Argan Inc Stock Price, News & Analysis

Argan, Inc. (NYSE: AGX) reported its financial results for the fourth quarter and fiscal year ending January 31, 2023, highlighting a revenue decline of 10.7% year-over-year, totaling $455 million. Although revenues decreased by $6.8 million in Q4, net income increased significantly to $13.6 million or $1.00 per diluted share, compared to $2.2 million or $0.14 per diluted share in the prior year. The company maintained a strong project backlog of approximately $822 million. Argan declared a quarterly dividend of $0.25 per share, payable on April 28, 2023. Despite the revenue decline, the company reduced SG&A expenses and reported an increase in cash and short-term investments to $325.5 million as of January 31, 2023. Argan's CEO expressed optimism for fiscal 2024, citing a robust portfolio of projects aimed at leveraging growth in power resources.

Argan, Inc. (NYSE: AGX) will release its fourth quarter and fiscal year-end 2023 financial results on April 12, 2023, after market close. The management will hold a conference call and webcast at 5:00 PM ET on the same day to discuss the results. Access to the call can be made through dial-in numbers or via the company's website. A replay will be available until April 26, 2023 for the call and until April 12, 2024 for the webcast. Argan focuses on providing a range of services to the power industry, including renewable energy projects through its subsidiaries.

Argan, Inc. (NYSE: AGX) has announced an increase in its share repurchase program from $100 million to $125 million. The company will also pay a regular quarterly cash dividend of $0.25 per share, payable on January 31, 2023. Since November 2021, Argan has repurchased approximately 14% of its outstanding shares at a cost of around $84 million. This move reflects the Board's commitment to a disciplined capital allocation strategy and signifies confidence in the company's future.