REX American Resources Corporation (NYSE: REX) saw its stock soar 6.53% in pre-market trading on Wednesday following the release of its fourth-quarter earnings report and the announcement of a new share repurchase program.
The ethanol production company reported Q4 earnings per share of $0.63, significantly beating analyst estimates of $0.28. While this represents a 45.69% decrease from the $1.16 per share earned in the same quarter last year, it still impressed investors given the challenging market conditions. REX's quarterly revenue came in at $158.2 million, surpassing analyst expectations of $151.54 million, despite being 15.68% lower than the previous year.
Adding to the positive sentiment, REX's Board of Directors authorized a new share repurchase program for up to an additional 1.5 million shares. This move signals confidence in the company's financial position and commitment to delivering shareholder value. The authorization is effective immediately and comes in addition to the remaining repurchases already authorized under the prior program.
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