Rex American Resources (REX) recently reported Q4 results with some important updates. These include the closing of an underperforming plant and strong results from Rex's Nugen plant. I believe the results point to much higher earnings for 2011, despite weaker ethanol crush margins. Based on the higher earnings as well as its book and market value of assets, REX could be worth $28.
REX reported Q4 results that looked quite strong. EPS from continuing operations (excluding asset write downs) were up almost 10% from last year to $0.59. The change can be explained by the impact of derivatives, which were a drag last year but helped earnings this year. Excluding the derivatives, EPS would have fallen about $0.04, from $0.60 to $0.56. Given that crush margins were cut in half from last year
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