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Argan Inc. (AGX) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $257,008,000 from $163,755,000 in the same quarter the previous year. The increase is attributed to higher construction activities in power industry services and industrial construction services.
Cost of revenues for the quarter was $212,681,000, representing 83% of sales, compared to 88% in the same quarter of the previous year. This decrease in cost ratio is due to a change in the mix of projects and strong execution.
The company reported a gross profit of $44,327,000 for the quarter, compared to $19,235,000 in the previous year, with the increase attributed to improved project margins.
Selling, general, and administrative expenses increased to $13,995,000 from $11,375,000, primarily due to higher business activity.
Net income for the quarter was $28,010,000, up from $5,464,000 in the previous year. Earnings per share were $2.00, compared to $0.40 in the previous year.
Cash provided by operating activities was $122,960,000, while cash used in investing and financing activities was $126,845,000 and $17,613,000, respectively.
Argan had a working capital of $281,000,000 as of October 31, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a new credit agreement with Bank of America, N.A., and investments in solar energy projects.
Argan does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Argan continues to focus on expanding its power industry services and highlights its involvement in renewable energy projects.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Argan Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.