Argan Inc Stock Price, News & Analysis

Argan, Inc. (NYSE: AGX) announced that its subsidiary, Gemma Power Systems, received a full notice to proceed on an EPC contract with Clean Energy Future-Trumbull, LLC for the Trumbull Energy Center, a 950 MW natural gas-fired power plant in Lordstown, Ohio. Gemma has initiated project activities and aims to deliver the project on schedule with Siemens Energy's support. This facility will enhance the power supply reliability in Ohio. The project is expected to strengthen Gemma's ties with the local community and mark a significant collaboration with CEF-Trumbull.

Argan, Inc. (NYSE: AGX) announced its Q2 2022 results, reporting revenues of $118.1 million, down 11.2% year-over-year, and net income of $4.2 million ($0.30 per diluted share). The company increased its share repurchase program to $100 million and declared a quarterly dividend of $0.25 per share. Despite a decline in revenues, gross profit margins remained stable at 20.6%. The company also noted a strong project backlog of approximately $372 million and plans to continue executing effectively on ongoing projects.

Argan, Inc. (NYSE: AGX) announced the retirement of Rainer H. Bosselmann as Founder, Chairman, and CEO, effective August 16, 2022. David H. Watson, previously CFO, has been appointed as the new CEO. Bosselmann, who led Argan since its founding in 2003, significantly enhanced the company, growing revenues from $30 million to over $500 million and returning $175 million in dividends to shareholders. Richard H. Deily will now serve as CFO, and William F. Leimkuhler has been appointed Chairman of the Board. Argan offers comprehensive services to the power industry.

Argan, Inc. (NYSE: AGX) declared a quarterly cash dividend of $0.25 per share, scheduled for payment on July 29, 2022, to stockholders of record as of July 21, 2022. The company provides a comprehensive suite of services to the power industry, with a focus on engineering, procurement, and construction for natural gas and renewable energy projects. Argan operates through subsidiaries like Gemma Power Systems and Atlantic Projects Company, enhancing its commitment to the energy sector.

Argan, Inc. (NYSE: AGX) reported financial results for Q1 ended April 30, 2022, revealing revenues of $100.3 million, a decline of $26.1 million from the same period in 2021. Gross profit decreased to $19.7 million, with a gross margin of 19.7%. Net income fell to $7.5 million, or $0.50 per diluted share, down from $10.8 million in 2021. Cash and equivalents totaled $367 million, with net liquidity at $261 million. Notably, the company repurchased 710,879 shares during the quarter, reflecting ongoing capital management efforts.

Argan, Inc. (NYSE: AGX) has secured contracts through its subsidiary, Atlantic Projects Company (APC), with the Electricity Supply Board (ESB) to build three 65 MW aero-derivative gas turbine flexible generation power plants in Dublin, Ireland. The projects, which have passed the SEM 2024/2025 T-3 Capacity auction, aim to support electricity demand and renewable generation. The contracts will immediately enhance Argan's project backlog, contributing to Ireland's energy stability and aligning with ESB's Net Zero by 2040 strategy.

Argan, Inc. (NYSE: AGX) announced strong financial results for the fiscal year and fourth quarter ended January 31, 2022. Fiscal 2022 revenue rose by 30% to $509.4 million, driven by growth in the power industry services segment. Net income increased to $38.2 million, or $2.40 per share, reflecting improved operating performance. The company also approved a share repurchase program increase from $50 million to $75 million. Despite positive results, gross profit margin declined slightly in Q4, reflecting challenges in the industrial fabrication business.

Argan, Inc. (NYSE: AGX) announced a quarterly cash dividend of $0.25 per share on April 8, 2022. The payment date is set for April 29, 2022, with stockholders of record as of April 21, 2022. Argan operates within the power industry, specializing in engineering, procurement, and construction services for both natural gas and renewable energy sectors through its subsidiaries, including Gemma Power Systems and Atlantic Projects Company.

Argan, Inc. (NYSE: AGX) has increased its share repurchase program from $25 million to $50 million. Approximately $18 million of shares have already been repurchased. CEO Rainer Bosselmann emphasized the company's commitment to a disciplined capital allocation strategy, blending shareholder returns with business investment. Over the last two years, Argan has disbursed around $63 million in dividends. The share buyback program is authorized until January 2024, aiming to leverage strong free cash flow.