What factors drove the changes in Rex American's revenue and profit?

What is Rex American's gross profit margin?

What is the revenue and EPS growth rate for Rex American year over year?

What does Rex American do and what are its main business segments?

What guidance did Rex American's management provide for the next earnings period?

What is the market's earnings forecast for Rex American next quarter?

What is Rex American's latest dividend and current dividend yield?

What were the key takeaways from Rex American's earnings call?

- **Stock Split Reward:** 2-for-1 split to enhance liquidity and shareholder returns.
- **Tax Credit Extension:** 45Q/45Z credits extended to 2029, supporting $220M carbon capture project.
- **Record Profitability:** 20 consecutive quarters of profit, Q3 2025 expected to beat Q2.
- **Export Growth:** Ethanol exports up 10% YoY, targeting 2025 record with Japan/UK deals.
- **Corn Oil Boom:** 46% revenue increase from corn oil, driven by 26% price hike.
- **Pipeline Progress:** Class VI permit expected March 2026, pipeline construction feasible post-moratorium.

**【Management Opening Remarks】**
- CFO Doug Bruggeman introduced the call, emphasizing the company's strong financial position and announcing a 2-for-1 stock split (100% dividend) to reward shareholders and enhance liquidity.

**【Executive Chairman's Remarks】**
- Stuart Rose highlighted Q2 success in ethanol production and the One Earth Energy expansion. The extension of 45Q and 45Z tax credits through 2029 supports carbon capture economics. The company maintains a strong balance sheet with $310.5M in cash and no debt.

**【CEO Commentary】**
- Zafar Rizvi detailed progress on the 175M gallon ethanol expansion (due 2026) and the Class VI injection well permit (EPA approval expected March 2026). Total project investment to date: $126.7M, within the $220-230M budget. The tax credit extension enables expansion to 200M gallons.

**【CFO Financial Commentary】**
- Q2 2025: Ethanol sales 70.6M gallons (+8.4% YoY), corn oil revenue up 46% due to 14% volume growth and 26% price increase. Gross profit $14.3M (down 28% YoY) due to lower DDG prices. Net income $7.1M ($0.43/diluted share), down 43% YoY. Cash reserves remain robust at $310.5M.

**【CEO Closing Remarks】**
- REX achieved 20 consecutive quarters of profitability. Q3 2025 expected to outperform Q2 but lag Q3 2024. Improved corn oil yields and bumper crop outlook support margins. Ethanol exports up 10% YoY, targeting a record 2025. Illinois corn crop on track for a potential record harvest.

**【Q&A Highlights】**
- **Community Support:** Local officials and shareholders attended the One Earth facility event, reinforcing community backing.
- **Utility Resolution:** Ameren interconnection issue resolved.
- **Export Growth:** Japan and UK ethanol purchases expected to continue post-tariff resolution.
- **Pipeline Timeline:** <6.5-mile pipeline construction feasible within months of ICC approval post-moratorium expiration.
- **DDG Concerns:** Mexico DDG imports down 10% YoY, offsetting corn oil gains.
- **CI Score Uncertainty:** Potential 4-6 point reduction from smart farming exclusion, but guidelines pending.

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