Argan (AGX) Increases Share Buyback by $25M

Argan, Inc. (NYSE: AGX) today announces that its Board of Directors approved an increase in the Company's existing share repurchase program, from $25 million to $50 million, to acquire shares of the Company's Common Stock. The Company has repurchased shares at a cost of approximately $18 million under the authorization to-date.

“Delivering value to our customers and stockholders is our top priority. We are committed to a disciplined capital allocation strategy that balances returning capital to our stockholders and investing in our business and people,” said Rainer Bosselmann, Argan’s Chairman and Chief Executive Officer. “Over the past two months, we have repurchased $18 million of shares, and over the past two years, we have distributed dividends of approximately $63 million, while at the same time building our cash and net liquidity. As a result, with the meaningful free cash flow from our business, we expect to maintain share repurchasing as an opportunistic part of our capital allocation strategy.”

The Board’s authorization permits the Company to make purchases of its Common Stock from time to time in the open market or through privately negotiated transactions, subject to market and other conditions, up to the aggregate amount authorized by the Board. The Board’s authorization allows the repurchase of shares through January 2024.

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