REX American Resources: Drops on Q2 loss vs year-ago profit as ethanol sales dive

REX American Resources

26/08/2020 17:48

** Shares of ethanol producer  REX.N  drop 12.4% to $67.89 
    ** REX posts Q2 loss of 28 cents/shr compared with a profit
of 36 cents/shr, a year earlier; Q2 revenue plunges 63% to $39.3
mln  urn:newsml:reuters.com:*:nASA01424
    ** Company says revenue fell due to lower ethanol production
as it temporarily idled its NuGen Energy and One Earth Energy
plants
    ** Says it has reopened the plants after seeing an increase
in ethanol demand on entering H2 fiscal 2020
    ** Company, however, expects ethanol crush spread margins
and distillers' grain pricing to remain volatile
    ** Stock down 15.6% so far this year

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))