Stock Track | Argan Plunges 11.04% After-Hours as Q3 Revenue Misses Estimates

Stock Track12-05 05:34

Argan Inc. (AGX) shares plummeted 11.04% in after-hours trading on Thursday following the release of its 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. Despite net income rising to $30.7 million from $28.0 million year-over-year and a record backlog of $3.0 billion, the revenue shortfall triggered a sharp sell-off. The stock's high valuation (39x forward P/E) may have amplified the negative reaction.

Argan highlighted improved gross profit margins in its Power Industry Services and Industrial Construction Services segments, along with new gas-fired projects in Texas driving its backlog. However, the timing of work performed and project mix were cited as factors in the revenue decline.

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