Argan Inc - AGX STOCK NEWS

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 $0.25 per share. This dividend is payable on October 29, 2021 to stockholders of record as of October 21, 2021. Argan specializes in providing services to the power industry, including engineering, procurement, and construction of natural gas-fired power plants and renewable energy facilities.

Argan, Inc. (NYSE: AGX) reported strong financial results for Q2 2021, with revenues surging 52% year-over-year to $133 million. Gross profit increased to $27.7 million, resulting in a gross margin of 20.8%. Net income attributable to stockholders rose significantly to $12.9 million, or $0.81 per diluted share, compared to $5.6 million, or $0.36 per share in Q2 2020. The company’s projects, including the Guernsey Power Station and a major solar plant in Pennsylvania, drive growth. Cash reserves reached $491 million, with no debt, and RUPO stands at approximately $0.5 billion.

Argan, Inc. (NYSE: AGX) declared a quarterly cash dividend of $0.25 per share, to be paid on July 30, 2021, to shareholders on record as of July 22, 2021.

Argan primarily serves the power industry, including renewable energy, through engineering, procurement, and construction of natural gas and renewable energy facilities. Its operations are supported by Gemma Power Systems, Atlantic Projects Company, The Roberts Company, and SMC Infrastructure Solutions.

Argan reported strong financial results for Q1 fiscal 2022, with revenues of $126.3 million, a 110.1% increase year-over-year from $60.1 million. Gross profit reached $23.7 million, up from $4.0 million, resulting in a gross margin of 18.8%. The company achieved net income of $10.8 million or $0.67 per diluted share, compared to a net loss of $0.8 million last year. Cash and equivalents totaled $467 million, and net liquidity stood at $276 million. Argan's contracts include a new 100 MW solar facility in Pennsylvania, expanding its project backlog significantly.

Argan, Inc. (AGX) announced an EPC contract with CPV Maple Hill Solar to construct a large solar facility in Pennsylvania, which will generate 100 megawatts of power. The project, utilizing over 235,000 photovoltaic modules, is set for completion in the second half of 2022. With an estimated employment of 250-400 workers at peak construction, it aims to avoid over 100,000 tons of CO2 emissions annually, enhancing the local economy through tax benefits. This contract strengthens Argan's presence in renewable energy following successful past projects with CPV.

Argan, Inc. (NYSE:AGX) reported strong financial results for Fiscal Year 2021, with revenues of $392.2 million, a 64.1% increase from $239 million in the previous year. Gross profit rose to $62.1 million, reflecting a gross margin of 15.8%. The company returned nearly $50 million to shareholders through dividends. Net income attributed to stockholders was $23.9 million, or $1.51 per share, compared to a loss of $42.7 million last year. The fourth quarter saw revenues increase by 72% to $117.2 million, with net income of $9.6 million, or $0.60 per share.