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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- REX American Resources Corp (NYSE:REX) reported Q1 2023 net sales and revenue rose 9.5% Y/Y to $212.7 million, beating the consensus of $183.0 million.
- Revenues were led by higher quantity sales of ethanol (71.5 million vs. 64.5 million a year ago), dried distillers grains, and distillers corn oil, along with increased selling prices for dried ($244.85 vs $218.90 a year ago) and modified ($127.58 vs. $118.09 a prior year) distillers grains.
- Gross profit rose 26.2% Y/Y to $15.0 million.
- EPS of $0.30 beat the consensus of $0.08.
- Operating cash flow stood at negative $(10.6) million vs $(17.7) million in prior year.
- As of April 30, 2023, REX had cash and equivalents of $265.8 million.
- REX's NuGen energy, an ethanol plant in South Dakota, partnered with Summit Carbon Solutions for transformative carbon capture and storage project.
- CEO Zafar Rizvi commented "We continue to strategically invest in initiatives that we expect will generate attractive rates of return, including enhanced production and energy efficiency at our plants, which are intended to reduce the carbon intensity of our plants. In addition, we continue to advance our One Earth carbon capture project and remain excited by the significant opportunities this initiative holds."
- Price Action: REX shares are trading higher by 12.2% at $35.14 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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