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 construction-focused company whose primary business is providing a full range of construction and related services to the power industry. Its news flow centers on engineering, procurement and construction (EPC) contracts for natural gas-fired power plants and renewable energy facilities, as well as financial results, project milestones and capital allocation decisions.
Through subsidiaries such as Gemma Power Systems and Atlantic Projects Company, Argan regularly announces new EPC awards, full notices to proceed on large power projects and updates on major facilities in the United States, Ireland and the United Kingdom. Recent press releases have highlighted combined-cycle natural gas projects in Texas, an LNG-related project in Louisiana, and the Platin Power Station contract in Ireland, along with commentary on project execution and backlog.
Investors following AGX news can also track quarterly earnings releases, which include updates on consolidated revenues, gross profit, net income, EBITDA and project backlog, as well as management’s discussion of demand for the company’s capabilities. In addition, Argan issues announcements about regular quarterly cash dividends, dividend increases and related Form 8-K filings.
This news page aggregates Argan, Inc.’s earnings reports, dividend declarations, project contract announcements and other company communications in one place, helping readers review how new EPC awards, construction progress and capital allocation choices are reflected in the company’s public disclosures over time.
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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.
Argan, Inc. (AGX) reported its third-quarter financial results for the period ending October 31, 2022. Revenues decreased by 5.3% to $117.9 million, with net income dropping to $7.8 million, or $0.56 per diluted share. Gross profit also declined to $22.2 million, reflecting an 18.8% gross margin. The company’s project backlog grew to approximately $839 million. Selling, general and administrative expenses increased due to costs related to the former CEO's retirement. Despite challenges, cash reserves were at $287 million, with no debt reported.
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.