Why Argan Stock Just Popped
Yahoo Finance ·
Argan ( AGX +1.95% ) stock moved 3.3% higher through 2:20 p.m. ET Thursday after crushing analyst forecasts for sales and earnings last night. Heading into the company's Q2 report, Wall Street expected Argan to earn only $2.66 per share on $299.4 million in sales. Argan actually earned $3.76 per share on $384 million in sales. The engineering and construction company grew its sales an astonishing 61.5% year over year in Q2, and with improved profit margins, that translated into a better operating margin as well. Unfortunately, the tax man noticed Argan's improved earnings and took a significantly bigger bite out of them this year than last, resulting in earnings going up "only" 50%. Sales grew 53% in the company's power segment -- the only one singled out for special mention. That was less than the overall revenue growth, however, which must mean that Argan's two other businesses -- industrial and teledata -- performed even better.
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