Argan Inc (AGX) 2026 Q1 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Argan Inc., earnings release conference call for the first quarter of fiscal 2026 ended April 30, 2025. This call is being recorded. (Operator Instructions)

女士們、先生們，晚上好，歡迎參加 Argan Inc. 截至 2025 年 4 月 30 日的 2026 財年第一季收益發布電話會議。此通話正在錄音。（操作員指示）

The call will be opened for questions. There's a slide presentation that accompanies today's remarks, which can be accessed via the webcast.

電話會議將開放，供大家提問。今天的講話附有幻燈片演示，可透過網路廣播觀看。

At this time, it is my pleasure to turn the floor over to your host for today. Jennifer Belodeau of IMS Investor Relations. Please go ahead, ma'am.

現在，我很高興將今天的發言權交給主持人。IMS 投資者關係部的 Jennifer Belodeau。請繼續，女士。

Thank you. Good evening and welcome to our conference call to discuss Argan's results for the first quarter ended April 30, 2025. On the call today, we have David Watson, Chief Executive Officer, and Josh Baugher, Chief Financial Officer.

謝謝。晚上好，歡迎參加我們的電話會議，討論 Argan 截至 2025 年 4 月 30 日的第一季業績。參加今天電話會議的有執行長 David Watson 和財務長 Josh Baugher。

I'll take a moment to read the Safe Harbor statement. Statements made during this conference call and presented in the presentation that are not based on historical facts are forward-looking statements. Such statements include, but are not limited to, projections or statements of future goals and targets regarding the company's revenues and profits. These statements are subject to known and unknown factors and risks.

我將花一點時間來閱讀安全港聲明。本次電話會議期間所作的陳述以及簡報中提出的非基於歷史事實的陳述均為前瞻性陳述。此類聲明包括但不限於有關公司收入和利潤的未來目標和指標的預測或聲明。這些聲明受已知和未知因素和風險的影響。

The company's actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements, and some of the factors and risks that could cause or contribute to such material differences have been described in this afternoon's press release and in Argan's filings with the US Securities and Exchange Commission.

本公司的實際結果、業績或成就可能與這些前瞻性陳述所表達或暗示的結果、業績或成就存在重大差異，並且可能導致或促成此類重大差異的一些因素和風險已在今天下午的新聞稿和 Argan 向美國證券交易委員會提交的文件中進行了描述。

These statements are based on information and understandings that are believed to be accurate as of today, and we do not undertake any duty to update such forward-looking statements. Earlier this afternoon, the company issued a press release announcing its first quarter of fiscal 2026 financial results and filed its corresponding Form 10-Q report with the Securities and Exchange Commission.

這些聲明是基於截至今天被認為準確的資訊和理解，我們不承擔更新此類前瞻性聲明的任何義務。今天下午早些時候，該公司發布了一份新聞稿，宣布了其2026財年第一季的財務業績，並向美國證券交易委員會提交了相應的10-Q表報告。

All right, with that out of the way, I'll turn the call over to David Watson, CEO of Argan. Please go ahead, David.

好的，解決了這個問題後，我將把電話轉給 Argan 執行長 David Watson。請繼續，大衛。

Thanks, Jennifer, and thank you, everyone, for joining today. I'll start by reviewing some of the highlights of our operations and activities, and Josh Baugher, our CFO, we'll go over our financial results for the first quarter ended April 30, 2025. Then, we'll open up the call for a brief Q&A.

謝謝詹妮弗，也謝謝大家今天的參加。我將首先回顧我們營運和活動的一些亮點，然後我們的財務長 Josh Baugher 將回顧截至 2025 年 4 月 30 日的第一季的財務表現。然後，我們將開始電話會議，進行簡短的問答。

We delivered a strong start to fiscal 2026 in the first quarter with consolidated revenue growth of 23% to $193.7 million and gross margin of 19%, led by continued momentum in our Power Industry Services segment.

我們在第一季為 2026 財年取得了強勁開局，綜合收入增長 23% 至 1.937 億美元，毛利率為 19%，這得益於我們電力行業服務部門持續增長的勢頭。

We also achieved enhanced profitability as demonstrated by net income of approximately $23 million, or $1.60 per diluted share, up $1.02 year over year; in EBITDA of $30.3 million, or 15.6% as a percent of revenues. Additionally, we reported record backlog of $1.9 billion as of April 30, 2025. Our backlog reflects our receipt of full notice to proceed on our project with Sandow Lakes Energy Company, or SLEC, for a 1.2 gigawatt ultra efficient combined cycle natural gas-fired plant in Texas.

我們也實現了獲利能力的提高，淨收入約為 2,300 萬美元，即每股 1.60 美元，比去年同期成長 1.02 美元；EBITDA 為 3,030 萬美元，佔營收的 15.6%。此外，截至 2025 年 4 月 30 日，我們報告的積壓訂單金額已達到創紀錄的 19 億美元。我們的積壓訂單反映了我們已收到與桑多湖能源公司（SLEC）合作在德克薩斯州建設一座 1.2 千兆瓦超高效聯合循環天然氣發電廠項目的全面通知。

Our project pipeline is robust and reflects both the need for new energy resources as a large portion of natural gas-fired plants reach the end of operational life and the urgency around building new infrastructure to meet the unprecedented growth in power consumption.

