Argan, Inc. (AGX) has reported a 202.48 percent jump in profit for the quarter ended Jan. 31, 2017. The company has earned $20.35 million, or $1.29 a share in the quarter, compared with $6.73 million, or $0.45 a share for the same period last year.
Revenue during the quarter surged 77.65 percent to $206.76 million from $116.39 million in the previous year period. Gross margin for the quarter contracted 194 basis points over the previous year period to 18.29 percent. Total expenses were 85.60 percent of quarterly revenues, down from 87.57 percent for the same period last year. This has led to an improvement of 197 basis points in operating margin to 14.40 percent.
Operating income for the quarter was $29.77 million, compared with $14.46 million in the previous year period.
Commenting on Argan's results, Rainer Bosselmann, chairman and chief executive officer, stated, "The record success of the Company during the year could not have been achieved without the operational excellence of our employees. Our continuing focus on safety and quality, cost containment, investing in our employees and ensuring the satisfaction of our customers is enabling us to progressively grow our business and to continue to post strong financial results. We believe we are well positioned for the future given our liquidity, strong balance sheet and project backlog of $1.0 billion."
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