Welcome to our dedicated page for Argan news (Ticker: AGX), a resource for investors and traders seeking the latest updates and insights on Argan stock.
Argan, Inc. (NYSE: AGX) is a prominent United States-based construction firm headquartered in Rockville, Maryland. The company, through its subsidiaries, provides a comprehensive range of engineering, procurement, construction, commissioning, operations management, and consulting services to the power generation and renewable energy markets. Argan operates in three primary segments: Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services.
The Power Industry Services segment, operated through GPS and APC subsidiaries, focuses on the engineering, procurement, and construction of natural gas-fired power plants and renewable energy facilities. This segment serves a diverse customer base, including independent power project owners, public utilities, and power plant equipment suppliers. Notably, this segment has been involved in projects totaling approximately 15 gigawatts of power-generating capacity.
Through The Roberts Company, the Industrial Fabrication and Field Services segment provides industrial construction, fabrication, and plant services. This segment has a growing portfolio, contributing significant revenue to the company by working on diverse industrial projects, particularly in the United States.
The Telecommunications Infrastructure Services segment, under SMC Infrastructure Solutions, offers services essential for the development and maintenance of telecommunications infrastructure, addressing the growing demand for robust and reliable telecom networks.
Argan’s recent achievements include substantial revenue growth, strong EBITDA performance, and a solid financial position with significant cash reserves and no debt. The company has maintained a healthy project backlog, demonstrating its strong market position and ability to secure new contracts. Noteworthy projects include the Shannonbridge Power Project in Ireland and several solar and battery projects in Illinois.
Argan’s commitment to shareholders is highlighted by its ongoing share repurchase program and increasing quarterly dividends, reflecting the company's robust financial health and dedication to returning value to investors. As a trusted partner in the power industry, Argan continues to leverage its expertise to meet the evolving needs of the energy sector, supporting both traditional and renewable energy projects.
Argan, Inc. (NYSE: AGX) has announced the passing of board member W.G. Champion Mitchell on October 8, 2024. Mitchell had been a member of Argan's Board of Directors since October 2003, serving on the Executive Committee and the Nominating/Corporate Governance Committee. He also held board positions with Direct Brands, Inc., The 41st Parameter, Inc., and RTI International.
William F. Leimkuhler, Chairman of Argan's Board, expressed deep sadness and highlighted Mitchell's valuable contributions as a corporate executive and former chief executive. David Watson, President and CEO of Argan, praised Mitchell's leadership, public company expertise, and commitment to the company, noting his impact on management's presentations and his ability to recognize good work.
Argan (NYSE: AGX) has announced a 25% increase in its quarterly cash dividend, raising it from $0.30 to $0.375 per common share. The dividend will be payable on October 31, 2024, to stockholders of record as of October 23, 2024. This increase brings the annual dividend to $1.50 per share. The company's decision reflects its strong financial performance, robust balance sheet, and commitment to shareholder value. Argan's management expressed confidence in the business and highlighted growing opportunities in the power industry, particularly in gas-fired and renewable facilities to meet increasing energy demand from data centers, manufacturing, and EV charging.
Argan (NYSE: AGX) reported its Q2 fiscal 2025 results, showing robust financial performance. Revenues surged by 60.6% to $227 million, up from $141.3 million in Q2 2024. Net income increased to $18.2 million, or $1.31 per diluted share, compared to $12.8 million, or $0.94 per diluted share, in the prior year. EBITDA rose to $24.8 million from $17.9 million. The project backlog expanded to $1.0 billion, including $570 million in renewable projects. However, gross margin declined to 13.7% from 16.8% due to changes in the project mix.
For the six months ended July 31, 2024, revenues grew by 57% to $384.7 million, and net income nearly doubled to $26.1 million, or $1.90 per diluted share. The company maintained strong liquidity with cash, equivalents, and investments at $484.7 million and no debt. Despite higher selling, general, and administrative expenses, their percentage of revenue decreased.
Argan, Inc. (NYSE: AGX) has announced its participation in the Lake Street Capital Markets 8th Annual Best Ideas Growth Conference. The event is scheduled for Thursday, September 12, 2024 in New York City. David Watson, the Chief Executive Officer of Argan, will be representing the company at the conference.
Mr. Watson will be available for one-on-one meetings throughout the day, providing an opportunity for investors and analysts to engage directly with the company's leadership. This participation highlights Argan's commitment to investor relations and its efforts to communicate with the financial community.
The Lake Street Capital Markets conference is known for showcasing growth companies, making it a significant platform for Argan to present its business strategy and potential growth opportunities to interested parties.
Argan, Inc. (NYSE: AGX) has announced its plans to release second quarter fiscal 2025 financial results after market close on Thursday, September 5, 2024. The company will host a webcast with a slide presentation and conference call at 5:00 p.m. ET on the same day. Investors can access the live webcast through a provided link or join the call using specific dial-in numbers for domestic and international participants. A replay of the teleconference will be available until September 19, 2024, while the webcast replay can be accessed until September 5, 2025. This announcement provides shareholders and analysts with the opportunity to review Argan's financial performance and engage with management for further insights.
Argan, Inc. (NYSE: AGX) has announced the retirement of Chief Financial Officer Richard H. Deily, effective September 15, 2024. Deily, 71, has had a 40-year career in senior financial management, including 17 years with Argan. Josh Baugher, currently Vice President and Corporate Controller, will succeed Deily as CFO.
Baugher brings nearly 20 years of financial leadership experience, having previously worked at Charles River Associates and CohnReznick. He is a licensed CPA in Maryland with a BS in accounting from George Mason University. Argan's CEO, David Watson, praised Deily's contributions and expressed confidence in Baugher's abilities to lead the finance team going forward.
Argan, a company listed on the NYSE under the symbol AGX, announced a regular quarterly cash dividend of $0.30 per common share. This dividend will be payable on July 31, 2024, to shareholders of record as of July 23, 2024. Additionally, the Board of Directors has extended the company's $125 million Share Repurchase Plan to January 31, 2027. This extension aims to provide continued support for the company's stock price and add value for shareholders over the next three years.
Argan (NYSE: AGX) has reported its financial results for the first quarter of fiscal year 2025, ending April 30, 2024. Revenues rose by 52% to $157.7 million, up from $103.7 million in the same period last year. Despite a gross margin decline from 13.7% to 11.4%, net income significantly increased to $7.9 million, or $0.58 per share, compared to $2.1 million, or $0.16 per share, in the prior year. EBITDA saw a remarkable rise of 225.8% to $11.9 million. The company maintains strong cash and investments of $416.4 million and reported net liquidity of $246.7 million. Argan's project backlog grew to $824 million, including over $300 million in renewable projects. However, the quarter faced a $2.6 million loss related to the Kilroot Power Station project.
Argan (NYSE: AGX) will release its first quarter fiscal 2025 financial results after market close on June 6, 2024. A webcast and conference call will be hosted by management at 5:00 p.m. ET the same day. Participants can access the live webcast through the provided link or join by phone using the specified dial-in numbers and access code. A replay will be available until June 20, 2024, through the given phone numbers and access code, and the webcast replay will be accessible until June 6, 2025.
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