我們的專案儲備十分充足，這不僅反映了由於大量天然氣發電廠達到使用壽命而對新能源資源的需求，也反映了建設新基礎設施以滿足前所未有的電力消耗增長的緊迫性。

Power demand has reached its highest level in two decades and is expected to increase further with the development of AI data centers, the onshoring of complex manufacturing, and the growing adoption of electric vehicles that need charging.

電力需求已達到二十年來的最高水平，隨著人工智慧資料中心的發展、複雜製造業的本土化以及需要充電的電動車的普及，電力需求預計還會進一步增加。

Today's energy demand environment has created a substantial pipeline of project opportunities, and we are seeing heightened demand for our expertise and capabilities, particularly as they relate to the construction of complex combined cycle natural gas facilities. We're energized about the demand environment which we believe will present attractive project opportunities for the next decade and beyond.

當今的能源需求環境創造了大量的專案機會，我們看到對我們的專業知識和能力的需求不斷增加，特別是與複雜的聯合循環天然氣設施建設相關的專業知識和能力。我們對需求環境充滿信心，相信這將為未來十年及以後帶來有吸引力的專案機會。

Our balance sheet remains strong with $546.5 million of cash and investments, net liquidity of $315 million, and no debt at April 30, 2025.

我們的資產負債表依然強勁，截至 2025 年 4 月 30 日，現金和投資為 5.465 億美元，淨流動資金為 3.15 億美元，且沒有債務。

Our financial strength and discipline has enabled us to continue to return capital to shareholders. We paid a quarterly dividend of $0.375, repurchased or net settled approximately 100,000 shares for approximately $12.9 million, and the Board increased the size of the share repurchase program to $150 million.

我們的財務實力和紀律使我們能夠繼續向股東返還資本。我們支付了 0.375 美元的季度股息，以約 1,290 萬美元的價格回購或淨結算了約 100,000 股，董事會將股票回購計劃的規模增加到 1.5 億美元。

We're very pleased with the start to fiscal 2026 and remain focused on executing on our ongoing projects while also intent on winning new opportunities.

我們對 2026 財年的開局感到非常滿意，並將繼續專注於執行我們正在進行的項目，同時也致力於贏得新的機會。

Now on to the operational review.

現在開始進行營運審查。

Slides 4 and 5 presents our three reportable business segments. As most of you know, our Power Industry Services segment focuses on the construction of multiple types of power facilities, including efficient gas-fired power plants, solar energy fields, biomass facilities, and battery energy storage systems in the US, the UK, and in Ireland.

投影片 4 和 5 介紹了我們的三個可報告業務部門。眾所周知，我們的電力產業服務部門專注於在美國、英國和愛爾蘭建造多種類型的電力設施，包括高效的燃氣發電廠、太陽能場、生物質設施和電池儲能係統。

Power Industry Services revenues increased 45% to $160 million in the first quarter as compared to $110 million for the first quarter of fiscal 2025. The segment represented 83% first-quarter revenues and reported pre-tax book income of approximately $31 million.

第一季電力產業服務營收成長 45%，達到 1.6 億美元，而 2025 財年第一季為 1.1 億美元。該部門佔第一季總收入的 83%，報告的稅前帳面收入約為 3,100 萬美元。

Our Industrial Construction Services segment had a solid quarter, although, as we expected, due to the timing of certain projects, revenue decreased to $29 million as compared to revenue of $44 million in the first quarter of fiscal 2025.

我們的工業建築服務部門本季表現穩健，但正如我們預期的那樣，由於某些項目的時間安排，收入下降至 2900 萬美元，而 2025 財年第一季的收入為 4400 萬美元。

Industrial Construction Services contributed 15% of first-quarter consolidated revenues and pre-tax book income of approximately $2 million. This segment primarily provides solutions for industrial construction projects. With a concentration in agriculture, petrochemical, pulp and paper, water, and power. There is solid demand for the segment's capabilities as companies onshore or expand their US manufacturing operations.

工業建築服務貢獻了第一季合併收入的 15% 和約 200 萬美元的稅前帳面收入。該部門主要為工業建設項目提供解決方案。專注於農業、石化、紙漿和造紙、水和電力。隨著企業在美國本土或擴大其製造業務，對該部門的能力有強勁的需求。

The Industrial Construction Services segment has a large footprint in the southeast region of the US, so they are well situated in a high growth region for their focused industries.

工業建築服務部門在美國東南部地區佔有很大的份額，因此他們處於其重點行業的高成長地區。

One last comment on the Industrial segment. I want to take a moment to congratulate Sean Terrell, who has served as President of TRC since 2023, as he was recently appointed to the additional role of Chief Executive Officer. This change came as Bobby Foister, Jr. stepped down to take a reduced role as part of a long-standing succession plan. We thank Bobby for his many contributions to TRC's growth and progress, as well as for building a culture of operational excellence and teamwork at TRC.

