Argan Inc. Reports Q1 2024 Results

TL;DR

ARGAN Q1 24: $1.8B assets, $448M retained earnings. Solid.

AI Summary

Argan Inc. filed its 10-Q for the period ending April 30, 2024. The company reported total assets of $1.825 billion. Key financial figures include retained earnings of $448.5 million and additional paid-in capital of $1.01 billion as of April 30, 2024.

Why It Matters

This filing provides investors with a quarterly update on Argan Inc.'s financial health and performance, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $1.825B — Total Assets (As of April 30, 2024)
• $448.5M — Retained Earnings (As of April 30, 2024)
• $1.01B — Additional Paid-in Capital (As of April 30, 2024)

Key Players & Entities

• ARGAN INC (company) — Filer
• 20240430 (date) — Reporting Period End Date
• $1.825 billion (dollar_amount) — Total Assets
• $448.5 million (dollar_amount) — Retained Earnings as of April 30, 2024
• $1.01 billion (dollar_amount) — Additional Paid-in Capital as of April 30, 2024

FAQ

Key Financial Figures

• $0.15 — nge on Which Registered Common Stock, $0.15 par value AGX New York Stock Exchan

Filing Documents

• agx-20240430x10q.htm (10-Q) — 1451KB
• agx-20240430xex31d1.htm (EX-31.1) — 9KB
• agx-20240430xex31d2.htm (EX-31.2) — 10KB
• agx-20240430xex32d1.htm (EX-32.1) — 6KB
• agx-20240430xex32d2.htm (EX-32.2) — 6KB
• agx-20240430x10q001.jpg (GRAPHIC) — 6KB
• 0001558370-24-008969.txt ( ) — 7305KB
• agx-20240430.xsd (EX-101.SCH) — 52KB
• agx-20240430_cal.xml (EX-101.CAL) — 51KB
• agx-20240430_def.xml (EX-101.DEF) — 165KB
• agx-20240430_lab.xml (EX-101.LAB) — 402KB
• agx-20240430_pre.xml (EX-101.PRE) — 324KB
• agx-20240430x10q_htm.xml (XML) — 1433KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended April 30, 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the Transition Period from to Commission File Number 001-31756 (Exact Name of Registrant as Specified in Its Charter) Delaware 13-1947195 (State or Other Jurisdiction of Incorporation) (I.R.S. Employer Identification No.) One Church Street, Suite 201 , Rockville , Maryland 20850 (Address of Principal Executive Offices) (Zip Code) ( 301 ) 315-0027 (Registrant's Telephone Number, Including Area Code) (Former Name, Former Address and Former Fiscal Year, if Changed since Last Report) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes No Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.15 par value AGX New York Stock Exchange Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date. Common stock, $0.15 par value: 13,354,332 shares as of May 31, 2024. ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three Months Ended April 30, 2024 2023 REVENUES $ 157,682 $ 103,675 Cost of revenues 139,738 89,451 GROSS PROFIT 17,944 14,224 Selling, general and administrative expenses 11,425 10,591 INCOME FROM OPERATIONS 6,519 3,633 Other income (loss), net 4,794 ( 629 ) INCOME BEFORE INCOME TAXES 11,313 3,004 Income tax expense 3,431 895 NET INCOME $ 7,882 $ 2,109 OTHER COMPREHENSIVE INCOME, NET OF TAXES Foreign currency translation adjustments ( 790 ) 440 Net unrealized losses on available-for-sale securities ( 969 ) ( 37 ) COMPREHENSIVE INCOME $ 6,123 $ 2,512 NET INCOME PER SHARE Basic $ 0.59 $ 0.16 Diluted $ 0.58 $ 0.16 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING Basic 13,257 13,413 Diluted 13,572 13,546 CASH DIVIDENDS PER SHARE $ 0.30 $ 0.25 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) April 30, January 31, 2024 2024 (Unaudited) (Note 1) ASSETS CURRENT ASSETS Cash and cash equivalents $ 207,738 $ 197,032 Investments 208,618 215,373 Accounts receivable, net 59,960 47,326 Contract assets 54,385 48,189 Other current assets 43,625 39,259 TOTAL CURRENT ASSETS 574,326 547,179 Property, plant and equipment, net 10,825 11,021 Goodwill 28,033 28,033 Intangible assets, net 2,120 2,217 Deferred taxes, net 2,305 2,259 Right-of-use and other assets 6,799 7,520 TOTAL ASSETS $ 624,408 $ 598,229 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 66,448 $ 39,485 Accrued expenses 60,721 81,721 Contract liabilities 200,429 181,054 TOTAL CURRENT LIABILITIES 327,598 302,260 Noncurrent liabilities 3,655 5,030 TOTAL LIABILITIES 331,253 307,290 COMMITMENTS AND CONTINGENCIES (see Notes 8 and 9) STOCKHOLDERS' EQUITY Preferred stock, par value $ 0.10 per share – 500,000 shares authorized; no shares issued and outstanding — — Common

View Full Filing

View this 10-Q filing on SEC EDGAR