Argan (NYSE:AGX) subsidiary Gemma Power Systems (GPS) ramped up work on four large, gas-fired power plants and celebrated the commissioning and final completion of two Panda Power Funds plants during the quarter ended Oct. 31.
Argan released its third quarter earnings report on Dec. 6. The company said it was filing the financial report with the U.S. Securities and Exchange Commission (SEC).
Revenues increased 54% to a record $175m for the quarter ended Oct. 31, as compared to $114 million in the prior year quarter, Argan said.
“We were pleased to follow up our record second quarter with our next best quarter in Company history,” said Argan Chairman and CEO Rainer Bosselmann.
“These sustained results could not have been achieved without the operational excellence of our employees,” Bosselmann said. “Their dedication to finish out projects while simultaneously ramping up on four large, gas-fired plants allowed us to post strong current quarter results and to pay our largest dividend to date – $1.00 per share,” Bosselmann said.
“Even though we did not add any major projects to our backlog over the last several quarters, it remains over $1.1 billion and we expect continued growth in our revenues the rest of this year and into the next,” Bosselmann said.
Argan’s primary business is providing a full range of services to the power industry including the engineering, procurement and construction of gas-fired and biomass-fired power plants, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations.