Smith-Midland Reports Second Quarter 2024 Financial Results
Smith-Midland (NASDAQ:SMID) reported strong second quarter 2024 results, with revenue increasing 34% to $19.6 million. The company saw significant growth in both product sales (up 23% to $13.1 million) and service revenue (up 63% to $6.5 million). Operating income reached $2.7 million, compared to a loss in the prior year, while net income was $2.0 million ($0.37 per diluted share).
Key highlights include a $7.5 million contract from Georgia Department of Transportation and addition to Russell 2000 and 3000 stock indexes. The company's performance was driven by increased production, shipping, and installation of products, benefiting from Infrastructure Investment and Jobs Act funds and strong demand for utility vaults for data centers. With a backlog of approximately $59.2 million, Smith-Midland anticipates increased sales volume for the full year 2024.
Smith-Midland (NASDAQ:SMID) ha riportato risultati solidi per il secondo trimestre del 2024, con un aumento del fatturato del 34% a 19,6 milioni di dollari. L'azienda ha registrato una crescita significativa sia nelle vendite di prodotti (in aumento del 23% a 13,1 milioni di dollari) sia nei ricavi dei servizi (in aumento del 63% a 6,5 milioni di dollari). Il reddito operativo ha raggiunto i 2,7 milioni di dollari, rispetto a una perdita dell'anno precedente, mentre il reddito netto è stato di 2,0 milioni di dollari (0,37 dollari per azione diluita).
I punti salienti includono un contratto di 7,5 milioni di dollari con il Dipartimento dei Trasporti della Georgia e l'ingresso negli indici azionari Russell 2000 e 3000. Le performance dell'azienda sono state supportate dall'aumento della produzione, della spedizione e dell'installazione dei prodotti, beneficiando dei fondi dell'Infrastructure Investment and Jobs Act e della forte domanda di pozzetti per data center. Con un portafoglio ordini di circa 59,2 milioni di dollari, Smith-Midland si aspetta un aumento del volume delle vendite per l'intero anno 2024.
Smith-Midland (NASDAQ:SMID) reportó sólidos resultados en el segundo trimestre de 2024, con un aumento del 34% en los ingresos, alcanzando los 19.6 millones de dólares. La compañía experimentó un crecimiento significativo tanto en las ventas de productos (aumentando un 23% hasta 13.1 millones de dólares) como en los ingresos por servicios (aumentando un 63% hasta 6.5 millones de dólares). El ingreso operativo alcanzó los 2.7 millones de dólares, en comparación con una pérdida del año anterior, mientras que el ingreso neto fue de 2.0 millones de dólares (0.37 dólares por acción diluida).
Entre los puntos destacados se incluye un contrato de 7.5 millones de dólares del Departamento de Transporte de Georgia y la adición a los índices bursátiles Russell 2000 y 3000. El rendimiento de la compañía fue impulsado por un aumento en la producción, el envío y la instalación de productos, beneficiándose de los fondos de la Ley de Inversión en Infraestructura y Empleos y de una fuerte demanda de cámaras de utilidad para centros de datos. Con un fondo de pedidos de aproximadamente 59.2 millones de dólares, Smith-Midland anticipa un aumento en el volumen de ventas para todo el año 2024.
스미스-미들랜드 (NASDAQ:SMID)는 2024년 2분기에 강력한 실적을 보고했으며, 매출이 34% 증가하여 1960만 달러에 달했습니다. 이 회사는 제품 판매(23% 증가, 1310만 달러)와 서비스 수익(63% 증가, 650만 달러)에서 모두 상당한 성장을 보였습니다. 운영 이익은 270만 달러에 도달하였고, 전년의 손실과 비교됩니다. 순이익은 200만 달러(희석 주당 0.37달러)였습니다.
주요 하이라이트는 조지아 교통부와의 750만 달러 계약과 러셀 2000 및 3000 주가 지수에 추가된 것입니다. 회사의 실적은 생산, 배송 및 제품 설치의 증가에 의해 주도되었으며, 인프라 투자 및 일자리 법안의 자금 지원과 데이터 센터를 위한 유틸리티 볼트에 대한 강한 수요로 혜택을 보았습니다. 약 5920만 달러의 백로그를 보유하고 있는 스미스-미들랜드는 2024년 전체 매출 증가를 예상하고 있습니다.
Smith-Midland (NASDAQ:SMID) a reporté de solides résultats pour le deuxième trimestre 2024, avec une augmentation du chiffre d'affaires de 34% à 19,6 millions de dollars. L'entreprise a connu une croissance significative tant dans les ventes de produits (en hausse de 23% à 13,1 millions de dollars) que dans les revenus de services (en hausse de 63% à 6,5 millions de dollars). Le revenu d'exploitation a atteint 2,7 millions de dollars, contre une perte l'année précédente, tandis que le revenu net s'élevait à 2,0 millions de dollars (0,37 $ par action diluée).
Les points forts incluent un contrat de 7,5 millions de dollars avec le Département des Transports de Géorgie et l'ajout aux indices boursiers Russell 2000 et 3000. La performance de l'entreprise a été soutenue par une augmentation de la production, de l'expédition et de l'installation des produits, bénéficiant des fonds de la loi sur l'investissement en infrastructure et les emplois ainsi que d'une forte demande pour des voutes utilitaires destinées aux centres de données. Avec un carnet de commandes d'environ 59,2 millions de dollars, Smith-Midland prévoit une augmentation du volume des ventes pour l'année entière 2024.
