$Argan (AGX.US)$ released its Q3 earnings after the bell Thursday, sending shares soaring more than 10% in after-hours trading, before falling back. Shares are trading 2.3% higher shortly after 4.39 pm ET.
The company beat estimated earnings by 59.0%, reporting an EPS of $2.0 versus an estimate of $1.26. Revenue was up $93.25 million from the same period last year.
Last quarter the company beat on EPS by $0.34 which was followed by a 26.0% increase in the share price the next day.
David Watson, President and Chief Executive Officer of Argan, said in the company's press release, “Our third quarter revenues and earnings, each the second highest in Company history, reflect strong execution across all of our businesses, which drove consolidated revenues growth of 57% to $257 million, gross margin of 17.2%, net income of $28.0 million, or $2.00 per diluted share, and EBITDA of $37.5 million.
Our power industry services segment had a particularly strong quarter as evidenced by revenue growth of 75% to $212 million with gross margin of 18.3%, demonstrating our ability to drive enhanced profitability on our renewable as well as on our natural gas projects.
“As we move through the close of our fiscal year, we are encouraged by the strengthening pipeline of planned energy facilities as the industry prepares for the anticipated unprecedented growth in power demand driven by data centers, reshoring of manufacturing operations and increased EV charger utilization. We believe our successful track record as an effective partner in the construction of both traditional and renewable power facilities position us well to capitalize on the current and future need for high quality energy resources to support the power grid.”