關於工業領域的最後一點評論。我想花點時間祝賀肖恩·特雷爾 (Sean Terrell)，他自 2023 年起擔任 TRC 總裁，最近還被任命兼任首席執行官。這一變化是由於鮑比福斯特 (Bobby Foister, Jr.) 根據長期繼任計劃辭職並擔任較少職務而發生的。我們感謝 Bobby 為 TRC 的成長和進步做出的諸多貢獻，以及在 TRC 建立卓越營運和團隊合作的文化。

Finally, we have our Telecommunications Infrastructure Services Group, our smallest segment, which contributed 2% of first-quarter revenues.

最後，我們的電信基礎設施服務集團是我們最小的部門，貢獻了第一季營收的 2%。

The telecommunications segment provides outside construction services for the utility and telecommunications sectors as well as inside the premises wiring services primarily for federal government locations and military installations requiring high level security clearance.

電信部門為公用事業和電信業提供外部建設服務，以及主要為需要高級別安全許可的聯邦政府場所和軍事設施提供室內佈線服務。

We continue to see growing attention around the increase in energy demand driven by the widespread electrification of virtually every sector of the economy.

我們持續看到，幾乎所有經濟部門的廣泛電氣化推動了能源需求的成長，對此人們的關注度也不斷增加。

For the first time in decades, this rising demand is coinciding with the aging and retirement of a substantial portion of the nation's natural gas infrastructure. AI data centers, complex manufacturing operations, and EV charging all require a reliable, high quality, 24/7 power supply.

幾十年來，這種不斷增長的需求首次與國家大部分天然氣基礎設施的老化和退役同時發生。人工智慧資料中心、複雜的製造作業和電動車充電都需要可靠、高品質、全天候的電源供應。

Looking at the composition of the current pipeline, the industry has adopted the approach that the most effective path to ensuring stable grids and reliable power generation is through a combination of traditional gas-fired plants as well as renewables, and we build them all.

從目前的管道組成來看，業界採取的方法是，確保電網穩定和可靠發電的最有效途徑是結合傳統的燃氣電廠和再生能源，而我們則全部建造它們。

With our energy agnostic capabilities and proven track record of success with combined cycle and simple cycle natural gas facilities as well as solar, biofuel, and other renewable energy resources, we believe we are favorably positioned as we compete to win the construction of large and complex power facilities.

憑藉我們在能源領域不可知的能力以及在聯合循環和簡單循環天然氣設施以及太陽能、生物燃料和其他可再生能源方面的成功記錄，我們相信我們在贏得大型複雜電力設施建設的競爭中處於有利地位。

Slide 7 illustrates the strength and balance of our project backlog, which is comprised of approximately 67% natural gas projects and 28% renewable. As the grid faces mounting pressure, the energy industry is turning to a combination of natural gas and renewable energy resources to ensure reliability.

幻燈片 7 展示了我們項目積壓的強度和平衡性，其中約 67% 為天然氣項目，28% 為再生能源項目。隨著電網面臨越來越大的壓力，能源產業正在轉向天然氣和再生能源的結合以確保可靠性。

Given the aging natural gas infrastructure, we expect to see heightened demand for gas-fired and other thermal power plants for several years to come as the industry seeks to increase the number of reliable and high quality power sources.

鑑於天然氣基礎設施老化，我們預計未來幾年對燃氣發電廠和其他火力發電廠的需求將會增加，因為該行業正在尋求增加可靠和高品質的電源數量。

Our backlog of $1.9 billion at April 30 includes several power plant projects, and we expect to add more this year. During fiscal 2025, we proactively invested in our workforce and enhanced our teams to prepare for the increased project load and to position Argan to continue to deliver excellent, on-time execution for our customers as we support the electric economy.

截至 4 月 30 日，我們的積壓訂單總額為 19 億美元，其中包括幾個發電廠項目，我們預計今年將增加更多項目。在 2025 財年，我們積極投資於我們的員工隊伍並加強我們的團隊，為增加的專案負荷做好準備，並使 Argan 能夠在支持電力經濟的同時繼續為我們的客戶提供卓越、準時的執行服務。

We're excited about the demand we're seeing for our services, particularly for the construction of traditional combined cycle natural gas power plants. Argan is one of only a few companies who have the capability to successfully execute those complex projects, and we have a track record that validates our reputation as a proven industry partner.

我們對我們的服務的需求感到非常興奮，特別是對傳統聯合循環天然氣發電廠的建設。Argan 是少數幾家有能力成功執行這些複雜專案的公司之一，我們擁有良好的業績記錄，證明了我們作為可靠行業合作夥伴的聲譽。

We remain disciplined in our commitment to achieving the best outcomes for the projects we take on and believe our expertise, seasoned team, and history of on time and on budget project delivery positioned us for continued backlog growth and financial strength.

我們始終嚴格履行承諾，為所承接的專案取得最佳成果，並相信我們的專業知識、經驗豐富的團隊以及按時按預算交付專案的歷史使我們能夠持續實現積壓增長和財務實力。

Turning to slide 8, our consolidated project backlog was $1.9 billion at April 30, 2025, representing backlog growth of 36% from January 31, 2025.

