Smith Midland Corp - SMID STOCK NEWS

Smith-Midland Corporation (NASDAQ:SMID) has finalized a significant barrier buy-back agreement, doubling its fleet from 260,000 to 575,000 linear feet. This deal expands their barrier rental business and is estimated to cost approximately $5 million. CEO Ashley Smith highlighted that this investment aligns with their strategic initiatives and will enhance recurring revenue at a lower cost compared to building new barrier systems. The move also positions the company for larger project bids, marking a crucial step in their business development.

Smith-Midland Corporation (NASDAQ:SMID) has secured a $2 million soundwall contract for the significant Hampton Roads Bridge Tunnel Project in Virginia. The contract involves nearly 1,000 precast soundwall panels designed to absorb noise, utilizing the company's patented SoftSound material. This award enhances Smith-Midland's role in a larger $3.8 billion civil construction project, aimed at widening the I-64 corridor and constructing new tunnels. Production of the panels is set to commence this summer, aligning with the company's commitment to providing innovative noise barriers and ensuring safety for local residents.

Smith-Midland Corporation (NASDAQ:SMID) announced its 2021 financial results, highlighting record earnings per share (EPS) of $1.45, a 184% increase from $0.51 in 2020, and a 15% revenue growth to $50.6 million. The company achieved record royalty revenue of $2.2 million, a 31% increase year-over-year. Despite a 10% decline in fourth-quarter revenues to $10 million, the backlog rose to $29 million. The company plans $6.5 million in investments to expand its rental fleet in 2022, aiming for higher margins and profitability amidst ongoing supply chain challenges.

Smith-Midland Corporation (NASDAQ:SMID) has announced it will release its fourth quarter and fiscal year 2021 earnings on March 31, 2022, before market opens. This report aims to inform investors about the company's operational performance over the past fiscal year. Smith-Midland specializes in precast concrete products for construction, transportation, and utilities, with management owning approximately 17.5% of the stock, indicating alignment with shareholder interests.

Smith-Midland Corporation (NASDAQ:SMID) announced an updated approval from the Florida Department of Transportation (FDOT) for its MASH-tested J-J Hooks "Type K" 12.5-foot portable concrete barrier. This new approval allows the barrier to be used in both anchored and freestanding applications, streamlining inventory for contractors in Florida. CEO Ashley Smith highlighted the growth potential in Florida's major transportation market, noting that the J-J Hooks system is now approved in 39 states and Washington, D.C. This approval adheres to MASH TL3 crash testing requirements.

Smith-Midland Corporation (NASDAQ:SMID) announces the retirement of Rodney I. Smith from the Board of Directors, effective January 20, 2022. Ashley B. Smith, who has been with the company for 37 years, is appointed as Chairman while maintaining his roles as President and CEO. Rodney Smith praised Ashley's leadership, emphasizing his commitment to safety and growth. The company, known for its patented precast concrete products, is well-positioned to leverage industry opportunities. With management owning approximately 17.5% of SMID stock, the focus remains on long-term shareholder value.

Smith-Midland Corporation (NASDAQ:SMID) announced the approval of its J-J Hooks MASH TL3 compliant highway barrier system by the Hawaii Department of Transportation (HDOT). This approval expands the company’s market reach, with J-J Hooks now approved in 39 states and Washington, D.C. The barrier system’s MASH TL3 compliance enhances its installation ease and appeal among contractors as the U.S. replaces non-compliant barriers. Smith-Midland continues to focus on growth through its licensing model, aligning management and board interests with shareholder values, owning approximately 17.5% of SMID stock.

Smith-Midland Corporation (NASDAQ:SMID) announced the acquisition of 33.15 acres adjoining its Virginia manufacturing facility for $3.6 million. The purchase includes three parcels: 1.51 acres for $525,000, 28.28 acres for $2.8 million, and a 3.36-acre developed site previously rented. This expansion supports the company’s long-term growth strategy, enhancing operational capabilities and eliminating rental costs. CEO Ashley Smith expressed optimism about this investment aligning with their vision and delivering value to stakeholders.

Smith-Midland Corporation (NASDAQ:SMID) reported a remarkable third quarter in 2021, with a 137% increase in earnings per share, reaching $0.71. Revenues rose to $13.1 million from $12.5 million year-over-year, driven by a 40% increase in royalty income and a 49% growth in their barrier rental fleet. Notably, net income surged 138% to $3.7 million. The company is poised to capitalize on the Infrastructure Investment and Jobs Act, with a backlog of $28.5 million and ongoing efforts in their SlenderWall and barrier rental initiatives.