Rex American Resources Corp. has released second quarter financial results, reporting net sales and revenue of $115.7 million, up from $113.5 million during the same quarter of 2015. The increase is attributed to increased volumes of ethanol and dried distillers grains (DDG), which was partially offset by a decrease in their average selling prices.

Gross profit for the second quarter was $17.3 million, down from $18.3 million during the same period of the prior year. The decrease is primarily attributed to the decrease in DDG pricing and year-over-year increases in grain costs.

Net income attributable to Rex shareholders was $8.2 million, down from $16.2 million during the second quarter of 2015. Second quarter diluted net income per share attributable to Rex common shareholders was $1.24 per share, down from $2.16 per share during the second quarter of last year.

During an investor call, Stuart Rose, executive chairman of Rex, said that moving into the third quarter, the company’s pre-tax earnings are slightly better than during the same period of last year. Rex is currently benefiting from lower corn prices, an improved crush spread, additional stability from the U.S. EPA and low natural gas prices, he said.

Safar Rizvi, CEO of Rex, noted the company has made approximately $16 million in capital investments during 2015 and the first half of this year. Those investments have helped improve operational efficiencies, manage the cost of production, increase yields and resolve other bottlenecks. An additional $3 to $5 million in capital spending is expected during the remainder of 2016.

During the second quarter, Rex reported its average selling price for ethanol was $1.49 per gallon, down from $1.50 during the same period of 2015. The average selling price for DDG was $134.81 per ton, down from $169.31 during the second quarter of last year. The average selling price for non-food grade corn oil was 29 cents per pound, up from 28 cents per pound during the same three-month period of 2015. The average price for modified distillers grains was $56.60 per ton, down from $73.95 during the second quarter of last year.

Rex currently holds a 75 percent interest in Gibson City, Illinois-based One Earth Energy LLC, 99.5 percent interest in Marion, South Dakota-based NuGen Energy LLC, 9.7 percent interest in West Burlington, Iowa-based Big River Resources West Burlington LLC, 9.7 percent interest in Galva, Illinois-based Big River Resources Galva LLC, 5.4 percent interest in Dyersville, Iowa-based Big River United Energy LLC, and 9.7 percent interest in Boyceville, Wisconsin-based Big River Resources Boyceville LLC.