Argan CEO Sells 1,880 Shares for $1.33M as Backlog Doubles to $2.9B
AGX•Argan CEO Watson David Hibbert sold 1,880 shares at $707.35 apiece for roughly $1.33 million, after the stock gained almost 90% year-to-date. The company’s project backlog more than doubled to $2.9 billion and quarterly earnings reached $3.24 per share on $291 million revenue, driven by AI data center demand.
1. CEO Insider Sale
On June 16, CEO Watson David Hibbert sold 1,880 shares at $707.35 each, generating approximately $1.33 million in proceeds. Following the transaction, he continues to hold 40,005 shares, representing his ongoing stake in the company.
2. Project Backlog Growth
Argan’s project backlog more than doubled during fiscal 2026, expanding from $1.4 billion to $2.9 billion across its power, industrial and teledata segments. This surge reflects strong demand for infrastructure projects in multiple end markets.
3. Quarterly Financial Performance
The company reported quarterly earnings of $3.24 per share, surpassing estimates of $2.27, and revenue climbed to $291 million from $193.66 million a year earlier. These results underscore Argan’s improved margins and growing top-line momentum.
4. AI Data Center Demand
Rapid build-out of AI data centers has driven elevated demand for power generation infrastructure, a key growth driver for Argan’s teledata and power segments. The trend is expected to sustain high-margin project opportunities moving forward.