前往投影片 8，截至 2025 年 4 月 30 日，我們的合併項目積壓訂單為 19 億美元，比 2025 年 1 月 31 日的積壓訂單增加了 36%。

Our current backlog includes fully committed projects in both the Power Industry Services and Industrial Construction Services segments. We have a growing portion of traditional gas-fired plants in the current backlog, and we believe the representation of natural gas-fired facilities in our backlog will continue to increase in the near to midterm.

我們目前的積壓項目包括電力產業服務和工業建築服務領域的全部承諾項目。我們目前的積壓訂單中傳統燃氣電廠的比例正在增加，我們相信，在近期至中期內，天然氣發電廠在我們積壓訂單中所佔的比例將繼續增加。

We plan to maintain our presence in the renewable business, but our natural gas projects will be the core of our growth engine for the foreseeable future.

我們計劃保持在再生能源業務中的地位，但在可預見的未來，我們的天然氣項目將是我們成長引擎的核心。

Slide 9 highlights several major projects currently underway or expected to begin shortly.

第 9 張投影片重點介紹了目前正在進行或預計很快開始的幾個主要項目。

Here you'll see our Trumbull project, a 950-megawatt natural gas-fired plant in Ohio that is nearing completion, as well as the SLEC 1.2 gigawatt ultra efficient combined cycle natural gas-fired plant in Texas.

在這裡您可以看到我們的 Trumbull 項目，這是一座位於俄亥俄州的即將完工的 950 兆瓦天然氣發電廠，以及位於德克薩斯州的 SLEC 1.2 千兆瓦超高效聯合循環天然氣發電廠。

As I mentioned a bit earlier on the call, during the first quarter, we received full notice to proceed on the SLEC project, and we expect to begin the construction this summer. When completed, the facility will be capable of supplying approximately 800,000 homes within the ERCOT grid.

正如我之前在電話中提到的，在第一季度，我們收到了推進 SLEC 項目的全面通知，我們預計將於今年夏天開始建設。建成後，該設施將能夠為 ERCOT 電網內約 80 萬戶家庭供電。

Also highlighted here is the Tarbert Next Generation Power Station, a 300-megawatt biofuel plant in Ireland for SSE thermal. The project kicked off earlier in the first quarter and is at a site we are familiar with and have performed work at in the past.

這裡也重點介紹了塔伯特下一代發電站，這是一座位於愛爾蘭的 300 兆瓦生物燃料發電廠，為 SSE 熱能發電提供服務。該計畫於第一季初啟動，位於我們熟悉且過去曾開展過工作的地點。

Construction is also underway on an approximately 700-megawatt combined cycle natural gas-fired plant located here in the US, and we recently finished the installation of 590-megawatt gas turbines which provide dedicated power to an LNG facility in Louisiana.

位於美國境內的一座約 700 兆瓦的聯合循環天然氣發電廠也正在建設中，我們最近完成了 590 兆瓦燃氣渦輪機的安裝，為路易斯安那州的液化天然氣設施提供專用電力。

In addition, our 405-megawatt utility scale solar project in Illinois continues to make good progress, and we completed two of the three solar plus battery projects in Illinois during fiscal 2025 and expect to finish the third during fiscal 2026.

此外，我們在伊利諾伊州的 405 兆瓦公用事業規模太陽能專案繼續取得良好進展，我們在 2025 財年完成了伊利諾伊州三個太陽能加電池專案中的兩個，預計在 2026 財年完成第三個。

Finally, you'll see two separate water treatment plant projects being performed by our Industrial Construction Services segment.

最後，您將看到我們的工業建築服務部門正在執行兩個獨立的水處理廠專案。

While we've spoken a lot about the industry's demand for natural gas projects, you'll see that our backlog reflects a broad range of capabilities in our diverse project mix.

雖然我們已經多次談論了該行業對天然氣項目的需求，但您會發現我們的積壓訂單反映了我們多樣化項目組合中的廣泛能力。

With that, I'll turn the call over to Josh Baugher to take us through the first quarter of financials. Go ahead, Josh.

說完這些，我將把電話轉給 Josh Baugher，讓他帶我們了解第一季的財務狀況。繼續吧，喬希。

Thanks, David, and good evening, everyone. On slide 10 we present our consolidated statements of earnings for first quarter fiscal 2026.

謝謝，大衛，大家晚上好。投影片 10 展示了 2026 財年第一季的綜合損益表。

First-quarter revenues increased 23% to $193.7 million, primarily reflecting strong revenue growth in our Power Industry Services segment as compared to the first quarter of fiscal 2025.

第一季營收成長 23%，達到 1.937 億美元，主要反映了我們電力產業服務部門與 2025 財年第一季相比的強勁營收成長。

The growth in our project count and backlog has resulted in increased project activity and revenue compared to the same quarter last year.

與去年同期相比，我們的項目數量和積壓訂單的成長導致項目活動和收入的增加。

In the first quarter, several newly awarded gas-fired power plant projects were in the early stages, while our more advanced projects saw continued activity and contributed meaningfully to our quarterly revenues.

