Smith Midland Corp Stock Price, News & Analysis

Smith-Midland Corporation (NASDAQ:SMID) announces the retirement of Rodney I. Smith from the Board of Directors, effective January 20, 2022. Ashley B. Smith, who has been with the company for 37 years, is appointed as Chairman while maintaining his roles as President and CEO. Rodney Smith praised Ashley's leadership, emphasizing his commitment to safety and growth. The company, known for its patented precast concrete products, is well-positioned to leverage industry opportunities. With management owning approximately 17.5% of SMID stock, the focus remains on long-term shareholder value.

Smith-Midland Corporation (NASDAQ:SMID) announced the approval of its J-J Hooks MASH TL3 compliant highway barrier system by the Hawaii Department of Transportation (HDOT). This approval expands the company’s market reach, with J-J Hooks now approved in 39 states and Washington, D.C. The barrier system’s MASH TL3 compliance enhances its installation ease and appeal among contractors as the U.S. replaces non-compliant barriers. Smith-Midland continues to focus on growth through its licensing model, aligning management and board interests with shareholder values, owning approximately 17.5% of SMID stock.

Smith-Midland Corporation (NASDAQ:SMID) announced the acquisition of 33.15 acres adjoining its Virginia manufacturing facility for $3.6 million. The purchase includes three parcels: 1.51 acres for $525,000, 28.28 acres for $2.8 million, and a 3.36-acre developed site previously rented. This expansion supports the company’s long-term growth strategy, enhancing operational capabilities and eliminating rental costs. CEO Ashley Smith expressed optimism about this investment aligning with their vision and delivering value to stakeholders.

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.