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Smith-Midland Corporation (NASDAQ: SMID) is a leader in the precast concrete industry. With over 50 years of innovation, Smith-Midland Corporation was established in 1960 as the Smith Cattleguard Company. Over the years, the company has expanded its product line to include a variety of high-quality, precast concrete products such as custom precast products, Easi-Set buildings, SlenderWall cladding, architectural precast, sound/retaining walls, barrier control, beach restoration, agricultural, utility products, and wash racks.
Smith-Midland serves a diverse customer base including general contractors and federal, state, and local transportation authorities. Its core product offerings include the SlenderWall, JJ Hooks, Softsound, Sierra Wall, and Easi-Set systems. The company generates revenue from the sale, leasing, licensing, shipping, and installation of these products.
Recent achievements include producing $1.1 million worth of precast concrete utility manholes for the North Norfolk International Terminal Optimization Project, renting J-J Hooks precast concrete barriers for the I-64 Gap Widening Project, and expanding its Reidsville, North Carolina plant. The company has shown resilient growth, achieving the highest quarterly and annual revenue in its history for the year ending December 31, 2023.
Smith-Midland has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC. Through its subsidiary Easi-Set Worldwide, the company licenses the production and sale of Easi-Set products and provides opportunities for global diversification in the precast industry. Their products are utilized in a variety of sectors such as construction, transportation, and utilities.
Financially, Smith-Midland reported $16.8 million in revenue for the first quarter of 2024, a 30% increase from the prior year. The company has a backlog of $64.6 million as of May 2024, indicating robust future demand. Despite challenges like inflationary pressures and material costs, Smith-Midland continues to strategically invest in growth initiatives, ensuring long-term shareholder value.
Smith-Midland (NASDAQ:SMID) has secured over $8 million in contracts to rent J-J Hooks precast concrete barriers through its Concrete Safety Systems (CSS) division. The projects involve three separate installations for the Virginia Department of Transportation (VDOT) in Fairfax and New Kent Counties. The New Kent County project includes barrier installation for the I-64 corridor widening, extending through 2026. CSS crews can install up to 4,800 linear feet of barrier overnight. The J-J Hooks system, which meets Federal Highway Administration's MASH TL-3 standards, has been installed for over 16 million linear feet worldwide.
Smith-Midland (NASDAQ:SMID), a provider of innovative precast concrete products and systems, has announced its participation in the upcoming 16th Annual Southwest IDEAS Investor Conference. Ashley Smith, Chairman and CEO, will deliver a presentation on November 21, 2024, at 10:00am CT at The Statler in Dallas, TX. The presentation will be accessible via webcast through the conference website. Interested parties can contact Lacey Wesley for more information about the conference.
Smith-Midland reported record Q3 2024 results with revenue increasing 51% to $23.6 million. Service revenue saw a dramatic 170% increase to $12.8 million, while product sales remained stable at $10.8 million. The company achieved operating income of $3.8 million and net income of $3.2 million ($0.59 per diluted share). Gross margin improved to 27.9% from 22.9% year-over-year. The company's backlog stands at $62.8 million, driven by infrastructure initiatives and data center demand. Cash position remained strong at $9.0 million with $5.3 million in debt as of September 30, 2024.
Smith-Midland (NASDAQ:SMID) reported strong second quarter 2024 results, with revenue increasing 34% to $19.6 million. The company saw significant growth in both product sales (up 23% to $13.1 million) and service revenue (up 63% to $6.5 million). Operating income reached $2.7 million, compared to a loss in the prior year, while net income was $2.0 million ($0.37 per diluted share).
Key highlights include a $7.5 million contract from Georgia Department of Transportation and addition to Russell 2000 and 3000 stock indexes. The company's performance was driven by increased production, shipping, and installation of products, benefiting from Infrastructure Investment and Jobs Act funds and strong demand for utility vaults for data centers. With a backlog of approximately $59.2 million, Smith-Midland anticipates increased sales volume for the full year 2024.
Smith-Midland 's (NASDAQ:SMID) subsidiary, Easi-Set Worldwide, has introduced a new J-J Hook™ Low-Profile Portable Concrete Barrier. The company received a provisional patent from the US Patent Office, successfully crash-tested the barrier to MASH 16 TL2 guidelines, and secured a Federal Highway Association (FHWA) Letter of Eligibility (B-379). This innovative barrier enhances visibility, safety, and efficiency for road users, workers, and pedestrians.
It offers monetary savings to state DOTs and the FHWA due to reduced manufacturing and installation costs. Notably, the Easi-Set J-J Hook's design eliminates the need for extra connection hardware, simplifying and speeding up installation. This development aligns with Smith-Midland's commitment to ongoing innovation that protects and saves lives.
Smith-Midland (NASDAQ: SMID), a provider of proprietary and patented precast concrete products, announced the resignation of CFO Stephanie Poe, effective July 17, 2024. Poe's departure is not due to any disputes or disagreements regarding the company's accounting or financial reporting practices.
During the search for a new CFO, AJ Krick, former CFO from 2018-2022, will serve as interim CFO through his consulting firm L2G, Inc. Krick's familiarity with the company is expected to ensure continuity. Both Chairman and CEO Ashley Smith and Poe emphasized the company's strong financial position and positive market outlook.
Smith-Midland (NASDAQ: SMID) has been added to the Russell 2000 index, effective July 1, 2024. This milestone marks significant progress since the company's NASDAQ uplisting in 2020. Chairman and CEO Ashley Smith highlighted the importance of this inclusion, noting that the Russell 2000 is a key screening tool for investors. This index, part of the larger Russell 3000, measures small-cap performance in the US equity market. Investment managers and institutional investors frequently use the Russell indexes for index funds and as benchmarks, with $10.5 trillion in assets benchmarked against the Russell US indexes as of December 2023.
Smith-Midland (NASDAQ:SMID) has secured a $7.5 million contract from the Georgia Department of Transportation (GDOT) for the I-285/I-20 interchange project. This project, part of GDOT's Major Mobility Investment Program, aims to improve traffic flow and safety in DeKalb County, Georgia. Smith-Midland's South Carolina plant will produce over 4,700 precast concrete noise wall panels with an Ashlar stone finish. The noise walls are expected to reduce noise levels for nearby residents and businesses. This contract marks one of the largest noise wall projects in the company's history.
Smith-Midland (NASDAQ:SMID) announced its Q1 2024 financial results, reporting a record quarterly revenue of $16.8 million, a 30% increase from the previous year's $12.8 million.
Product sales rose 30% to $10.8 million, while service revenue grew 31% to $6.0 million. Operating income surged to $1.5 million from $54,000, and net income increased to $1.1 million, or $0.22 per basic share, compared to $80,000, or $0.02 per share, in Q1 2023.
Gross profit improved to $3.9 million with a gross margin of 23%, up by 480 basis points due to higher production volumes. The company has also begun construction to double the size of its North Carolina plant.
Smith-Midland's backlog is strong at $64.6 million, and the company anticipates further growth driven by infrastructure funding expected later in 2024.
Smith-Midland (NASDAQ: SMID) announced receiving a Nasdaq letter indicating compliance with the Annual Report on Form 10-K for the year ended December 31, 2023. The 10-K was filed on May 23, 2024. The company recently received a non-compliance notice from Nasdaq due to a delayed filing of the Quarterly Report on Form 10-Q for Q1 2024. This delay was due to extended time needed for financial reporting processes. The 10-Q is expected to be filed soon. Preliminary estimates suggest increased revenue and significantly higher net income for Q1 2024 compared to Q1 2023.
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