Welcome to our dedicated page for Smith Midland news (Ticker: SMID), a resource for investors and traders seeking the latest updates and insights on Smith Midland stock.
Smith-Midland Corporation (SMID) delivers innovative precast concrete solutions for critical infrastructure projects across transportation, utilities, and construction sectors. This news hub provides investors and industry professionals with essential updates on product developments, strategic partnerships, and operational milestones.
Access official press releases detailing SMID's patented safety barrier systems, Easi-Set product line expansions, and major project installations. Our curated collection features earnings reports, licensing agreements, and manufacturing innovations that demonstrate the company's leadership in durable infrastructure solutions.
Key updates include advancements in precast concrete technology, regulatory compliance achievements, and partnerships with government agencies. Bookmark this page for real-time insights into SMID's contributions to modern infrastructure development and its network of strategic manufacturing facilities.
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.
Smith-Midland Corporation (NASDAQ:SMID) reported a 45% increase in fourth quarter revenue, totaling $14.5 million, compared to $10 million in the same period last year. The company achieved a record backlog of $52.4 million and signed an $8.6 million contract with the North Carolina Department of Transportation. Despite challenges, such as rising materials and labor costs, net income for 2022 was $800,000, or $0.15 per diluted share, down from $7.6 million in 2021. The company aims to enhance its product offerings and expects higher sales volumes starting in 2023 due to favorable regulatory conditions and infrastructure spending. Operating loss for Q4 was $72,000, improved from $179,000 a year earlier, but gross margin decreased to 17.3%.
Smith-Midland Corporation (NASDAQ:SMID) announced a delay in filing its Annual Report on Form 10-K for the year ended December 31, 2022. The company plans to submit the report by April 15, 2023, to complete auditing procedures due to the need for additional information. Smith-Midland specializes in innovative precast concrete products and has manufacturing facilities in Virginia, North Carolina, and South Carolina. The management and board own around 5% of SMID stock, reinforcing alignment with shareholder interests. This delay may be influenced by various factors, including the ongoing impact of the coronavirus pandemic and competitive pressures.
Smith-Midland Corporation (NASDAQ:SMID) plans to release its operational results for Q4 and full year 2022 on March 30, 2023, before the market opens. The results will be accessible on the company’s website in the Investors section. Smith-Midland specializes in innovative precast concrete products and systems, catering primarily to construction, transportation, and utility industries. The company operates three manufacturing facilities located in Midland, VA; Reidsville, NC; and Columbia, SC. Additionally, it has a rental firm, Concrete Safety Systems, and its subsidiary, Easi-Set Worldwide, licenses precast products globally.
Smith-Midland Corporation (NASDAQ:SMID) announced a significant rental contract through its Concrete Safety Systems division, securing one of its largest contracts in history. Over four years, Triton Construction will rent more than 15,000 linear feet of J-J Hooks MASH TL-3 Bolt Down barriers for a Virginia Department of Transportation project. This barrier is crucial for ensuring minimal deflection on bridges. The project, which commenced in January 2023, aims to enhance safety during site work, including the demolition of an old bridge.
Smith-Midland Corporation (NASDAQ:SMID) announced a manufacturing contract exceeding $6 million for Architectural Panels and Columns for projects in Northern Virginia and New Jersey. The company will produce precast security walls for the Dominion Idylwood Substation Project in Falls Church, Virginia, with Phase I completed in Q3 2022. Additionally, Smith-Midland is collaborating with Benaka, Inc. to manufacture panels for ammunition shelters, with deliveries expected in mid-2023. Executives expressed confidence in the quality and craftsmanship of their precast products, positioning the company for future large-scale projects.
Smith-Midland Corporation (NASDAQ:SMID) has secured $5 million in contracts for SoftSound® Noise Walls as part of the I-495 Express Lanes Northern Virginia Extension (NEXT) project. Collaborating with Shirley Contracting and The Lane Construction Corporation, the company will produce various Noise Walls and precast retaining walls at its Midland, Virginia plant. Delivery is expected to begin later this year. The innovative Absorptive SoftSound® panels are noted for their durability and environmental benefits, enhancing infrastructure quality in the Mid-Atlantic region.
