Argan Shares Rise 11% After 1Q Revenue, Profit Surge

Dow Jones06-07

By Ben Glickman

Shares of Argan rose Friday after the company reported surging revenue and profit in the first quarter and a strong order backlog.

The stock was up 11% to $76.80 in midday trading, on pace for its highest close since July 1992. Shares are up about 64% this year.

The company ended the first quarter with a backlog of $824 million, including more than $300 million in renewable projects. Chief Executive David Watson said the company's pipeline was benefiting from a push to meet rising power demands from data centers and greater electric-vehicle use.

The Rockville, Md.-based provider of construction services in the power industry posted a profit of $7.9 million, or 58 cents a share, in the quarter ended April 30, compared with a profit of $2.1 million, or 16 cents a share, a year earlier.

Revenue rose 52% to $157.7 million in the first quarter.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

June 07, 2024 11:48 ET (15:48 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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