price down icon0.13%   -0.21

Why is Argan, Inc. (AGX) Stock down?

07 Dec, 2023:

Argan, Inc. Stock (AGX) dropped by 12.38% from $47.74 to $41.83 in the trading on Thursday December 07, 2023. The reason why AGX stock down today is due to Weaker-than-expected quarterly results. The engineering and construction company announced of quarterly earnings that fell short of Wall Street analysts' expectations. It is attributed the challenges to the completion of work on the Kilroot power plant in Northern Ireland, which transitioned from coal to gas-fired electricity generation in September, with the replacement expected to commence operations next year.

  • Net income declined 30% to $5.46 million, or $0.40 per share, for the three months ending October 31, compared to $7.75 million, or $0.56 per share, in the same period the previous year. Analysts had anticipated earnings of $0.86 per share.
  • Revenue increased 39% to $163.8 million, surpassing the consensus estimate of around $161 million.
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