Why Is Engineering Company Argan Stock Jumping Today?

Benzinga04-12

Shares of Argan Inc (NYSE:AGX) shares are trading higher after the company reported a fourth-quarter FY24 sales growth of 38.5% year-on-year to $164.55 million, beating the analyst consensus estimate of $161.6 million.

Gross profit for the quarter increased 18% to $23.6 million and the profit margin contracted by 250 basis points to 14.4%.

Selling, general and administrative expenses increased by 13.3% to $11.9 million. The operating income for the quarter increased 22.6% to $11.7 million, with an operating margin of 7.1%.

The company held $412.4 million in cash and equivalents as of January 31, 2024. Operating cash flow for the twelve months totaled $116.8 million.

EPS of $0.89 beat the analyst consensus estimate of $0.75.

"We are energized about the opportunities we’re seeing in the market and our growing project pipeline, which includes several contracts secured after year-end for renewable, natural gas-fired and industrial projects that are in various stages of development and are expected to begin this year," said President and CEO David Watson.

On April 10, 2024, the Argan Board of Directors declared a regular quarterly cash dividend of $0.30 per share, payable April 30, 2024 to stockholders of record at the close of business on April 22, 2024.

Price Action: AGX shares are trading higher by 21.7% at $60.09 on the last check Friday.

Photo: Lukas from Pixabay

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