Argan Inc., primarily involved in construction and related services in the power sector, has reported $35.28 million in net income for the second quarter of fiscal year 2026, up 93.84 percent from the same three-month period a year ago.
Earnings per share assuming dilution landed at $2.5. The New York Stock Exchange-listed company declared a dividend of $0.375 per share for the quarter ended July 2025, up from $0.3 for the corresponding prior-year period.
Revenue rose 4.73 percent year-on-year to $237.74 million. EBITDA increased 45.82 percent to $36.23 million, representing 15.2 percent of revenue. Income before income taxes was $35.64 million, up 46.76 percent year-over-year.
“The increase in the number of current projects and contract backlog has resulted in increased project activity and the related revenues compared to the prior-year quarter”, the Arlington, Virginia-based company, which also provides industrial construction services and telecommunications solutions, said in a statement on its website.
“During the second quarter of fiscal 2026, several recently awarded power plant projects were in their early stages of activity with limited revenues, while the company’s mature projects continued to generate significant activity”.
Argan president and chief executive David Watson said, “Additionally, demand for our capabilities across all of our business segments remains strong, with record backlog of $2.0 billion”.
“We achieved a few project milestones in the quarter, reflecting excellent execution and solid progress within our project base”, Watson added. “During the quarter, we completed our LNG project in Louisiana and achieved first fire at one of our Trumbull units, followed by first fire at the second Trumbull unit occurring in August.
“Several of our renewable projects advanced meaningfully this summer, as cooperative weather allowed us to make significant progress”.
“Argan remains well-positioned to benefit from the current demand environment as the industry responds to the urgent need for reliable energy resources to strengthen the power grid”, Watson said. “The ongoing electrification of everything requires an uninterrupted supply of reliable, high-quality energy, and we are a proven partner in constructing the types of large and complex power generating facilities that are necessary to support the unprecedented growth in power demand”.
Argan ended the quarter with $828.78 million in current assets including $177.85 million in cash and cash equivalents. Current liabilities stood at $484.32 million including $96.05 million in accounts payable.
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