Argan Inc Stock Price, News & Analysis

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.