Industrial contractor Argan's Q3 revenue misses estimates
Argan's fiscal Q3 revenue declined by 2.3% year-over-year, missing analyst estimates, but net income rose to $30.7 million. The company reported a record backlog of $3.0 billion, driven by new gas-fired projects. Despite the revenue decline, gross profit margins improved. Analysts maintain a 'buy' rating, with a median 12-month price target of $370.00, 5.4% above the recent closing price. The stock trades at 39 times the next 12-month earnings.
Reuters·