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) 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.
Smith-Midland Corporation (NASDAQ:SMID) has announced a license agreement with Critical Precast Structures Inc. to manufacture Easi-Set modular buildings in Ontario and Northern New York. This agreement enhances Easi-Set’s presence in the precast building market, leveraging Critical's manufacturing capabilities. The partnership aims to uphold Easi-Set’s quality standards and expand its licensing strategy, further broadening Smith-Midland's global footprint. With over 70 companies, the Powell Group brings a strong presence to the collaboration.
Smith-Midland Corporation (NASDAQ:SMID) announced its participation in the Midwest IDEAS Investor Conference on August 24, 2022, where management will host investor meetings. The company's presentation is scheduled for 4:00 PM ET and will be available via webcast on the conference host's website. Smith-Midland develops and sells precast concrete products, catering primarily to the construction, transportation, and utilities sectors. The company operates three manufacturing facilities in Virginia, North Carolina, and South Carolina.
Smith-Midland Corporation (NASDAQ:SMID) has secured over $8.9 million in recent contracts, highlighting the growing demand for its precast concrete products amidst increased commercial construction and infrastructure spending. Notable contracts include a $3.4 million order for Soundwall panels for I-20 reconstruction in South Carolina, and several projects at military and transportation facilities across the U.S. CEO Ashley Smith emphasizes the versatility of their offerings as they anticipate more projects in the future.
Smith-Midland Corporation (NASDAQ:SMID) has announced that its CFO, AJ Krick, was named a finalist in the 17th Annual Virginia Business CFO Awards. Among fifty-one nominees, AJ's leadership has been pivotal, achieving a 26% revenue growth and 350% net income growth. His contributions include enhancing productivity in key product lines, decreasing labor by 25%, and implementing efficient accounting processes. AJ's nomination highlights his significant impact on the company's financial health and operational efficiency.
Smith-Midland Corporation (NASDAQ:SMID) has announced a new licensing agreement with Reliance Precast Limited in New Zealand for its SlenderWall architectural cladding system. This strategic partnership aims to penetrate the New Zealand commercial building market with an innovative, lightweight panel system. Full production is expected to commence in Q4 2022, with an initial project already scheduled. This collaboration is set to expand SlenderWall's reach, leveraging Reliance's expertise in real estate and manufacturing.
Smith-Midland Corporation (NASDAQ:SMID) reported a 31% decline in revenue for Q1 2022, totaling $10.4 million, primarily due to operational disruptions and the absence of special projects that drove last year's results. Despite this, the backlog increased by 13% to $32.7 million, indicating future growth potential. The company maintained a solid balance sheet with $14.8 million in cash and a debt of $6.9 million. Looking ahead, management is optimistic about leveraging regulatory tailwinds and expanding its rental fleet to capture market share.