第一季度，幾個新得標的燃氣發電廠項目尚處於早期階段，而我們更先進的項目則持續活躍，為我們的季度收入做出了有意義的貢獻。

For the three month period ended April 30, 2025, Argan reported consolidated gross profit of approximately $36.9 million, or gross margin of 19%.

截至 2025 年 4 月 30 日的三個月期間，Argan 報告的綜合毛利約為 3,690 萬美元，毛利率為 19%。

Consolidated gross profit for the comparative quarter last fiscal year was $17.9 million, representing a gross margin of 11.4%. The increased gross profit and the improved gross margin for the recently ended quarter reflects the changing mix of projects and contract types.

上財年同期綜合毛利為 1,790 萬美元，毛利率為 11.4%。最近結束的季度的毛利增加和毛利率提高反映了項目和合約類型的變化。

In addition, the first quarter in the prior fiscal year was negatively impacted by a loss recorded on an overseas project which reduced gross profit by approximately $2.6 million.

此外，上一財年第一季受到海外專案虧損的負面影響，導致毛利減少約 260 萬美元。

Gross margins for our Power Industry Services, our Industrial Construction Services, and our Telecommunications Infrastructure Services segments were 20.6%, 10.8%, and 18%, respectively, for first quarter of fiscal 2026 as compared to 10.2%, 13.3%, and 22.9%, respectively, in the first quarter of fiscal 2025.

2026 財年第一季度，我們的電力產業服務、工業建築服務和電信基礎設施服務部門的毛利率分別為 20.6%、10.8% 和 18%，而 2025 財年第一季分別為 10.2%、13.3% 和 22.9%。

Selling, general, and administrative expenses of $12.5 million for the first quarter of fiscal 2026 increased as compared to SG&A of $11.4 million for the comparable prior year period, but these expenses decreased as a percentage of revenues to 6.5% in the first quarter of fiscal 2026 as compared to 7.2% in last year's first quarter.

2026 財年第一季的銷售、一般及行政費用為 1,250 萬美元，與去年同期的 1,140 萬美元相比有所增加，但這些費用佔收入的百分比在 2026 財年第一季下降至 6.5%，而去年第一季為 7.2%。

Net income for the first quarter of fiscal 2026 was $22.6 million, or $1.60 per diluted share compared to $7.9 million, or $0.58 per diluted share for last year's comparable quarter.

2026 財年第一季的淨收入為 2,260 萬美元，即每股攤薄收益 1.60 美元，而去年同期的淨收入為 790 萬美元，即每股攤薄收益 0.58 美元。

EBITDA, earnings before interest, taxes, depreciation, and amortization, for the quarter ended April 30, 2025 increased to $30.3 million compared to $11.9 million for the same period last year.

截至 2025 年 4 月 30 日的季度，EBITDA（息稅折舊攤提前利潤）增至 3,030 萬美元，而去年同期為 1,190 萬美元。

EBITDA as a percent of revenue increased to 15.6% for the first quarter of this fiscal year compared to 7.5% for the first quarter of last fiscal year.

本財年第一季，EBITDA 佔營收的百分比從上一財年第一季的 7.5% 上升至 15.6%。

With that, I'll turn the call back to David.

說完這些，我就把電話轉回給大衛。

Thanks, Josh. We further strengthened our balance sheet during the first quarter. At April 30, 2025, we had approximately $546 million in cash, cash equivalents, and investments generating meaningful investment yields. Our net liquidity was $315 million and we had no debt. Stockholders' equity was $364 million at April 30, 2025.

謝謝，喬希。我們在第一季進一步加強了資產負債表。截至 2025 年 4 月 30 日，我們擁有約 5.46 億美元的現金、現金等價物和投資，產生了可觀的投資收益。我們的淨流動資金為 3.15 億美元，而且沒有債務。截至 2025 年 4 月 30 日，股東權益為 3.64 億美元。

This liquidity bridge demonstrates that our business model ordinarily requires a low level of capital expenditures. Our net liquidity of $315 million at April 30, 2025 has increased $14 million compared with net liquidity at January 31, 2025. During the first quarter we returned $18 million of capital to our shareholders.

這種流動性橋樑表明我們的商業模式通常需要較低的資本支出。截至 2025 年 4 月 30 日，我們的淨流動性為 3.15 億美元，與 2025 年 1 月 31 日的淨流動性相比增加了 1,400 萬美元。第一季我們向股東返還了 1,800 萬美元的資本。

We have a disciplined capital allocation strategy which focuses on our core commitments. First, we invest in our people to ensure we are appropriately prepared to staff and execute our projects.

我們擁有嚴謹的資本配置策略，專注於我們的核心承諾。首先，我們對員工進行投資，以確保我們為人員配備和執行專案做好適當的準備。

Second, the company pays a quarterly dividend which we increased to $0.375 per common share in September 2024, creating an annual dividend run rate of $1.50 per share.

其次，公司支付季度股息，我們在 2024 年 9 月將其提高至每股 0.375 美元，年度股息運行率為每股 1.50 美元。

Of note, that increase came just a year after we raised our dividend to $0.30 per share in September of 2023. Together, these two increases represent an aggregate 50% increase in our annual dividend run rate in less than two years, reflecting the strength of our business.

