Argan Q3 revenue rises 39% to $164 million, but net income falls to $5.5 million on Kilroot loss
Argan reported results for the three months ended October 31, 2023, with revenue up 38.9% to $163.8 million. Net income fell to $5.5 million, or $0.40 per diluted share, from $7.8 million, or $0.56, a year earlier, as a Kilroot project pre-tax loss of approximately $10.7 million and a lower gross margin of 11.7% weighed on profit. The company also raised its quarterly cash dividend 20% to $0.30 per share.
Key points
- Quarterly revenue rose $45.9 million, or 38.9%, to $163.8 million, led by the Shannonbridge, Trumbull and ESB FlexGen projects
- Net income was $5.5 million, or $0.40 per diluted share, versus $7.8 million, or $0.56, a year earlier; gross margin fell to 11.7% from 18.8%
- Kilroot project pre-tax loss of approximately $10.7 million; the company expects to complete the project by early next year
- Project backlog was $730 million at October 31, 2023, down from $822 million at January 31, 2023; quarterly dividend raised to $0.30 from $0.25
The filing
Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 06, 2023.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.