Smith-Midland Reports Third Quarter 2024 Financial Results
Smith-Midland reported record Q3 2024 results with revenue increasing 51% to $23.6 million. Service revenue saw a dramatic 170% increase to $12.8 million, while product sales remained stable at $10.8 million. The company achieved operating income of $3.8 million and net income of $3.2 million ($0.59 per diluted share). Gross margin improved to 27.9% from 22.9% year-over-year. The company's backlog stands at $62.8 million, driven by infrastructure initiatives and data center demand. Cash position remained strong at $9.0 million with $5.3 million in debt as of September 30, 2024.
Smith-Midland ha riportato risultati record per il terzo trimestre del 2024, con ricavi aumentati del 51% a 23,6 milioni di dollari. I ricavi dei servizi hanno visto un aumento straordinario del 170%, arrivando a 12,8 milioni di dollari, mentre le vendite di prodotti sono rimaste stabili a 10,8 milioni di dollari. L'azienda ha raggiunto un reddito operativo di 3,8 milioni di dollari e un reddito netto di 3,2 milioni di dollari (0,59 dollari per azione diluita). Il margine lordo è migliorato al 27,9%, rispetto al 22,9% dell'anno precedente. Il portafoglio ordini dell'azienda è di 62,8 milioni di dollari, sostenuto da iniziative infrastrutturali e dalla domanda di data center. La posizione di liquidità è rimasta solida a 9,0 milioni di dollari, con 5,3 milioni di dollari di debito al 30 settembre 2024.
Smith-Midland reportó resultados récord para el tercer trimestre de 2024, con ingresos que aumentaron un 51% a 23.6 millones de dólares. Los ingresos por servicios experimentaron un aumento espectacular del 170%, alcanzando los 12.8 millones de dólares, mientras que las ventas de productos se mantuvieron estables en 10.8 millones de dólares. La compañía logró un ingreso operativo de 3.8 millones de dólares y un ingreso neto de 3.2 millones de dólares (0.59 dólares por acción diluida). El margen bruto mejoró al 27.9%, desde el 22.9% del año anterior. El backlog de la empresa se sitúa en 62.8 millones de dólares, impulsado por iniciativas de infraestructura y la demanda de centros de datos. La posición de efectivo se mantuvo sólida en 9.0 millones de dólares, con 5.3 millones de dólares en deuda al 30 de septiembre de 2024.
스미스-미들랜드는 2024년 3분기에 매출이 51% 증가한 2360만 달러의 기록적인 실적을 발표했습니다. 서비스 매출은 170% 급증하여 1280만 달러에 달했으며, 제품 판매는 1080만 달러로 안정세를 유지했습니다. 회사는 380만 달러의 운영 소득과 320만 달러의 순이익(희석 주당 0.59 달러)을 기록했습니다. 총 이익률은 전년 대비 22.9%에서 27.9%로 개선되었습니다. 회사의 수주 잔고는 6280만 달러로, 인프라 이니셔티브와 데이터 센터 수요에 의해 이끌리고 있습니다. 2024년 9월 30일 기준 현금 보유액은 900만 달러로 유지되었고, 부채는 530만 달러입니다.
Smith-Midland a annoncé des résultats record pour le troisième trimestre 2024, avec un chiffre d'affaires en augmentation de 51% à 23,6 millions de dollars. Les revenus de services ont connu une augmentation spectaculaire de 170% pour atteindre 12,8 millions de dollars, tandis que les ventes de produits sont restées stables à 10,8 millions de dollars. L'entreprise a réalisé un revenu opérationnel de 3,8 millions de dollars et un revenu net de 3,2 millions de dollars (0,59 dollar par action diluée). La marge brute s'est améliorée à 27,9%, contre 22,9% l'année précédente. Le carnet de commandes de l'entreprise s'élève à 62,8 millions de dollars, soutenu par des initiatives d'infrastructure et la demande de centres de données. La position de trésorerie est restée solide à 9,0 millions de dollars, avec 5,3 millions de dollars de dettes au 30 septembre 2024.
Smith-Midland berichtete über Rekordzahlen im dritten Quartal 2024, mit Umsätzen, die um 51% auf 23,6 Millionen Dollar stiegen. Die Serviceumsätze verzeichneten einen dramatischen Anstieg von 170% auf 12,8 Millionen Dollar, während der Produktverkauf stabil bei 10,8 Millionen Dollar blieb. Das Unternehmen erzielte einen Betriebsgewinn von 3,8 Millionen Dollar und einen Nettogewinn von 3,2 Millionen Dollar (0,59 Dollar pro verwässerter Aktie). Die Bruttomarge verbesserte sich im Vergleich zum Vorjahr von 22,9% auf 27,9%. Der Auftragsbestand des Unternehmens beläuft sich auf 62,8 Millionen Dollar, angetrieben von Infrastrukturinitiativen und der Nachfrage nach Rechenzentren. Die Liquiditätsposition blieb stark mit 9,0 Millionen Dollar und einer Verschuldung von 5,3 Millionen Dollar zum 30. September 2024.
- Record quarterly revenue of $23.6 million, up 51% YoY
- Service revenue increased 170% to $12.8 million
- Net income increased to $3.2 million from $1.3 million YoY
- Gross margin improved to 27.9% from 22.9%
- Strong backlog of $62.8 million
- Barrier rental revenue surged to $7.1 million from $784,000
- Product sales slightly decreased to $10.8 million from $10.9 million
- Barrier sales declined to $546,000 from $1.4 million
- Soundwall sales decreased to $1.9 million from $2.4 million
Insights
Smith-Midland delivered exceptional Q3 2024 results with
Key financial metrics show robust health:
- Gross margin improved to
27.9% from22.9% - Strong backlog of
$62.8 million - Solid balance sheet with
$9.0 million cash
The company's strategic positioning in infrastructure development is yielding significant results. The successful crash testing of J-J Hook MASH 16 Low-Profile Barrier and provisional patent strengthens their market position. The
The shift from barrier sales to rentals demonstrates strategic adaptation to market demands, offering higher margins and recurring revenue streams. The surge in utility vault sales for data centers represents a promising diversification strategy, tapping into the growing digital infrastructure sector. These developments, combined with increased state and local government spending, suggest sustained growth potential through 2025.
Record Quarterly Revenue of
MIDLAND, VA / ACCESSWIRE / November 14, 2024 / Smith-Midland Corporation (NASDAQ:SMID) a provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced its third quarter results for the period ended September 30, 2024.
Third Quarter 2024 Summary (compared to comparable prior-year quarter)
Revenue increased 51 percent to
$23.6 million Product sales of
$10.8 versus$10.9 million Service revenue increased 170 percent to
$12.8 million Operating income of
$3.8 million , compared to$1.5 million Net income of
$3.2 million , or$0.59 per diluted share, compared to$1.3 million or$0.24 per diluted shareAwarded provisional patent and successfully crash tested J-J Hook MASH 16 Low-Profile Barrier
"Our third quarter was a record-setter for both revenue and net income, driven by the tailwinds within our sector and multiple special barrier projects, occurring and completed in the quarter, which have a more favorable margin profile," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Our record backlog of
Third Quarter 2024 Results
The Company reported 2024 third quarter revenues of
Gross profit increased to
Operating income for the quarter was
Product Sales
Total product sales for the third 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 September 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 and a subsequent increase in orders for its 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, 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, 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
Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
214-872-2710
SOURCE: Smith-Midland
View the original press release on accesswire.com
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