The alternative energy investment company focuses on its interests in six ethanol production facilities and its refined coal operation.
Net sales and revenue for the most recent quarter were $39.3 million, compared with $105.9 million in the second quarter of 2019.
“The year-over-year net sales and revenue decline was primarily due to lower ethanol production levels as the company temporarily idled its NuGen Energy and One Earth Energy plants, which led to a 56% decrease in ethanol gallons sold,” REX said.
Sales and revenue also reflect an 11% decline in ethanol pricing, said REX, which is a former Dayton-area electronics retailer.
Pre-COVID, the ethanol facilities in which REX has an interest in aggregate shipped about 660 million gallons of ethanol over the year ending Jan. 31, 2020.
Shares of REX were down nearly 9.7%, down $7.49 to $69.99 in late morning trading.
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