Argan, Inc. Increases Quarterly Dividend by 25% to $0.375 Per Common Share
September 18 2024 - 3:55PM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today
announces that on September 17, 2024, its Board of Directors
declared a 25% increase in the quarterly cash dividend, raising it
from $0.30 to $0.375 per common share. The dividend will be payable
on October 31, 2024, to stockholders of record at the close of
business on October 23, 2024.
“We are pleased to announce today’s dividend increase which
reflects the strength of our financial performance and balance
sheet and is aligned with our commitment to returning value to our
shareholders. This 25% increase to $0.375 per common share per
fiscal quarter, or $1.50 annually, comes just one year after our
previous dividend raise and demonstrates our confidence in the
business and our favorable view of the growing pipeline of
opportunities we’re seeing as the power industry mobilizes to build
the traditional gas-fired and renewable facilities necessary to
meet the anticipated surge in energy demand associated with data
centers, increased manufacturing activity and EV charging. Argan
has built a solid reputation as a reliable, energy-agnostic partner
for the construction of all types of power resources and we believe
we are well positioned to capitalize on the need to ensure our
power grids are consistently supplied with high quality
energy.”
About Argan
Argan’s primary business is providing a full range of
construction and related services to the power industry. Argan’s
service offerings focus on the engineering, procurement and
construction of natural gas-fired power plants and renewable energy
facilities, along with related commissioning, maintenance, project
development and technical consulting services, through its Gemma
Power Systems and Atlantic Projects Company operations. Argan also
owns The Roberts Company, which is a fully integrated fabrication,
construction and industrial plant services company, and SMC
Infrastructure Solutions, which provides telecommunications
infrastructure services.
Safe Harbor Statement
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws. Reference is hereby made to the cautionary
statements made by the Company with respect to risk factors set
forth in its most recent reports on Form 10-K, Forms 10-Q and other
SEC filings. The Company’s future financial performance is subject
to risks and uncertainties including, but not limited to, the
successful addition of new contracts to project backlog, the
receipt of corresponding notices to proceed with contract
activities, and the Company’s ability to successfully complete the
projects that it obtains. Actual results and the timing of certain
events could differ materially from those projected in or
contemplated by the forward-looking statements due to the risk
factors highlighted above and described regularly in the Company’s
SEC filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20240918392118/en/
Company Contact: David Watson 301.315.0027
Investor Relations Contacts: John Nesbett/Jennifer
Belodeau IMS Investor Relations 203.972.9200
argan@imsinvestorrelations.com
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