Argan reports Q4 EPS $1.00, two estimates 71c

Reports Q4 revenue $118.78M vs $125.57M last year. David Watson, President and Chief Executive Officer of Argan, commented, "Fiscal 2023 was a year of solid progress for Argan, and we’re pleased to close the year with a project backlog now exceeding $0.8 billion and continued strength in our balance sheet. Our topline performance for the fourth quarter and full year was impacted by the timing of certain projects in our power industry services division as certain projects neared completion while others are just getting started. As we head into fiscal 2024, we have a strong backlog and robust portfolio of ongoing projects that are currently progressing toward peak activity, which we anticipate will favorably impact our revenue performance as we move through the year. As worldwide demand for power resources continues to increase, we believe our leadership role as a respected and reliable power plant builder and our broader capabilities addressing the needs of three complementary end markets, position us well to attract more customer contracts and effectively leverage the electrification occurring in our markets to deliver continued growth and profitability moving forward."