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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 it will release its third-quarter 2022 earnings before market open on November 3, 2022. The results will be accessible on the Company's website under the 'Investors' section. Smith-Midland specializes in innovative precast concrete products and systems, serving the construction, transportation, and utility sectors. The company operates three manufacturing facilities across the U.S. and has aligned interests with shareholders, as management holds approximately 5% of SMID stock.
Smith-Midland Corporation (NASDAQ: SMID) has secured a record-sized contract worth $8.6 million to produce precast concrete products for the North Carolina Department of Transportation. The contract includes 24,000 square feet of custom-designed sound wall panels, 2,300 linear feet of precast columns, and 145,000 linear feet of J-J Hooks barriers along Interstate 95 in Robeson County. Production has commenced at both North and South Carolina plants, with sound wall production starting in 2023 at the North Carolina facility. This project is expected to enhance Smith-Midland's market share.
Smith-Midland Corporation (NASDAQ:SMID) has announced a license agreement with Critical Precast Structures Inc. to manufacture Easi-Set modular buildings in Ontario and Northern New York. This agreement enhances Easi-Set’s presence in the precast building market, leveraging Critical's manufacturing capabilities. The partnership aims to uphold Easi-Set’s quality standards and expand its licensing strategy, further broadening Smith-Midland's global footprint. With over 70 companies, the Powell Group brings a strong presence to the collaboration.
Smith-Midland Corporation (NASDAQ:SMID) announced its participation in the Midwest IDEAS Investor Conference on August 24, 2022, where management will host investor meetings. The company's presentation is scheduled for 4:00 PM ET and will be available via webcast on the conference host's website. Smith-Midland develops and sells precast concrete products, catering primarily to the construction, transportation, and utilities sectors. The company operates three manufacturing facilities in Virginia, North Carolina, and South Carolina.
Smith-Midland Corporation (NASDAQ:SMID) has secured over $8.9 million in recent contracts, highlighting the growing demand for its precast concrete products amidst increased commercial construction and infrastructure spending. Notable contracts include a $3.4 million order for Soundwall panels for I-20 reconstruction in South Carolina, and several projects at military and transportation facilities across the U.S. CEO Ashley Smith emphasizes the versatility of their offerings as they anticipate more projects in the future.
Smith-Midland Corporation (NASDAQ:SMID) has announced that its CFO, AJ Krick, was named a finalist in the 17th Annual Virginia Business CFO Awards. Among fifty-one nominees, AJ's leadership has been pivotal, achieving a 26% revenue growth and 350% net income growth. His contributions include enhancing productivity in key product lines, decreasing labor by 25%, and implementing efficient accounting processes. AJ's nomination highlights his significant impact on the company's financial health and operational efficiency.
Smith-Midland Corporation (NASDAQ:SMID) has announced a new licensing agreement with Reliance Precast Limited in New Zealand for its SlenderWall architectural cladding system. This strategic partnership aims to penetrate the New Zealand commercial building market with an innovative, lightweight panel system. Full production is expected to commence in Q4 2022, with an initial project already scheduled. This collaboration is set to expand SlenderWall's reach, leveraging Reliance's expertise in real estate and manufacturing.
Smith-Midland Corporation (NASDAQ:SMID) reported a 31% decline in revenue for Q1 2022, totaling $10.4 million, primarily due to operational disruptions and the absence of special projects that drove last year's results. Despite this, the backlog increased by 13% to $32.7 million, indicating future growth potential. The company maintained a solid balance sheet with $14.8 million in cash and a debt of $6.9 million. Looking ahead, management is optimistic about leveraging regulatory tailwinds and expanding its rental fleet to capture market share.
Smith-Midland Corporation (NASDAQ:SMID) has announced its largest contract ever, valued at $6.6 million, with the North Carolina Department of Transportation. The project involves producing precast concrete soundwall and J-J Hooks concrete barriers for a section of the new Interstate 74 Northern Beltway in Forsyth County, NC. The contract entails over 330,000 square feet of soundwall and more than 31,000 linear feet of J-J Hooks barrier. This agreement highlights the Reidsville plant's capacity, enhancing future growth prospects.
Smith-Midland Corporation (NASDAQ:SMID) announced plans to release its Q1 2022 earnings results on May 12, 2022, prior to market opening. The company specializes in precast concrete products for construction, transportation, and utilities industries. With three manufacturing facilities located in Virginia, North Carolina, and South Carolina, Smith-Midland also operates a rental division for safety barriers. Notably, management and the board collectively own about 5% of SMID stock, reflecting alignment with shareholder interests.
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