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 (SMID) delivers innovative precast concrete solutions for critical infrastructure projects across transportation, utilities, and construction sectors. This news hub provides investors and industry professionals with essential updates on product developments, strategic partnerships, and operational milestones.
Access official press releases detailing SMID's patented safety barrier systems, Easi-Set product line expansions, and major project installations. Our curated collection features earnings reports, licensing agreements, and manufacturing innovations that demonstrate the company's leadership in durable infrastructure solutions.
Key updates include advancements in precast concrete technology, regulatory compliance achievements, and partnerships with government agencies. Bookmark this page for real-time insights into SMID's contributions to modern infrastructure development and its network of strategic manufacturing facilities.
Smith-Midland (NASDAQ:SMID) has secured a $7.5 million contract from the Georgia Department of Transportation (GDOT) for the I-285/I-20 interchange project. This project, part of GDOT's Major Mobility Investment Program, aims to improve traffic flow and safety in DeKalb County, Georgia. Smith-Midland's South Carolina plant will produce over 4,700 precast concrete noise wall panels with an Ashlar stone finish. The noise walls are expected to reduce noise levels for nearby residents and businesses. This contract marks one of the largest noise wall projects in the company's history.
Smith-Midland (NASDAQ:SMID) announced its Q1 2024 financial results, reporting a record quarterly revenue of $16.8 million, a 30% increase from the previous year's $12.8 million.
Product sales rose 30% to $10.8 million, while service revenue grew 31% to $6.0 million. Operating income surged to $1.5 million from $54,000, and net income increased to $1.1 million, or $0.22 per basic share, compared to $80,000, or $0.02 per share, in Q1 2023.
Gross profit improved to $3.9 million with a gross margin of 23%, up by 480 basis points due to higher production volumes. The company has also begun construction to double the size of its North Carolina plant.
Smith-Midland's backlog is strong at $64.6 million, and the company anticipates further growth driven by infrastructure funding expected later in 2024.
Smith-Midland (NASDAQ: SMID) announced receiving a Nasdaq letter indicating compliance with the Annual Report on Form 10-K for the year ended December 31, 2023. The 10-K was filed on May 23, 2024. The company recently received a non-compliance notice from Nasdaq due to a delayed filing of the Quarterly Report on Form 10-Q for Q1 2024. This delay was due to extended time needed for financial reporting processes. The 10-Q is expected to be filed soon. Preliminary estimates suggest increased revenue and significantly higher net income for Q1 2024 compared to Q1 2023.
Smith-Midland (NASDAQ: SMID) reported its highest ever quarterly and annual revenue for the fourth quarter and full year ending December 31, 2023. Q4 2023 revenue rose 13% to $16.4 million with product sales up 10% and service revenue up 17%. The company achieved an operating income of $542,000 and a net income of $230,000, or $0.04 per diluted share. For the full year, revenue increased 19% to $59.6 million. Operating income was up 31% to $1.1 million, while net income remained flat at $795,000, or $0.15 per diluted share, impacted by a significant state liability. Key highlights include a $3.8 million contract for J-J Hooks barriers and the addition of five new licensees in the U.S.
FAQ
What is the current stock price of Smith Midland (SMID)?
What is the market cap of Smith Midland (SMID)?
