Welcome to our dedicated page for Smith-Midland Corporation news (Ticker: SMID), a resource for investors and traders seeking the latest updates and insights on Smith-Midland Corporation stock.
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 Corporation (NASDAQ: SMID) announced that their subsidiary, Easi-Set Worldwide, has received a renewal of approval from the Florida Building Code Commission for its SlenderWall® precast building panels. This approval (NOA: 27.078.05) allows the SlenderWall product to be utilized in Miami-Dade County and other jurisdictions with similar codes. The panels have passed rigorous tests in various categories including wind and seismic performance, ensuring compliance with national standards. Weighing only 30 pounds per square foot, SlenderWall is 66% lighter than conventional precast options, promising lower labor costs and ease of installation. The product’s compliance and versatility position it well for future construction projects.
FAQ
What is the current stock price of Smith-Midland Corporation (SMID)?
What is the market cap of Smith-Midland Corporation (SMID)?
What does Smith-Midland Corporation specialize in?
What are some core products of Smith-Midland Corporation?
Who are the primary customers of Smith-Midland?
Where are Smith-Midland’s manufacturing facilities located?
What recent projects has Smith-Midland undertaken?
What significant financial achievements has Smith-Midland made recently?
What is the revenue and growth outlook for Smith-Midland?
What strategic initiatives is Smith-Midland focusing on?
What challenges does Smith-Midland face?
How can one obtain more information or get in touch with Smith-Midland?
