REX American Resources Corporation (REX) 2026 Q1 法說會逐字稿

Good morning, and welcome to the REX American Resources' first quarter 2026 conference call. As a reminder, today's call is being recorded. (Operator Instructions)

各位早安，歡迎參加 REX American Resources 2026 會計年度第一季電話法說會。提醒各位，今天的電話會議將被錄音。（接線員指示）

I would now like to turn the call over to Mr. Doug Bruggeman, Chief Financial Officer of REX American. Please go ahead.

現在我想把電話交給 REX American 的財務長 Doug Bruggeman 先生。請開始。

Good morning, and thank you for joining REX American Resources first quarter 2026 conference call. With me on our call today are Stuart Rose, REX's Executive Chairman; and Zafar Rizvi, REX's Chief Executive Officer. We'll get to our presentation and comments momentarily, as well as your questions. But first, I will review the Safe Harbor disclosure.

各位早安，感謝各位參加 REX American Resources 2026 會計年度第一季電話法說會。今天與我一同出席的有 REX 執行董事長 Stuart Rose，以及 REX 執行長 Zafar Rizvi。我們稍後將進行簡報與評論，也會回答各位的提問。不過在此之前，我將先宣讀「安全港」聲明。

In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs but are not guarantees of future performance. As such, actual results may vary materially from expectations.

除歷史事實或對目前狀況的陳述外，今天的電話會議包含《1995 年私人證券訴訟改革法》所定義之涉及風險與不確定性的前瞻性陳述。此等前瞻性陳述反映公司目前的預期與信念，但不保證未來表現。因此，實際結果可能與預期存在重大差異。

The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

與前瞻性陳述相關的風險與不確定性已載明於今日新聞稿以及公司向美國證券交易委員會（SEC）提交的文件中，包括公司 Form 10-K 與 10-Q 報告。REX American Resources 不承擔公開更新或修訂任何前瞻性陳述之義務。

I'd now like to turn the call over to our Executive Chairman, Stuart Rose.

現在我想把電話交給我們的執行董事長 Stuart Rose。

Good morning, and thank you to everyone for joining us today. First quarter of 2026 continued to showcase REX's operational excellence and strategic discipline. Our team has once again demonstrated the ability to deliver outstanding results while advancing our key growth initiatives. As proof of this, the first quarter of 2026 was the most profitable first quarter on a net income per share basis in our company's history. This consistent approach provides us with the flexibility to pursue value-creating opportunities while maintaining a thoughtful approach to capital allocation.

各位早安，感謝大家今天加入我們。2026 年第一季持續展現 REX 的卓越營運與策略紀律。我們的團隊再次證明，在推進關鍵成長計畫的同時，仍能交出亮眼成果。作為佐證，2026 年第一季以每股淨利計算，為本公司歷史上最獲利的第一季。這種一貫的作法讓我們在維持審慎資本配置的同時，也具備追求創造價值機會的彈性。

Both of our major growth projects, the carbon capture and sequestration initiative and the ethanol production capacity expansion at our One Earth Energy facility continue to advance. We remain focused on executing what is within our control while adapting to external factors as they evolve. Shareholder value creation remains a top priority. REX is particularly keen to take advantage of market tailwinds driven by both domestic policy and international export markets and to maximize our profit potential. We believe that our team is incredibly well positioned and prepared to do this.

我們兩項主要成長專案——碳捕捉與封存（CCS）計畫，以及 One Earth Energy 廠的乙醇產能擴建——皆持續推進。我們仍專注於執行可控事項，同時隨外部因素演變而調整。為股東創造價值仍是首要任務。REX 特別希望把握由國內政策與國際出口市場共同帶動的市場順風，並將獲利潛力最大化。我們相信團隊已具備極佳的定位與充分準備來達成此目標。

I now turn the call over to our CEO, Zafar Rizvi, to provide updates on our ongoing projects.

接下來我把電話交給我們的執行長 Zafar Rizvi，請他就進行中的專案提供最新進度。

Thank you, Stuart. Our ethanol facility expansion at Gibson City continues to progress on schedule, and we remain on track for completion by the end of 2026. This expansion represents an important step in strengthening our production capabilities and positioning the company for long-term growth. We are pleased to announce a record profitable first quarter on a net income per share basis. Regarding our carbon capture and sequestration initiative, we continue to work closely with the EPA on our Class VI injection well permit application.

謝謝你，Stuart。我們位於 Gibson City 的乙醇設施擴建案持續按進度推進，並仍預計於 2026 年底完工。此擴建是強化我們生產能力、並使公司具備長期成長定位的重要一步。我們很高興宣布，以每股淨利計算，本季為創紀錄的獲利第一季。關於碳捕捉與封存計畫，我們持續與美國環保署（EPA）密切合作，推進 Class VI 注入井許可申請。

The permitting process remains ongoing, and we are addressing all regulatory requirements to move the project forward efficiently.

