Welcome to our dedicated page for Smith Midland news (Ticker: SMID), a resource for investors and traders seeking the latest updates and insights on Smith Midland stock.
Smith-Midland Corporation develops, manufactures, licenses, rents, sells and installs proprietary and patented precast concrete products and systems for construction, transportation and utility markets. Its updates commonly cover SlenderWall® architectural cladding, SoftSound® noise wall systems, J-J Hooks® precast barriers, utility vaults, Easi-Set and Easi-Span buildings, and barrier rental activity.
Company news also reports contract awards for highway, public-infrastructure, data-center and building projects, along with revenue trends, product sales, shipping and installation activity, backlog, and financial reporting matters tied to its annual and quarterly results.
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.
Smith-Midland Corporation (NASDAQ:SMID) has secured a $4.15M contract expansion for the I-64 Hampton Roads Bridge-Tunnel project, increasing its total contract value to $6.4M. This project, a significant five-year endeavor worth $3.8B, involves widening the I-64 corridor and constructing new tunnels under the James River. CEO Ashley Smith emphasized the importance of safety and the company's strong reputation in supplying MASH highway barriers. This expansion highlights Smith-Midland's key role in enhancing Virginia's infrastructure.
Smith-Midland Corporation (NASDAQ:SMID) plans to announce its third quarter 2021 earnings results on November 9, 2021, before market opening. The company specializes in proprietary precast concrete products for construction, transportation, and utilities. Approximately 20% of SMID stock is held by management and the board, reflecting alignment with shareholder interests. The forthcoming earnings report will provide crucial insights into the company's financial performance and operational metrics.
Smith-Midland (NASDAQ:SMID) will present at the 14th annual LD Micro Main Event on October 13, 2021, at 3:30 PM PT/6:30 PM ET, in Los Angeles. CEO Ashley Smith and CFO AJ Krick will discuss the company's innovative precast concrete solutions, including JJ-Hooks, SlenderWall, Easi-Set Buildings, and SoftSound sound walls. The event runs from October 12-14, 2021, featuring around 150 companies and influential keynotes. The presentation aims to highlight Smith-Midland's growth and commitment to shareholder value through advanced manufacturing.
Smith-Midland Corporation (NASDAQ:SMID) announced that President and CEO Ashley Smith has been recognized in the Virginia 500: The 2021 Power List for his influence in the manufacturing sector. This acknowledgment highlights his contributions and leadership within the company, which has seen substantial growth since its founding in 1960. Smith-Midland specializes in precast concrete products for the construction and utilities industries, employing around 230 people across three states. The company remains committed to supporting Virginia's infrastructure improvements.
Smith-Midland Corporation (NASDAQ:SMID) has been awarded the STEP Platinum Level of Achievement by the Associated Builders and Contractors for 2021. This recognition highlights the company's commitment to safety, meeting 25 qualifications including maintaining incidence rates significantly below national averages and having no fatalities reported to OSHA over the past three years. CEO Ashley Smith emphasized the importance of safety for employees and stakeholders alike, underscoring teamwork in achieving this prestigious status. The STEP program, established in 1989, only honors a small percentage of participants.
Smith-Midland Corporation (NASDAQ:SMID) has announced a licensing agreement with Foley Materials Company to manufacture the patented J-J Hooks highway barrier in Georgia and Alabama. This agreement expands Smith-Midland's reach in the Southeastern U.S., complementing its recent licensing successes in California and Tennessee. With this partnership, Foley will produce the barriers to supply local DOT contractors, emphasizing their commitment to quality and customer service. The J-J Hooks system is praised for ease of installation and maintenance, and its demand is expected to grow due to regulatory requirements for highway barrier replacements.
Smith-Midland Corporation (NASDAQ:SMID) reported a record second quarter in 2021, with a 68% increase in royalty income and a 30% rise in barrier rental revenues. Revenue soared to $12.3 million, up from $10.5 million year-over-year, with net income more than doubling to $985,000. The company plans to expand its barrier rental fleet to 300,000 linear feet by year's end. With a strong backlog of $26 million and improvements in product sales, Smith-Midland is well-positioned for future growth.
Smith-Midland Corporation (NASDAQ:SMID) announced it will release its second quarter 2021 earnings results before the market opens on August 10, 2021. The company specializes in developing, manufacturing, licensing, renting, and selling precast concrete products for the construction, transportation, and utilities industries. Notably, management and the board hold approximately 20 percent of SMID stock, demonstrating a commitment to aligning with shareholder interests.
Smith-Midland Corporation (NASDAQ:SMID) has been included in the Russell Microcap® Index effective June 25, 2021, enhancing its profile among investors. CEO Ashley Smith highlighted this milestone as a reflection of the company's strong performance, including a successful uplisting to NASDAQ and securing the largest rental barrier contract in its history. The Russell Microcap® Index serves as a key benchmark for investment strategies utilized by institutional investors.