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 prominent United States-based construction firm headquartered in Rockville, Maryland. The company, through its subsidiaries, provides a comprehensive range of engineering, procurement, construction, commissioning, operations management, and consulting services to the power generation and renewable energy markets. Argan operates in three primary segments: Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services.
The Power Industry Services segment, operated through GPS and APC subsidiaries, focuses on the engineering, procurement, and construction of natural gas-fired power plants and renewable energy facilities. This segment serves a diverse customer base, including independent power project owners, public utilities, and power plant equipment suppliers. Notably, this segment has been involved in projects totaling approximately 15 gigawatts of power-generating capacity.
Through The Roberts Company, the Industrial Fabrication and Field Services segment provides industrial construction, fabrication, and plant services. This segment has a growing portfolio, contributing significant revenue to the company by working on diverse industrial projects, particularly in the United States.
The Telecommunications Infrastructure Services segment, under SMC Infrastructure Solutions, offers services essential for the development and maintenance of telecommunications infrastructure, addressing the growing demand for robust and reliable telecom networks.
Argan’s recent achievements include substantial revenue growth, strong EBITDA performance, and a solid financial position with significant cash reserves and no debt. The company has maintained a healthy project backlog, demonstrating its strong market position and ability to secure new contracts. Noteworthy projects include the Shannonbridge Power Project in Ireland and several solar and battery projects in Illinois.
Argan’s commitment to shareholders is highlighted by its ongoing share repurchase program and increasing quarterly dividends, reflecting the company's robust financial health and dedication to returning value to investors. As a trusted partner in the power industry, Argan continues to leverage its expertise to meet the evolving needs of the energy sector, supporting both traditional and renewable energy projects.
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
The Board of Directors of Argan, Inc. (NYSE: AGX) has declared a quarterly cash dividend of
Argan, Inc. (NYSE: AGX) reported its financial results for the third quarter ending October 31, 2021. The Company generated $124.5 million in revenues, a 2.3% decline from the prior year. Gross profit rose to $26.1 million, with an improved gross margin of 21.0%. Net income increased to $12.4 million, or $0.78 per diluted share, marking a 30.9% year-over-year growth. Net liquidity stood at $301 million, with no debt. Argan highlighted successful contract awards, including solar and natural gas projects, despite challenges from supply chain issues.
Argan, Inc. (NYSE: AGX) has appointed Charles Collins as the new CEO of Gemma Power Systems, following his successful tenure as Co-President. With 21 years at GPS and leadership during challenging times, Collins aims to enhance the company's focus on engineering, procurement, and construction services within the power sector, particularly in renewable energy. His promotion is supported by the Board, emphasizing confidence in his leadership and vision for GPS's future. Colin Trebilcock remains President, maintaining operational continuity.
Argan, Inc. (NYSE: AGX) announced a contract with EPUKI to construct a 2 x 330 MW natural gas-fired power plant in Carrickfergus, Belfast, Northern Ireland. The contract was awarded to its subsidiary, Atlantic Projects Company (APC), marking APC’s largest project under Argan’s ownership. Siemens Energy will supply the gas turbines, and project completion is expected in late 2023. This development signifies a notable addition to Argan's project backlog, reinforcing its position in the power industry.
The Board of Directors of Argan, Inc. (NYSE: AGX) declared a quarterly cash dividend of
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