許可程序仍在進行中，我們正滿足所有監管要求，以有效率地推動專案向前。

At the state level, the Illinois moratorium on carbon pipeline permitting is scheduled to expire on July 1, 2026. We have maintained engagement with the Illinois Commerce Commission and plan to submit our application shortly following the expiration of the moratorium. We are also closely monitoring ongoing federal policy discussions related to carbon capture incentives under Section 45Z. We began recognizing 45Z production tax credits in the fourth quarter of 2025. And during the first quarter of 2026, we recorded an additional $7.5 million in production tax credit.

在州層級方面，伊利諾伊州對碳管線許可的暫停令預計將於 2026 年 7 月 1 日到期。我們持續與伊利諾伊州商務委員會保持互動，並計畫在暫停令到期後不久提交申請。我們也密切關注與《第 45Z 條》碳捕捉獎勵相關的聯邦政策討論。我們自 2025 年第四季開始認列 45Z 生產稅額抵免。而在 2026 年第一季，我們另行認列了 750 萬美元的生產稅額抵免。

For the first quarter, we maintained booking the credit at $0.10 per gallon at the consolidated plants as we continue to monitor the 45Z regulations. As of the end of the first quarter of 2026, our total investment in the carbon capture and ethanol expansion projects was approximately $176.3 million. We continue to operate within our combined project budget range of $220 million to $230 million, subject to potential adjustments related to inflation and other market factors as the projects advance. I will now turn the call over to Doug Bruggeman to discuss our financial results.

在第一季，我們在合併廠區仍以每加侖 0.10 美元入帳該項抵免，同時持續監控 45Z 相關法規。截至 2026 年第一季末，我們在碳捕捉與乙醇擴建專案上的總投資約為 1.763 億美元。我們仍在 2.20 億至 2.30 億美元的合併專案預算範圍內運作，但隨專案推進，可能因通膨及其他市場因素而進行調整。接下來我把電話交給 Doug Bruggeman，請他說明我們的財務結果。

Thanks, Zafar. During the first quarter of fiscal 2026, our ethanol sales volumes reached 71.1 million gallons compared to 70.9 million gallons in the first quarter of 2025. The average selling price for ethanol was $1.66 per gallon during the quarter compared to $1.76 in the prior year's first quarter. Dry Distillers Grain sales volumes were approximately 155,000 tons for Q1 with an average selling price of $155.86 per ton versus $145.65 in the prior year. Modified Distillers Grains volumes totaled approximately 13,427 tons with an average selling price of $76.94 per ton.

謝謝你，Zafar。在 2026 會計年度第一季，我們的乙醇銷售量達 7,110 萬加侖，較 2025 年第一季的 7,090 萬加侖略增。該季乙醇平均售價為每加侖 1.66 美元，低於前一年度第一季的 1.76 美元。乾燥酒糟（Dry Distillers Grain）第一季銷售量約 155,000 噸，平均售價為每噸 155.86 美元，對比前一年度為每噸 145.65 美元。改質酒糟（Modified Distillers Grains）銷售量合計約 13,427 噸，平均售價為每噸 76.94 美元。

Corn oil sales volumes were approximately 23.9 million pounds during the quarter with an average selling price of $0.54 per pound compared to $0.46 in the prior year.

本季玉米油銷售量約為2,390萬磅，平均售價為每磅0.54美元，較去年同期的每磅0.46美元為高。

The company reported $7.5 million in 45Z production tax credit income in the first quarter of fiscal 2026. Reflecting our change in accounting principles, we now report that as operating income from our consolidated plants. Gross profit for the first quarter was $29.1 million compared to $14.3 million in Q1 2025. This improvement primarily reflects the benefit of 45Z tax credits and reduced corn pricing. Selling, general and administrative expenses were approximately $9.7 million for the quarter compared to $5.9 million in Q1 2025. The increase was primarily due to higher incentive compensation and recording unpaid stock bonuses from 2025 at fair value.

公司在2026會計年度第一季認列4,5Z生產稅額抵免收入750萬美元。反映我們會計原則的變更，我們現在將其列報為來自合併廠的營業收入。第一季毛利為2,910萬美元，較2025年第一季的1,430萬美元增加。此改善主要反映45Z稅額抵免的效益以及玉米價格下降。該季銷售、一般及管理費用約為970萬美元，較2025年第一季的590萬美元增加。增加主要係因較高的獎勵性薪酬，以及將2025年未支付的股票獎金按公允價值入帳。

Our equity in income of unconsolidated affiliates increased from $1 million to $3.6 million with approximately $1.8 million of the increase due to income from 45Z tax credits. Interest and other income totaled $3.2 million for the quarter compared to $4.2 million in Q1 2025. Income before taxes and noncontrolling interest was approximately $26.1 million compared to $13.6 million in Q1 2025.

我們按權益法認列之未合併關聯企業收益由100萬美元增加至360萬美元，其中約180萬美元的增幅來自45Z稅額抵免收入。該季利息及其他收入合計320萬美元，較2025年第一季的420萬美元為低。稅前及非控制權益前之收益約為2,610萬美元，較2025年第一季的1,360萬美元增加。

Net income attributable to REX shareholders was $18.5 million or $0.56 per diluted share compared to $8.7 million or $0.26 per diluted share in Q1 2025. This represents our 23rd consecutive profitable quarter. We ended the first quarter with cash, cash equivalents and short-term investments of $364.3 million. The reduction from the previous quarter primarily reflects our ongoing capital investments in our growth projects. REX continues to maintain its strong financial position with no bank debt.

