Boston, MA 09/05/2014 (wallstreetpr) – Argan, Inc. (NYSE:AGX), the energy plants designer and builder, reported strong earnings for the quarter ended July 31, 2014 on Thursday.
Revenues For The Period
Argan, Inc. (NYSE:AGX)’s revenues for the quarter ended July 31, 2014 were reported to be $102 million, up from previous year’s $57.9 million. Its primary business subsidiary Gemma Power Systems LLC threw in revenues of as much as $100.4 million, which is almost 98% of the total revenues in the second quarter of 2015. This is comparable to the 96% of revenues, equivalent to $55.5 million, in the second quarter of 2014.
For the six-month tenure, ended July 31, 2014, the company reported revenues of as much as $153.2 million. Last year, during the same period, revenue was reported to be $104.5 million. Gemma’s contribution for the period was $150.2 million, which accounts for approximately 98% of the revenues in the first half of 2015. This is comparable to the 95% of revenue that Gemma had contributed in the same period last year.
Consolidated EBITDA was $13.9 million in the reported quarter, down from last year’s $20.2 million. Gemma reported EBITDA of around $15.1 million in the second quarter of 2015, which is comparable to the $19.6 million that it had recorded in the same period the prior year. Argan, Inc. (NYSE:AGX) reported EBITDA of $19.4 million for the six-month period, compared to the previous year’s $30.2 million. Gemma’s six-month EBITDA was $22 million, low from last year’s $30.7 million.
Promising New Projects
Argan, Inc. (NYSE:AGX)’s Chairman and Chief Executive Officer, Rainer Bosselmann, commented positively on the company’s financial results. He said that Gemma has initiated two projects, namely the Panda Patriot and the Panda Liberty, with great success. He said that the successful start of the projects promise to offer excellent ground for good financial performance by the company for a long period.