Date: April 10, 2017

Energy company Argan’s fourth-quarter earnings beat analysts’ estimates

argan_logoROCKVILLE, MD — Argan Inc. said fourth-quarter earnings rose 190 percent, beating analyst estimates, due to acquisitions and new construction.

The Rockville, Maryland-based company reported earnings of $1.29 a share, up from 45 cents a share the year before, beating analysts’ estimates by 48 cents a share.

The energy holding company filed financial results for its fiscal year and fourth quarter ended Jan. 31 with the Securities and Exchange Commission Monday.

Quarterly revenues rose 78 percent to $206.8 million versus $116.4 million the previous year.

Revenues increased to an annual record $675 million, up 63 percent compared to the prior year, primarily due to the company’s Gemma Power Systems subsidiary ramping up work on four gas-fired power plants and completing two other power plants.

The company said the increase also reflects a full year of revenues from Atlantic Projects Co. and The Roberts Co., which were acquired in May and December 2015, respectively.

Incorporated in 1961, Argan designs and builds energy plants.

Shares of the company closed at $64.35 per share on Monday, up 0.6 percent. Argan trades on the New York Stock Exchange under the ticker AGX.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

Colfax CEO Trerotola compensation drops $5.6 million

ANNAPOLIS, MD — Colfax Corp president and chief executive officer Matthew Trerotola received $11.9 million in compensation in 2016, down from $17.5 million in 2015.

Trerotola, who has been CEO since 2015, saw his base salary more than double between 2015 and 2016, from $426,923 to $1 million. Trerotola received $1 million bonuses in 2015 and 2016 as two of the three scheduled payouts of his cash signing bonus.colfax-squarelogo-1399570218633

Trerotola received less in stock and option awards for 2016. In 2015, he took home $8.3 million in stock awards and $6.5 million from option awards. Last year, he took home $3.06 million and $5.5 million in stock and options, respectively.

Trerotola also received $334,937 in all other compensation, including an $18,574 auto allowance and $188,094 in aircraft usage.

Senior vice president and Chief Financial Officer Christopher Hix earned $2.7 million since joining Colfax in June. His hiring package included $1.2 million in option awards. Hix’s predecessor earned $752,458 for the year. 

Daniel Pryor, executive vice president of strategy and business development, saw his total compensation decrease by nearly $5 million. That $5 million came from stock and option awards in 2015. Without those awards in 2016, his total compensation fell to $902,360.

The form 14A can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Follow

Follow this website

Get every new post delivered right to your inbox.

Email address