May 28--Shares of REX American Resources were up more than 7 percent in late-morning trading Wednesday after the Dayton-based ethanol producer reported record first-quarter earnings of $21.7 million, or $2.67 a share, topping analysts' expectations by 17 cents a share.
The company reported sales for the three-month period that ended April 30 of $156 million, down from revenues of $178 million in the same quarter last year, primarily as a result of lower commodity pricing, the company said in a news release.
Still, REX executives said the company's bottom-line results reflected a healthy ethanol industry environment.
"REX continued its strong operating and financial momentum as reflected by our record alternative energy first quarter gross profit, income of unconsolidated ethanol affiliates, net income attributable to REX common shareholders and diluted EPS," REX CEO Stuart Rose stated. "These results again highlight the leading technology and efficiency of our plants and our focus on managing costs and margins, combined with the benefit of a healthy fall 2013 U.S. corn harvest."
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