Argan increases share buyback program to $125M from $100M

Argan announced that its Board of Directors approved an increase to the company’s existing share repurchase program from $100M to $125M and declared a regular quarterly cash dividend in the amount of 25c per share of common stock, payable January 31, 2023 to stockholders of record at the close of business on January 20, 2023. "The expansion of our share repurchase program, along with our regularly quarterly dividend, reflects the Board’s commitment to our disciplined capital allocation strategy and the confidence in our business," said David Watson, Argan’s President and Chief Executive Officer. "Under the share repurchase authorization, we have repurchased approximately 14% of our outstanding shares at a cost of approximately $84 million since November 2021. As our subsidiaries continue to contribute to the growth in backlog, currently exceeding $0.8 billion, and to successfully execute on their work, we believe the future for Argan is substantial."