Smith-Midland (NASDAQ:SMID) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit einer Umsatzsteigerung von 34% auf 19,6 Millionen Dollar. Das Unternehmen verzeichnete ein signifikantes Wachstum sowohl im Produktverkauf (23% Steigerung auf 13,1 Millionen Dollar) als auch im Dienstleistungsumsatz (63% Steigerung auf 6,5 Millionen Dollar). Das Betriebsgewinn beträgt 2,7 Millionen Dollar, im Vergleich zu einem Verlust im Vorjahr, während der Nettogewinn 2,0 Millionen Dollar (0,37 Dollar pro verwässerte Aktie) betrug.
Zu den wichtigsten Highlights gehören ein 7,5 Millionen Dollar Vertrag mit dem Georgia Department of Transportation und die Aufnahme in die Russell 2000 und 3000 Aktienindizes. Die Leistung des Unternehmens wurde durch eine erhöhte Produktion, den Versand und die Installation von Produkten unterstützt, die von Mitteln des Infrastructure Investment and Jobs Act sowie einer starken Nachfrage nach Versorgungsbauwerken für Datenzentren profitierten. Mit einem Auftragsbestand von etwa 59,2 Millionen Dollar erwartet Smith-Midland ein erhöhtes Verkaufsvolumen für das gesamte Jahr 2024.
- Record quarterly revenue of $19.6 million, a 34% increase year-over-year
- Net income of $2.0 million ($0.37 per diluted share) compared to a net loss in Q2 2023
- Product sales increased 23% to $13.1 million
- Service revenue grew 63% to $6.5 million
- Gross margin improved to 26.1% from 12.2% in Q2 2023
- Awarded $7.5 million contract from Georgia Department of Transportation
- Added to Russell 2000 and 3000 stock indexes
- Strong backlog of approximately $59.2 million
- Inflationary pressures remain, particularly in labor and materials costs
- Slight decrease in backlog compared to one year prior ($59.2 million vs $60.9 million)
Smith-Midland's Q2 2024 results show impressive growth and profitability. Revenue increased 34% to
Key drivers include increased production, infrastructure spending and strong demand for utility vaults. The gross margin jumped to
The Infrastructure Investment and Jobs Act is clearly benefiting Smith-Midland, as evidenced by increased state and local government spending. The
The surge in utility vault demand for data centers reflects the ongoing digital infrastructure boom. This diversification across traditional and modern infrastructure projects provides resilience. However, the company must navigate potential project delays and budget constraints typical in government-funded initiatives.
Smith-Midland's addition to the Russell 2000 and 3000 indexes is a significant milestone, potentially increasing visibility and liquidity for the stock. The company's strategic shift towards barrier rentals is paying off, with rental revenue doubling year-over-year. This recurring revenue model could provide more stability and higher margins long-term.
The strong backlog of
Quarterly Revenue Increased
MIDLAND, VA / ACCESSWIRE / August 14, 2024 / Smith-Midland Corporation (NASDAQ:SMID) a provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced its second quarter results for the period ended June 30, 2024.
Second Quarter 2024 Summary (compared to prior-year second quarter)
Revenue increased 34 percent to
$19.6 million Product sales increased 23 percent to
$13.1 million Service revenue increased 63 percent to
$6.5 million Operating income of
$2.7 million , compared to loss of ($981,000) Net income of
$2.0 million , or$0.37 per diluted share compared to net loss of ($782,000) or ($0.15) per shareAwarded
$7.5 million contract from Georgia Department of TransportationAdded to Russell 2000 and 3000 stock indexes
"Our second quarter performance included a record for quarterly revenue and our best net income since the first quarter of 2021," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "The increase was primarily driven by increased production and shipping and installation of our products as funds from the Infrastructure Investment and Jobs Act are being used by state and local governments and continued strong demand for our utility vaults for data centers. We expect these very favorable trends to continue through the second half of 2024 as we work through our strong backlog and remain well-positioned to create long-term shareholder value."
Second Quarter 2024 Results
The Company reported 2024 second quarter revenues of
Gross profit increased to
Operating income for the quarter was
Product Sales
Total product sales for the second quarter of 2024 were
Service Revenue
Service revenue, which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled
Balance Sheet and Liquidity
As of June 30, 2024, Smith-Midland's cash totaled
Macro Environment and Outlook
The Company anticipates increased sales volume for the full year of 2024 compared to 2023. Infrastructure initiatives across the United States continue to drive greater bidding activity for our portfolio of patented, proprietary, and custom products. Inflationary pressures still remain, particularly across labor and materials costs, and the Company continues to manage these input costs while attracting and retaining skilled labor. Backlog was approximately
About Smith-Midland
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.
Smith-Midland Corporation has three manufacturing facilities in: Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.
Forward-Looking Statements
This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, the risk that the coronavirus outbreak may adversely affect future operations, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, our material weaknesses in internal controls, inflationary factors including potential recessions, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Company Contact:
Ashley B. Smith, CEO
540-439-3266
investors@smithmidland.com
Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
214-872-2710
SOURCE: Smith-Midland Corporation
View the original press release on accesswire.com
FAQ
What was Smith-Midland's (SMID) revenue in Q2 2024?
How much did Smith-Midland's (SMID) product sales increase in Q2 2024?
What was Smith-Midland's (SMID) net income for Q2 2024?
What major contract did Smith-Midland (SMID) win in Q2 2024?
What is Smith-Midland's (SMID) current backlog as of August 2024?
