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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 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.
Smith-Midland Corporation (NASDAQ:SMID) announced a patent grant for its innovative EASI-SET building panel fire blocking system, designed to enhance fire safety in construction. Invented by CEO Ashley Smith, the system incorporates a fire-proof block that improves fire-blocking capabilities while reducing material needs. This development aligns with Smith-Midland's commitment to innovation and is expected to create an additional revenue stream linked to its SlenderWall product line. The ongoing acceptance of EASI-SET products reflects the company's strategy to lead in the precast concrete industry.
Smith-Midland Corporation announces the promotion of Stephanie Poe to Chief Financial Officer, effective January 1, 2023. Poe, who has been with the company since 2017, was previously serving as Controller. She takes over from AJ Krick, who is departing to start his own CPA business but will assist during the transition. Under Krick's leadership since 2014, the company achieved over 200% growth in total assets and equity, and 125% revenue growth. Smith-Midland specializes in precast concrete products and operates three manufacturing facilities across the U.S.
Smith-Midland Corporation (NASDAQ:SMID) has secured a significant $7.7 million contract with the North Carolina Department of Transportation to provide precast soundwall panels for the Hampstead Bypass in Pender County, NC. The contract includes approximately 329,000 square feet of soundwall and 46,000 linear feet of precast columns, enhancing the company's project backlog to a record $53.1 million. Production will commence in 2023 at their South Carolina facility. This contract underscores Smith-Midland's capabilities and product range in the precast concrete industry.
Smith-Midland Corporation (NASDAQ:SMID) announced the successful MASH Test Level 2-11 crash test for its new Low-Profile J-J Hooks Connection System. Conducted at the Texas Transportation Institute, this precast barrier offers manufacturing cost advantages and simplifies installation. The product will be available to state transportation departments across North America, enhancing Smith-Midland's market presence. Management's strong alignment with shareholder values is also highlighted, as they own approximately 5% of SMID stock.
Smith-Midland Corporation (NASDAQ:SMID) reported a record backlog of $51.4 million, an 80% year-over-year increase, alongside third-quarter revenue of $12.0 million compared to $13.1 million in 2021. Royalty revenue rose 23% to $833,000, while Easi-Set building revenue surged 168% to $1.5 million. Net income fell to breakeven, down from $3.7 million in the prior year. The company highlighted ongoing investments and a strong contract pipeline, including an $8.6 million contract with NCDOT, indicating optimism for future growth.
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