Argan falls on lower Q1 profit

Argan

08/06/2023 21:48

** Shares of engineering services firm Argan  AGX.N  down
6.2% at $41.50 aftermarket
    ** Co reports lower profit in Q1 hurt by fall in gross
profit; AGX says results were also affected by previously
reported loss related to fraudulently-induced wire transfers
    ** Reports Q1 net income falls to $2.1 mln or 16 cents per
share, from $7.5 mln or 50 cents per share, a year ago
    ** Gross margin in Q1 was 13.7% compared to prior year of
19.7%
    ** However AGX's Q1 sales rose 3.4% to $103.7 mln
    ** Up to today's close, stock had risen almost 20% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))