AGX - Why Argan Stock Soared 24% Today
2024-04-12 10:52:42 ET
Investors in Rockville, Maryland-based engineering firm Argan (NYSE: AGX) are having a good day Friday, as the energy plant builder closes out the week with a powerful earnings report for the fiscal fourth quarter of 2024, ended Jan. 31.
Analysts had forecast Argan would earn just $0.75 per share for the quarter, but Argan reported last night that Q4 earnings were a better-than-expected $0.89. Quarterly sales of $164.6 million also seem to have topped expectations. As of 10:15 a.m. ET, Argan stock is up 23.5%.
As the company reported last night, quarterly sales surged 38.5% year over year -- albeit gross profit margin on those sales shrank, and net income for the quarter declined by 12%. Still, this was more profit than Wall Street had expected, and investors are reading this as good news.
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Why Argan Stock Soared 24% Today