值得注意的是，這一增長發生在我們於 2023 年 9 月將股息提高至每股 0.30 美元一年後。加起來，這兩次增加意味著在不到兩年的時間內，我們的年度股息運行率總共增加了 50%，反映了我們業務的強勁實力。

Third, since November of 2021, when we began our share buyback program, we have returned a total of approximately $109.4 million to shareholders. Additionally, in April, our Board increased the authorization of the share repurchase program to $150 million.

第三，自 2021 年 11 月開始股票回購計畫以來，我們已向股東返還了總計約 1.094 億美元。此外，4 月份，我們的董事會將股票回購計畫的授權金額增加至 1.5 億美元。

Finally, we will continue to evaluate and consider M&A opportunities that could be additive or complementary to our current capabilities or enhance our geographic footprint.

最後，我們將繼續評估和考慮可以增強或補充我們現有能力或擴大我們的地理覆蓋範圍的併購機會。

Our company is dedicated to driving long-term value creation for shareholders. Our pipeline is stronger than it has ever been, and since 2008, we have increased our tangible book value and cumulative dividends per share to record levels.

我們公司致力於為股東創造長期價值。我們的管道比以往任何時候都更加強大，自 2008 年以來，我們的有形帳面價值和每股累積股息已增至創紀錄的水平。

Our industry is seeing heightened urgency to meet power consumption increases that haven't been experienced in decades. This increased power demand coinciding with aging power resources in a decade-long underinvestment in energy infrastructure is driving an immediate need for facilities that can provide reliable 24/7 power.

我們的產業面臨著幾十年來從未經歷過的電力消耗成長的迫切需求。電力需求的增加與十年來能源基礎設施投資不足導致的電力資源老化相伴而生，迫切需要能夠提供可靠全天候電力的設施。

Argan is one of only a few companies with the capabilities to construct both the complex combined, and simple cycle natural gas plants, as well as renewable energy resources that are necessary to reliably and affordably power the electric economy.

Argan 是少數幾家有能力建造複雜的聯合和簡單循環天然氣工廠以及可靠且經濟地為電力經濟提供動力所必需的可再生能源的公司之一。

We believe we are well positioned with the capabilities, financial flexibility, industry relationships, and long-standing customer base to strengthen our leadership role as a partner of choice for the build out of energy infrastructure.

我們相信，憑藉我們的能力、財務靈活性、行業關係和長期客戶群，我們有能力加強我們作為能源基礎設施建設首選合作夥伴的領導地位。

To close, we remain focused on our long-term growth strategy; leverage our core competencies to capitalize on existing and emerging market opportunities; maintain disciplined risk management, the goal of improving our project management effectiveness and minimizing costly project overruns; strengthen our position as a partner of choice in the construction of power generation facilities that power the electric economy and maintain grid reliability; and last but not least, drive organic growth while also being alert for acquisition opportunities that make sense for our business through thoughtful capital allocation.

最後，我們將繼續專注於我們的長期成長策略；利用我們的核心競爭力，抓住現有和新興的市場機會；保持嚴格的風險管理，以提高專案管理效率和最大限度地減少昂貴的專案超支為目標；加強我們作為發電設施建設首選合作夥伴的地位，為電力經濟提供動力並維護電網可靠性；最後但並非最有意義的是，注意有機增長，同時為電力的業務推動我們的業務發展。

Fiscal 2026 is off to a strong start, and we are energized to execute on our record backlog and to win more opportunities from our robust project pipeline.

2026 財年開局強勁，我們充滿活力地完成創紀錄的積壓工作，並從我們強大的專案儲備中贏得更多機會。

As you know, the combined cycle projects typically take three to four years to complete, and we are in the early days of the current power facility buildout. With our visibility of the pipeline of projects coming to market, we remain very optimistic about our continued growth through this decade and beyond as we remain fully engaged to build the energy infrastructure needed to reliably supply the electrification of everything.

眾所周知，聯合循環計畫通常需要三到四年才能完成，而我們目前正處於發電設施建設的早期階段。透過了解即將進入市場的項目，我們對未來十年及以後的持續成長仍然非常樂觀，因為我們將繼續全力投入建設可靠地提供一切電氣化所需的能源基礎設施。

As always, I'd like to thank our employees for their dedication to operational excellence and to thank our shareholders for their continued support.

像往常一樣，我要感謝我們的員工對卓越營運的奉獻，並感謝我們的股東的持續支持。

With that operator, let's open it up for questions.

有了這個操作員，我們就可以開始提問了。

(Operator Instructions) Rob Brown, Lake Street Capital.

（操作員指示） Rob Brown，Lake Street Capital。

Hi, good afternoon. Congratulations on a good quarter.

嗨，下午好。恭喜本季業績良好。

Thank you.

謝謝。

First question on the pipeline, visibility at this point, you have the Sandow Lakes project awarded. What the pipeline look like for the rest of the year and give some color on the size and potential there?

