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Argan's stock performed poorly today, and you might be wondering what exactly happened. On Friday, Argan's stock price quickly fell, dropping by 13% as of 1:30 PM ET, and even hitting a low of 17.1% earlier in the day. What exactly went wrong?
Just yesterday, after the market closed, Argan announced its second quarter results for the current fiscal year, which ended on July 31. Although the energy and industrial company reported earnings that exceeded Wall Street's expectations, its sales fell significantly short of market expectations. Such performance is indeed a bit mixed, catching investors off guard.
In this quarter, Argan's earnings per share reached $2.50, with revenue of $237.74 million. In comparison, Wall Street analysts expected earnings per share of $1.64, with sales anticipated at $243.97 million. Although Argan's profits exceeded expectations, which usually drives the stock price up, the significant reliance on one-time events for this profit growth suggests that it may not be sustainable in the future. The company's revenue falling significantly below expectations has led to a notable drop in the stock price.
So what will happen to Argan next? Although their sales in the second quarter did not meet expectations, the company did announce that its backlog of contracts reached a record $2 billion. That sounds like good news. If the poor sales in the second quarter were mainly due to a slight difference in contract execution timing, then today's sharp fall in stock price might ultimately be considered somewhat excessive. However, in the long run, the timing of contract execution is indeed a significant concern for investors, especially since the sales performance in the second quarter was not very encouraging. What do you think? Is it a temporary storm or is there something more to it? Feel free to leave a message to discuss with me.