Smith Midland Corp Stock Price, News & Analysis

Smith-Midland Corporation (NASDAQ:SMID) announced a manufacturing contract exceeding $6 million for Architectural Panels and Columns for projects in Northern Virginia and New Jersey. The company will produce precast security walls for the Dominion Idylwood Substation Project in Falls Church, Virginia, with Phase I completed in Q3 2022. Additionally, Smith-Midland is collaborating with Benaka, Inc. to manufacture panels for ammunition shelters, with deliveries expected in mid-2023. Executives expressed confidence in the quality and craftsmanship of their precast products, positioning the company for future large-scale projects.

Smith-Midland Corporation (NASDAQ:SMID) has secured $5 million in contracts for SoftSound® Noise Walls as part of the I-495 Express Lanes Northern Virginia Extension (NEXT) project. Collaborating with Shirley Contracting and The Lane Construction Corporation, the company will produce various Noise Walls and precast retaining walls at its Midland, Virginia plant. Delivery is expected to begin later this year. The innovative Absorptive SoftSound® panels are noted for their durability and environmental benefits, enhancing infrastructure quality in the Mid-Atlantic region.

Smith-Midland Corporation (NASDAQ:SMID) announced a patent grant for its innovative EASI-SET building panel fire blocking system, designed to enhance fire safety in construction. Invented by CEO Ashley Smith, the system incorporates a fire-proof block that improves fire-blocking capabilities while reducing material needs. This development aligns with Smith-Midland's commitment to innovation and is expected to create an additional revenue stream linked to its SlenderWall product line. The ongoing acceptance of EASI-SET products reflects the company's strategy to lead in the precast concrete industry.

Smith-Midland Corporation announces the promotion of Stephanie Poe to Chief Financial Officer, effective January 1, 2023. Poe, who has been with the company since 2017, was previously serving as Controller. She takes over from AJ Krick, who is departing to start his own CPA business but will assist during the transition. Under Krick's leadership since 2014, the company achieved over 200% growth in total assets and equity, and 125% revenue growth. Smith-Midland specializes in precast concrete products and operates three manufacturing facilities across the U.S.

Smith-Midland Corporation (NASDAQ:SMID) has secured a significant $7.7 million contract with the North Carolina Department of Transportation to provide precast soundwall panels for the Hampstead Bypass in Pender County, NC. The contract includes approximately 329,000 square feet of soundwall and 46,000 linear feet of precast columns, enhancing the company's project backlog to a record $53.1 million. Production will commence in 2023 at their South Carolina facility. This contract underscores Smith-Midland's capabilities and product range in the precast concrete industry.

Smith-Midland Corporation (NASDAQ:SMID) announced the successful MASH Test Level 2-11 crash test for its new Low-Profile J-J Hooks Connection System. Conducted at the Texas Transportation Institute, this precast barrier offers manufacturing cost advantages and simplifies installation. The product will be available to state transportation departments across North America, enhancing Smith-Midland's market presence. Management's strong alignment with shareholder values is also highlighted, as they own approximately 5% of SMID stock.

Smith-Midland Corporation (NASDAQ:SMID) reported a record backlog of $51.4 million, an 80% year-over-year increase, alongside third-quarter revenue of $12.0 million compared to $13.1 million in 2021. Royalty revenue rose 23% to $833,000, while Easi-Set building revenue surged 168% to $1.5 million. Net income fell to breakeven, down from $3.7 million in the prior year. The company highlighted ongoing investments and a strong contract pipeline, including an $8.6 million contract with NCDOT, indicating optimism for future growth.

Smith-Midland Corporation (NASDAQ:SMID) announced it will release its third-quarter 2022 earnings before market open on November 3, 2022. The results will be accessible on the Company's website under the 'Investors' section. Smith-Midland specializes in innovative precast concrete products and systems, serving the construction, transportation, and utility sectors. The company operates three manufacturing facilities across the U.S. and has aligned interests with shareholders, as management holds approximately 5% of SMID stock.

Smith-Midland Corporation (NASDAQ: SMID) has secured a record-sized contract worth $8.6 million to produce precast concrete products for the North Carolina Department of Transportation. The contract includes 24,000 square feet of custom-designed sound wall panels, 2,300 linear feet of precast columns, and 145,000 linear feet of J-J Hooks barriers along Interstate 95 in Robeson County. Production has commenced at both North and South Carolina plants, with sound wall production starting in 2023 at the North Carolina facility. This project is expected to enhance Smith-Midland's market share.