歸屬於REX股東之淨利為1,850萬美元，或稀釋後每股0.56美元，較2025年第一季的870萬美元或稀釋後每股0.26美元增加。這是我們連續第23個獲利季度。第一季期末現金、約當現金及短期投資為3億6,430萬美元。較前一季的減少主要反映我們對成長專案持續進行的資本投資。REX持續維持強勁的財務狀況，且無銀行負債。

I'll now turn things back to Zafar.

我現在把時間交回給Zafar。

Thank you, Doug. The REX team continues to execute successfully against our long-term strategic objectives. Our core focus remains on building and operating a consistently profitable business. The first quarter of 2026 marked the strongest first quarter earnings per share in our company's history and represented our 23rd consecutive profitable quarter. This performance reflects our team's ability to capitalize on opportunities, navigate changing market conditions and consistently deliver value for our shareholders.

謝謝你，Doug。REX團隊持續成功執行我們的長期策略目標。我們的核心重點仍是建立並營運一個能夠持續獲利的業務。2026年第一季創下本公司歷史上最強的第一季稀釋後每股盈餘，並且是我們連續第23個獲利季度。此表現反映我們團隊把握機會、因應市場環境變化，並持續為股東創造價值的能力。

We continue to position REX for sustainable long-term growth through disciplined organic expansion initiatives, all funded through our strong balance sheet with no debt.

我們持續透過嚴謹的內生成長擴張計畫，讓REX具備可持續的長期成長動能；所有計畫皆由我們強健、零負債的資產負債表提供資金。

Our ethanol capacity expansion and carbon capture projects continue to advance as planned despite permitting delays and certain regulatory headwinds. We remain focused on optimizing these investments, expecting to drive future operational excellence and enhanced financial performance for our shareholders. We also plan to continue to evaluate the best use of our cash, including investments that complement our existing platform.

儘管許可延宕及部分監管逆風，我們的乙醇產能擴張與碳捕捉專案仍按計畫推進。我們仍專注於最佳化這些投資，預期將為股東帶來未來的營運卓越與更佳的財務表現。我們也計畫持續評估現金的最佳用途，包括投資於可與既有平台互補的項目。

In addition, we continue to closely monitoring policy developments at both the federal and state levels. The anticipated expiration of the Illinois Carbon Pipeline moratorium in July represents an important regulatory milestone. While policy outcomes remain outside our control, we believe we were -- we are well informed and working diligently to respond effectively to regulatory developments.

此外，我們持續密切監控聯邦與州層級的政策發展。預期伊利諾伊州碳管線禁令將於7月到期，這是一項重要的監管里程碑。雖然政策結果仍非我們所能控制，但我們相信我們——我們資訊掌握充分，並正努力不懈，以有效回應監管發展。

Market fundamentals for the ethanol industry remain constructive. Domestic demand continues to be stable, while export markets remain strong, according to the Renewable Fuel Association, 2026 ethanol export through March increased by 20% compared to the same period last year. As we move through the second quarter, we continue to see stable operating conditions and remain confident in our ability to deliver another profitable quarter for our shareholders.

乙醇產業的市場基本面仍具建設性。國內需求持續穩定，而出口市場依然強勁。根據可再生燃料協會（Renewable Fuel Association），2026年截至3月的乙醇出口量較去年同期增加20%。進入第二季後，我們仍看到穩定的營運環境，並對於為股東再交出一個獲利季度充滿信心。

With that, I would now like to open the call for questions. Operator?

接下來，我想開放提問。接線員？

(Operator Instructions)

（接線員指示）

Thank you. There are no questions at this time. I would like to hand the floor back over to Stuart Rose for any closing comments.

謝謝。目前沒有提問。我想把時間交回給Stuart Rose，請他做任何結語。

Thank you. Anyway, sorry, there's no questions, but I want to reiterate, we have great plants, great locations, and I feel the best employees in the business led by our CEO, Zafar Rizvi. Again, I think they're better than anyone else in the industry and our earnings prove it. We've been public for over 40 years, and we had our greatest first quarter in earnings per share in our public history. Again, best people, best plants, in my opinion.

謝謝。總之，很抱歉沒有問題，但我想再次強調，我們有很棒的工廠、很棒的地點，以及我認為業界最優秀的員工，由我們的執行長Zafar Rizvi領導。再次強調，我認為他們比產業內任何人都更出色，而我們的獲利也證明了這一點。我們上市已超過40年，而我們在公開市場歷史上創下第一季稀釋後每股盈餘的最佳表現。再次強調，就我看來，最好的人才、最好的工廠。

We're optimistic for future growth, both in ethanol and receiving Section 45 tax credits, Z and Q. We look forward to talking to everyone at the next call. And again, thank you for listening. Bye.

我們對未來成長抱持樂觀，無論是在乙醇業務方面，或是在取得第45條稅額抵免（Z與Q）方面。我們期待在下一次電話會議與各位交流。也再次感謝各位收聽。再見。

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。再次感謝您的參與。