Argan, Inc - AGX STOCK NEWS

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.

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.