關於管道的第一個問題，就目前情況來看，您已經獲得了 Sandow Lakes 專案。今年剩餘時間的管道狀況如何？能否透露一下其規模和潛力？

Sure, Rob, the pipeline remains strong and we're very bullish on being able to continue to add to the backlog. Currently, as you can see from our record backlog of $1.9 billion at April 30, we added several jobs during the quarter, including what you just mentioned, the Sandow Lakes job.

當然，羅布，通路依然強勁，我們非常看好能夠繼續增加積壓訂單。目前，正如您從我們 4 月 30 日創紀錄的 19 億美元積壓訂單中看到的那樣，我們在本季度增加了幾個工作崗位，包括您剛才提到的桑多湖工作崗位。

But in the short to medium term, we expect to add several power industrial jobs over the course of the next six months, which should put us significantly over $2 billion in backlog later this year.

但在短期至中期內，我們預計在未來六個月內增加幾個電力工業職位，這將使我們今年稍後的積壓訂單量大大超過 20 億美元。

But as you know, it's important to reemphasize that we often don't control the start times in new projects, so it's tough for us to give an exact estimate. But in the long term, we believe demand will remain strong for the next decade and beyond, and this is underscored by the fact that the OEMs are starting to fill 20, 30 gas turbine slots as they are primarily sold out of earlier years.

但正如您所知，必須再次強調的是，我們通常無法控制新專案的開始時間，因此很難給出準確的估計。但從長遠來看，我們相信未來十年及以後的需求仍將保持強勁，而事實是，由於前幾年的銷量基本上已售罄，原始設備製造商開始填補 20、30 個燃氣渦輪機的空缺。

Okay. Great. And I think you just said backlog could get significantly over $2 billion. What's the potential that backlog can get to, given your capacity and given to what you see in the project pipeline, is there a sense of how much backlog can get you?

好的。偉大的。我認為您剛才說過積壓訂單可能會遠遠超過 20 億美元。考慮到您的能力以及您在專案流程中看到的情況，積壓工作可以達到什麼樣的潛力，您是否知道積壓工作可以為您帶來多少收益？

Well, I mean, that's the guidance, right? It's significantly over $2 billion. As you know, we have project capacity in that 10-plus range between renewable and gas jobs and so we've just started several new jobs, right? We just started. A 700-megawatt power plant that we announced in December.

嗯，我的意思是，這就是指導，對吧？這遠遠超過 20 億美元。如您所知，我們的專案容量在再生能源和天然氣工作之間有 10 多個，因此我們剛剛開始了幾項新工作，對嗎？我們才剛開始。我們在 12 月宣布了一座 700 兆瓦的發電廠。

We just started Tarbert and Sandow Lakes and we're continuing to work on the Trumbull job and we expect to add several more to the mix. So that should absolutely result in a backlog that gets us significantly above $2 billion.

我們剛開始塔伯特湖和桑多湖的開發，我們正在繼續特朗布爾湖的開發工作，並且希望能夠增加更多的湖區。因此，這絕對會導致積壓訂單金額遠超過 20 億美元。

Okay. Got it. Great. Thanks. And then on the Industrial Business, I think this quarter was bottoming. What's the outlook there? How does the pipeline look and what's the trend on revenue in that segment?

好的。知道了。偉大的。謝謝。然後就工業業務而言，我認為本季已經觸底。那裡的前景如何？管道狀況如何？該部分的收入趨勢如何？

Absolutely. You're right. As we previously discussed, we expected a slight contraction in this past quarter, which there was, but we're still seeing strong interest in TRC with increased onshoring of US manufacturing being a major contributor. The TR's backlog increased at $91 million, and our confidence in this segment is really strong based on current visibility. Rob, we expect revenues to increase meaningfully over the next several quarters.

絕對地。你說得對。正如我們之前所討論的，我們預計上個季度會出現小幅收縮，事實也確實如此，但我們仍然看到人們對 TRC 的濃厚興趣，而美國製造業在岸化的增加是主要原因。TR 的積壓訂單增加了 9,100 萬美元，根據目前的可見性，我們對這一領域的信心非常強烈。羅布，我們預計未來幾季的營收將大幅成長。

Great. Thank you. I'll turn it over.

偉大的。謝謝。我把它翻過來。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員指示）Chris Moore，CJS 證券。

Hey. Good afternoon. Thanks for taking a couple. Maybe we could start with gross margins. They've been above expectations the last two quarters, 19% in Q1. Can you quantify or even estimate the amount of excess margin in there from projects like Trumbull.

嘿。午安.謝謝你帶了一對。也許我們可以從毛利率開始。過去兩個季度，其增幅均超出預期，第一季增幅達 19%。您能否量化甚至估算出 Trumbull 等項目的超額保證金金額？

It's another -- Chris, great to hear from you. It's another great solid gross profit quarter and as you mentioned, the second one in a row.

這是另一個——克里斯，很高興收到你的來信。這又是一個毛利豐厚的季度，正如您所說，這是連續第二個季度。

They basically reflect continued strong execution across the business as well as the continued changing mix of projects and contract types. I think, as we're in a competitive but good market right now and we expect to exceed last year's margin profile as we move through the year. So it's expected to be pretty strong.

