By Kelly Cloonan
Shares of Argan rose after the company reported a increase in fourth-quarter profit and revenue, partially fueled by sales growth in its power-industry-services segment.
The stock gained 13%, to $129.99, in after-hours trading Thursday. Shares had gained 128% over the past 12 months through Thursday's market close.
The Arlington, Va., company posted a profit of $31.4 million, or $2.22 a share, for the quarter ended Jan. 31, compared with $12 million, or 89 cents a share, a year earlier.
Revenue rose to $232.5 million compared with $164.6 million a year ago.
The energy-facility-construction company said strength in its power-industry-services segment, where sales rose 65% year-over-year in the quarter, helped drive the overall revenue increase.
The company's backlog grew to $1.4 billion at the end of the quarter, including a combined-cycle natural gas project in the U.S. and a biofuel power plant in Ireland. The company also recently executed a signed contract for an ultra-efficient natural-gas-fired power plant project in Texas.
A continuing trend toward electrification, aging power infrastructure and years of underinvestment in natural-gas power facilities is driving high demand for energy, the company said.
"With the volume of projects we're seeing coming to market, we believe our runway for continued growth is substantial," Chief Executive David Watson said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
March 27, 2025 18:01 ET (22:01 GMT)
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