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 (OTCQX:SMID) reported a 600 basis point improvement in Gross Margin for the second quarter of 2020, reaching 20%, despite a 4% revenue decline to $10.5 million. Net income surged by 53% to $441,000, driven by a 50% increase in Earnings Per Share (EPS), now at $0.09. The company experienced challenges due to the COVID-19 pandemic but has seen improvements in rental revenue, which is crucial for its strategic shift. As of June 30, 2020, total cash and investments stood at $5.6 million with notable project bids ahead.