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