REX American Resources (REX) shares plummeted 8.82% during intraday trading on Thursday, following the release of the company's fiscal first quarter 2026 earnings results.

The ethanol producer reported quarterly earnings of $0.56 per share, more than doubling the $0.26 per share from the same period last year and setting a company first-quarter record. However, revenue for the quarter declined to $156.5 million, down from $158.3 million a year earlier.

The company attributed the revenue decline primarily to lower ethanol pricing, which was partially offset by $7.5 million in production tax credit income and reduced corn costs. Despite the strong bottom-line growth, the market reacted negatively to the top-line weakness and the pressure from falling ethanol prices.