors approved a 500,000 share increase in the number of shares in its common stock repurchase plan.