Argan Q2 net income falls to $4.2M from $12.9M; revenue down 11.2%; buyback raised to $100M

ARGAN INC

2023-Q2 EPS reported $0.80 revenue$218,387,000

Net income $4.2M ($0.30 diluted EPS) vs $12.9M ($0.81) a year ago; includes $0.43/share unfavorable IRS R&D credit adjustment.
Revenue $118.1M, down 11.2% YoY; power industry services segment down $7.7M due to Guernsey project post-peak.
Board increased share repurchase authorization from $75M to $100M; $73.6M spent so far on 1.94M shares (~12% of outstanding).
Regular quarterly dividend of $0.25 per share declared, payable Oct 31, 2022 to holders of record Oct 21, 2022.
Backlog (RUPO) $372M; CEO expects announcement of a new major project in Q3; APC secured contracts for 195 MW in Dublin.

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