I will turn it over to Hank Deily to provide more details on our financial results for the quarter. Hank, please go ahead.
Hank Deily: Thank you, David. As David mentioned, we had a strong quarter financially, with consolidated revenues increasing by 61% to $227 million. Our net income reached $18 million, or $1.31 per diluted share, and EBITDA stood at $25 million. Our project backlog exceeded $1 billion, with a focus on renewable energy projects valued at approximately $570 million. Our balance sheet remains strong with $485 million in cash and investments, and no debt. We returned $101.6 million to shareholders and increased our quarterly dividend.
Looking ahead, we anticipate having multiple gas power plants under contract in the next 5 to 10 months and expect TRC’s backlog to see a slight dip in the upcoming quarters due to high revenue generation. TRC is positioned for growth, particularly in the gas sector, and completion of some solar battery projects is expected by the end of the fiscal year.
Overall, we are pleased with our financial performance in the second quarter and are optimistic about our future growth prospects. We are well-positioned in the energy infrastructure market and remain committed to delivering value to our shareholders.
Operator: Thank you, Hank. We will now open the call for questions. (End of transcript)
Overall, Argan, Inc. has demonstrated a strong financial performance in the second quarter of fiscal 2025, with significant growth in revenue and net income. The company’s focus on expanding its presence in the gas and renewable energy sectors, alongside a robust balance sheet, positions it favorably for future endeavors. Despite some uncertainties in project awards, the company’s outlook remains positive, supported by a healthy project backlog and strategic growth initiatives.