REX American Resources: Slips on posting Q1 loss vs yr-ago profit on lower ethanol output

REX American Resources

28/05/2020 15:49

** Shares of ethanol producer  REX.N  fall 8.8% to $60.93 in
morning trade 
    ** REX posts Q1 net loss attributable to common shareholders
of $7.6 mln vs net income of $2.8 mln, a year earlier
 urn:newsml:reuters.com:*:nASA00RTN
    ** Q1 total revenue slides 20% to $83.3 mln due to a
decrease in ethanol gallons sold and overall lower ethanol
production 
    ** Records Q1 gross loss in ethanol and by-products segment
of $8.2 mln vs a gross profit of $6.1 mln, a year earlier 
    ** Says in Q1 onset of Covid-19 pandemic, decline in ethanol
pricing and corn supply shortages had a significant impact on
its business and ability to operate certain production
facilities
    ** Stock down 27% YTD 

 (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;))