它們基本上反映了整個業務持續強勁的執行力以及專案和合約類型的持續變化。我認為，由於我們目前處於競爭激烈但良好的市場，我們預計今年的利潤率將超過去年。因此預計它會相當強勁。

All right. Fair enough. Maybe a follow up on one of Rob's questions. So I think from a backlog perspective, given that there's a finite ability in terms of how many jobs you can do, is there an optimal backlog level if most of it is natural gas?

好的。很公平。也許是對 Rob 的一個問題的後續答案。因此，我認為從積壓的角度來看，考慮到您可以完成的工作數量是有限的，如果大部分是天然氣，是否存在最佳積壓水平？

As you know, our backlog bounces around some given that on -- overnight, we could add a $600 million, $700 million, $500 million contract, right? And, of course, as we as we continue to execute on these jobs, revenue gets burned off and backlog backlog gets burned off.

如你所知，我們的積壓訂單有所波動，因為一夜之間我們可能會增加 6 億美元、7 億美元、5 億美元的合同，對嗎？當然，隨著我們繼續執行這些工作，收入會被消耗掉，積壓的訂單也會被消耗掉。

So we expect again the trajectory of backlog to increase over the course of the year though it could bounce around some. And we're really excited about the market we're in right now, the opportunities that we're seeing not just for the near and midterm, but frankly, for the long term and multiple years out.

因此，我們預計積壓訂單的軌跡將在一年內再次增加，儘管它可能會出現一些波動。我們對目前所處的市場感到非常興奮，我們看到的機會不僅是近期和中期的，而且坦白說，是長期和多年的。

Got it. In terms of just what gets going first, is even though Sandow was booked later, is that likely to escalate a little bit quicker in fiscal 26?

知道了。就首先要發生的事情而言，儘管桑多後來被罰，但在 26 財年，這種情況是否有可能更快升級？

All of our -- go ahead, Chris.

我們所有人——繼續，克里斯。

No, go ahead.

不，繼續吧。

I mean all of our gas jobs are over a three to four-year period in it, and as the cadence of the job, it takes time for revenues to ramp up. I mean, we obviously want to achieve successful jobs for our customers, and we will push to get as much done as soon as we can on each and every project.

我的意思是，我們所有的天然氣工作都需要三到四年的時間，隨著工作的節奏，收入也需要時間來增加。我的意思是，我們顯然希望為客戶成功完成工作，並且我們將努力盡快完成每個專案。

But the revenue cadence of a lot of these new jobs and expected additional jobs do take time to ramp up, and we do expect revenues to increase -- overall revenues to increase from Q1 over the course of the year.

但是，許多新工作和預期的額外工作的收入節奏確實需要時間來提升，我們確實預期收入會增加——全年總收入將從第一季開始增加。

Got it. And maybe my last question to follow up on that. I mean, historically, the time frame was 2.5 to 3 years. Now we talk more like three to four years.

知道了。這也許是我的最後一個問題。我的意思是，從歷史上看，時間範圍是 2.5 到 3 年。現在我們談論的更像是三到四年。

Is that a permanent change, is that regulatory? Is that supply chain driven or is it fair to assume that it's not going back, it's going to stay in that range?

這是一個永久性的改變嗎？這屬於監管嗎？這是由供應鏈驅動的嗎？或者可以合理地假設它不會回落，而是會保持在這個範圍內？

I'd like to say it's a little bit of all of the above, but I think it's primarily supply chain driven at the end of the day. If that gets straightened out, there is obviously there will be a goal of speed the market for our customers. And so we clearly want to be able to build these things quicker and timely and that's what we continue to do, but it is currently a three- to four-year timeline typically, though smaller jobs could be shorter.

我想說，以上所有因素都有一點關係，但我認為，歸根結底，這主要是由供應鏈驅動的。如果這個問題得到解決，我們顯然就會有一個目標，那就是為客戶加快市場速度。因此，我們顯然希望能夠更快、更及時地完成這些東西，這也是我們一直在做的事情，但目前通常需要三到四年的時間，儘管較小的工作可能會更短。

Fair enough. I appreciate it. I will leave it there.

很公平。我很感激。我會把它留在那裡。

Great. Thanks, Chris.

偉大的。謝謝，克里斯。

We've reached the end of the question-and-answer session, and I will now turn the call over to David Watson for closing remarks.

問答環節已經結束，現在我將把發言權交給大衛華生 (David Watson) 作結語。

Thank you all for participating in today's call, and as a reminder, please don't forget to vote your shares for our upcoming Annual Meeting of Stockholders on June 17, and I look forward to seeing some folks there. As always, we look forward to speaking with you again when we report our second-quarter fiscal 2026 results. Have a great evening, everyone.

感謝大家參加今天的電話會議，並提醒大家，請不要忘記在 6 月 17 日即將召開的年度股東大會上投票，我期待在那裡見到一些人。像往常一樣，我們期待在報告 2026 財年第二季業績時再次與您交談。祝大家晚上愉快。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。