SMG Industries, Inc. Announces Preliminary Unaudited Revenue Results for the Third Quarter 2021

Rhea-AI Summary

SMG Industries reported preliminary unaudited revenues of approximately $14.4 million for Q3 2021, marking a 90% increase from $7.56 million in Q3 2020. This growth is attributed to the company’s heavy haul and flatbed freight and brokerage operations, alongside a rebound in economic activity and increased customer engagement following the easing of COVID-19 restrictions. Higher commodity prices also contributed positively, particularly in the drilling rig relocation segment. Full financial results are expected around November 15, 2021.

Positive

• Preliminary revenues for Q3 2021 are approximately $14.4 million, a 90% increase from Q3 2020.
• Growth is driven by new revenue streams in heavy haul and flatbed freight and brokerage services.
• Improved economic conditions and higher commodity prices are boosting customer activity.

Negative

• None.

SMG Reports Preliminary Unaudited Revenues of approximately $14.4 million for the Third Quarter Ended September 30, 2021, an Increase of approximately 90% From the Third Quarter 2020

HOUSTON, TX, Oct. 28, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries, Inc. (“SMG” or the "Company") (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, today announced that its preliminary unaudited results of consolidated revenues from operations for the third quarter ended September 30, 2021 was approximately $14.4 million, representing an increase of about 90% from its comparable quarter ended September 30, 2020 of $7.56 million. This increase in revenues for Q3, 2021 is a result of the additional revenues generated from the Company’s heavy haul and flatbed freight and brokerage businesses that were not present in the year ago period. Additionally, compared to last year, the company continued to benefit from the return of general economic activity as Covid-19 restrictions were eased and infrastructure and manufacturing customer activity increased. Higher commodity prices also helped drive increased customer activity and pricing on our drilling rig relocation business.   

Mr. Allen Parrott, CFO of SMG, stated, "The Company continued to benefit from higher commodity prices generating more activity with our customers and improved pricing. SMG’s growth plan continues to focus on expanding and diversifying our logistics business segments and the Company anticipates further heavy haul and infrastructure activity compared to earlier this year as customers initiate more infrastructure related projects.”

The Company currently anticipates announcing its full financial results along with management’s discussion and analysis within its Third Quarter 2021 Quarterly Report on Form 10-Q estimated to be filed on or about November 15, 2021.

About SMG Industries, Inc.:  SMG Industries is a growth-oriented transportation services company focused on the domestic infrastructure logistics market.  Through several of the Company’s wholly-owned subsidiaries branded as the “5J Transportation Group,” it offers heavy haul, super heavy haul, flatbed, brokerage, and drilling rig mobilization services. 5J’s dimensional permitted jobs can support up to 500-thousand-pound loads which include cargo associated with wind energy, power generation components, bridge beams, compressors, and refinery and construction equipment.  SMG Industries, Inc. headquartered in Houston, Texas has facilities in Floresville, Hempstead, Henderson, Houston, Odessa, Palestine, and Victoria, Texas. Read more at www.SMGIndustries.com.

Source:  SMG Industries, Inc. +1-713-955-3497

FAQ

What were SMGI's revenues for Q3 2021?

SMGI reported preliminary unaudited revenues of approximately $14.4 million for Q3 2021.

How much did SMGI's revenues increase from Q3 2020 to Q3 2021?

SMGI's revenues increased by approximately 90% from Q3 2020.

What factors contributed to the revenue increase for SMGI?

The revenue increase was driven by heavy haul and flatbed freight operations, improved economic activity, and higher commodity prices.

When will SMGI announce its full financial results for Q3 2021?

SMGI is expected to announce its full financial results on or about November 15, 2021.