Argan Profit Tops Estimates, Revenue Misses

(RTTNews) - Argan Inc (AGX) on Monday reported first-quarter net earnings of $7.5 million or $0.50 per share compared with $3.5 million or $0.24 per share last year.

Revenues for the quarter were $85.5 million compared with $51.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.38 per share on revenues of $88.5 million for the quarter. Analysts' estimates typically exclude special items.

Contract backlog declined to $347 million as of April 2015 from $423 million as of January 2015, as progress continued on the two Panda gas-fired power plant projects in Pennsylvania.

Argan provides consulting, engineering and construction services to the power generation and renewable energy markets.