Argan Reports Q4 Earnings Beat Driven by Early Completion of Trumbull Energy Center for PJM Region

Argan's Q4 adjusted EPS reached $3.47, surpassing estimates of $1.98, with revenues of $262 million exceeding expectations. Analysts at JPMorgan and Goldman Sachs raised their price targets to $550 and $518, respectively. The earnings surge is attributed to the early completion of the Trumbull Energy Center, which supplies the PJM region. CEO David Watson highlighted the increasing demand for reliable power generation due to growth in AI, data centers, and aging infrastructure.

Published Mar 29, 2026

Argan reported a strong Q4 performance with adjusted earnings per share of $3.47 and revenues of $262 million, both exceeding consensus estimates. The company's success is linked to the early completion of the Trumbull Energy Center, a natural gas plant serving the PJM region.

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Following the earnings release, JPMorgan increased its price target to $550, while Goldman Sachs raised theirs to $518. Management highlighted urgent demand for new power generation capacity, driven by the rapid growth of AI and data centers, alongside the need to modernize aging infrastructure.