Argan Q1 FY2024 net income $2.1M ($0.16 EPS) down 72% YoY; gross margin 13.7% vs 19.7%

ARGAN INC

2024-Q1 EPS reported $0.16 revenue$103,675,000

Revenue $103.7M (+3.4% YoY) but gross profit fell to $14.2M from $19.7M as project mix shifted.
EBITDA dropped to $3.6M from $10.7M; net income $2.1M vs $7.5M in prior-year quarter.
Backlog $806M, consistent with year-end; cash and liquid investments $316.9M; no debt.
Repurchased 92,656 shares for $3.7M in Q1; total repurchases ~2.5M shares (~15% of outstanding).
Guernsey Power Station (largest single-phase gas-fired project in U.S.) reached substantial completion.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ARGAN INC reported the three months ended April 30, 2023 results: revenue $103,675, net income $2,109, EPS 0.16.

Period: the three months ended April 30, 2023
Revenue: $103,675
Net income: $2,109
EPS: 0.16
Result: reported results

Exact text from the filing

Consolidated Financial Highlights ($ in thousands, except per share data) April 30, For the Quarter Ended: 2023 2022 Change Revenues $ 103,675 $ 100,277 $ 3,398 Gross profit 14,224 19,738 (5,514) Gross margin % 13.7 % 19.7 % (6.0) % Net income $ 2,109 $ 7,485 $ (5,376) Diluted per share 0.16 0.50 (0.34) EBITDA 3,649 10,733 (7,084) Cash dividends per share 0.25 0.25 —

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Source: SEC EDGAR

accession 0001558370-23-010906

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