Smith Midland Corp - SMID STOCK NEWS

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.

Smith-Midland (NASDAQ: SMID) reported its highest ever quarterly and annual revenue for the fourth quarter and full year ending December 31, 2023. Q4 2023 revenue rose 13% to $16.4 million with product sales up 10% and service revenue up 17%. The company achieved an operating income of $542,000 and a net income of $230,000, or $0.04 per diluted share. For the full year, revenue increased 19% to $59.6 million. Operating income was up 31% to $1.1 million, while net income remained flat at $795,000, or $0.15 per diluted share, impacted by a significant state liability. Key highlights include a $3.8 million contract for J-J Hooks barriers and the addition of five new licensees in the U.S.

Smith-Midland (NASDAQ:SMID) received a Nasdaq letter regarding non-compliance with timely financial report filings. The delay in filing the Form 10-K is due to the need for additional time to complete the financial reporting process. Despite the delay, the company expects higher revenue and net income for 2023 compared to the previous year.

Smith-Midland (NASDAQ:SMID) has filed a Form 12b-25 for the late filing of its Annual Report on Form 10-K. The company expects to file the report by April 16, 2024. Despite the delay, the company anticipates higher revenue and net income for the year ended December 31, 2023, compared to the previous year.

Smith-Midland (NASDAQ:SMID) is experiencing a surge in demand for its precast concrete utility vaults in Northern Virginia due to the booming data center growth. The company is currently working on projects worth over $3 million, catering to the specific weight requirements of various projects in the region. With the increasing need for new data centers driven by AI technologies, Smith-Midland's versatile and durable products are becoming the preferred choice for utility solutions.

Smith-Midland Corporation (NASDAQ:SMID) is doubling the size of its Reidsville, North Carolina plant with a $2 million investment, expanding its production facility to 30,000 square feet. The expansion includes the addition of a 20-ton crane and is expected to enhance sales funnel and fulfill market demand. The company has seen four consecutive quarters of double-digit, year-over-year revenue growth and near-record backlog, indicating strong demand for its products. The expansion also aligns with the Infrastructure Investment and Jobs Act, providing employment opportunities in the fast-growing state of North Carolina.