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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 its plan to release first-quarter 2021 operational results on May 11, 2021, before the market opens. The company specializes in developing and manufacturing precast concrete products primarily for the construction, transportation, and utilities sectors. Notably, management and the board hold approximately 20% of SMID stock, indicating alignment with shareholder interests.
Smith-Midland Corporation (NASDAQ:SMID) has secured a contract worth over $5.5 million to provide architectural precast concrete cladding for a 19-story multi-family building in New Rochelle, NY. This project is part of a significant $4 billion redevelopment initiative aimed at revitalizing the downtown area. The company will utilize its proprietary SlenderWall system, contributing approximately 72,000 square feet of precast panels alongside traditional precast materials. Construction commenced in February 2021, with an anticipated completion in 2023.
Smith-Midland Corporation (NASDAQ:SMID) released its fourth quarter and year-end results for 2020, highlighting a 34% increase in diluted earnings per share to $0.51, despite a revenue decline to $43.8 million from $46.7 million in 2019. Fourth quarter net income was steady at $0.7 million, with pre-tax income rising to $1.3 million. Barrier rental revenues surged by 176%, driving service revenues to $17.1 million. The company improved its liquidity, with cash and investments totaling $9.9 million. Looking ahead, Smith-Midland is positioned to leverage growth in infrastructure spending.
Smith-Midland Corporation (NASDAQ:SMID) announced the signing of a J-J Hooks manufacturing license with Ross Prestressed Concrete on March 2, 2021. This agreement aims to expand production capabilities in the Southeast, capitalizing on Ross's strategically located plants in Knoxville and Bristol, TN. Ross Prestressed Concrete has been serving the highway and commercial construction sectors since 1976 and will produce J-J Hooks at their Knoxville facility. The partnership aligns with Smith-Midland's strategic growth objectives, further penetrating the precast concrete market.
Smith-Midland Corporation (NASDAQ:SMID) announced its largest contract ever, worth over $2.25M, with Hampton Roads Connector Partners for the I-64 Hampton Roads Bridge-Tunnel expansion. This five-year project is part of a $3.8B initiative to enhance the HRBT corridor, marking a significant win for its safety barrier division, Concrete Safety Systems (CSS). The contract includes MASH compliant J-J Hooks precast concrete barriers, alongside associated services. This contract not only strengthens CSS's market position but also reflects its commitment to safety in construction.
Smith-Midland Corporation (NASDAQ:SMID) has expanded its operations into California following the California Department of Transportation's (Caltrans) approval of its J-J Hooks portable concrete barriers. These MASH-tested barriers come in lengths of 12.5 and 20 feet and are designed for various applications, streamlining contractors' inventory needs. CEO Ashley B. Smith anticipates significant growth from this entry into the second-largest highway system in the U.S., with the J-J Hooks already approved in 38 states. This move is expected to enhance the company's market position and increase revenues.
Smith-Midland Corporation (NASDAQ:SMID) announced its subsidiary, Easi-Set Worldwide, has commenced production of over 10 miles of MASH-rated precast concrete highway safety barriers for a $91+ million project on I-64 in West Virginia. Awarded to Triton Construction, the project includes upgrades and lane expansions. This order marks the largest for J-J Hooks, with production already exceeding 3.5 miles. Eastern Vault Company, the licensed producer, aims to complete deliveries by March 2021, enhancing operational capacity to 1 mile every two weeks.
Smith-Midland Corporation (NASDAQ:SMID) announced a significant expansion of its Easi-Set Worldwide subsidiary. Easi-Set licensed Mack Industries to produce the J-J Hooks highway safety barrier in Florida, enhancing capacity in a growing market. Following a successful launch in Michigan, Mack's Florida facility aims to meet rising demand for precast concrete products. With over 15 million linear feet supplied across North America, J-J Hooks is a proven solution in highway construction.
Smith-Midland Corporation (NASDAQ:SMID) announced its uplisting to The NASDAQ Capital Market, effective the week of November 16, 2020. This strategic move aims to enhance growth and increase long-term shareholder value. CEO Ashley Smith highlighted the company's commitment to innovation and quality, while CFO AJ Krick noted that the uplisting broadens their potential shareholder base and improves stock liquidity. Management owns approximately 17.5% of the stock, aligning with shareholder interests. The company recognizes risks, including potential impacts from COVID-19.
Smith-Midland Corporation (OTCQX:SMID) reported its Q3 2020 results, demonstrating significant financial improvements. The company achieved a 1,100 basis point increase in gross margin year-over-year, with earnings per share soaring 173% to $0.30. Barrier rental revenue surged 407%, driven by higher-margin rentals. Despite a 5% decrease in quarterly revenues to $12.5 million, net income rose 168% to $1.5 million. The firm emphasized improved liquidity, with cash and investments of $8.7 million, exceeding long-term debt of $7.8 million, showcasing resilience in a challenging environment.
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