Stock Track | Argan Plunges 13.30% in Pre-Market as Q3 Revenue Misses Estimates Due to Project Completions

Stock Track12-05 20:54

Argan's (AGX) stock plummeted 13.30% in pre-market trading, extending its post-market decline from the previous session. The sharp drop follows the release of the company's third-quarter fiscal 2026 results, which revealed a revenue miss compared to analyst expectations.

The industrial contractor reported Q3 revenue of $251.2 million, a 2.3% year-over-year decline and below the consensus estimate of $263.84 million. The revenue shortfall was attributed to the completion of two major projects (an LNG project in Louisiana and the Trumbull Energy Center in Ohio), which had previously driven significant revenue. Newly awarded contracts are still in early construction phases, contributing limited revenue.

Despite the revenue miss, Argan's net income rose to $30.7 million from $28.0 million year-over-year, and the company reported a record backlog of $3.0 billion. However, the stock's high valuation (39x forward P/E) may have amplified the negative market reaction to the revenue disappointment.

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