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) 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.
Smith-Midland Corporation (NASDAQ:SMID) has announced its largest contract ever, valued at $6.6 million, with the North Carolina Department of Transportation. The project involves producing precast concrete soundwall and J-J Hooks concrete barriers for a section of the new Interstate 74 Northern Beltway in Forsyth County, NC. The contract entails over 330,000 square feet of soundwall and more than 31,000 linear feet of J-J Hooks barrier. This agreement highlights the Reidsville plant's capacity, enhancing future growth prospects.
Smith-Midland Corporation (NASDAQ:SMID) announced plans to release its Q1 2022 earnings results on May 12, 2022, prior to market opening. The company specializes in precast concrete products for construction, transportation, and utilities industries. With three manufacturing facilities located in Virginia, North Carolina, and South Carolina, Smith-Midland also operates a rental division for safety barriers. Notably, management and the board collectively own about 5% of SMID stock, reflecting alignment with shareholder interests.
Smith-Midland Corporation (NASDAQ:SMID) has finalized a significant barrier buy-back agreement, doubling its fleet from 260,000 to 575,000 linear feet. This deal expands their barrier rental business and is estimated to cost approximately $5 million. CEO Ashley Smith highlighted that this investment aligns with their strategic initiatives and will enhance recurring revenue at a lower cost compared to building new barrier systems. The move also positions the company for larger project bids, marking a crucial step in their business development.
Smith-Midland Corporation (NASDAQ:SMID) has secured a $2 million soundwall contract for the significant Hampton Roads Bridge Tunnel Project in Virginia. The contract involves nearly 1,000 precast soundwall panels designed to absorb noise, utilizing the company's patented SoftSound material. This award enhances Smith-Midland's role in a larger $3.8 billion civil construction project, aimed at widening the I-64 corridor and constructing new tunnels. Production of the panels is set to commence this summer, aligning with the company's commitment to providing innovative noise barriers and ensuring safety for local residents.
Smith-Midland Corporation (NASDAQ:SMID) announced its 2021 financial results, highlighting record earnings per share (EPS) of $1.45, a 184% increase from $0.51 in 2020, and a 15% revenue growth to $50.6 million. The company achieved record royalty revenue of $2.2 million, a 31% increase year-over-year. Despite a 10% decline in fourth-quarter revenues to $10 million, the backlog rose to $29 million. The company plans $6.5 million in investments to expand its rental fleet in 2022, aiming for higher margins and profitability amidst ongoing supply chain challenges.
Smith-Midland Corporation (NASDAQ:SMID) has announced it will release its fourth quarter and fiscal year 2021 earnings on March 31, 2022, before market opens. This report aims to inform investors about the company's operational performance over the past fiscal year. Smith-Midland specializes in precast concrete products for construction, transportation, and utilities, with management owning approximately 17.5% of the stock, indicating alignment with shareholder interests.
Smith-Midland Corporation (NASDAQ:SMID) announced an updated approval from the Florida Department of Transportation (FDOT) for its MASH-tested J-J Hooks "Type K" 12.5-foot portable concrete barrier. This new approval allows the barrier to be used in both anchored and freestanding applications, streamlining inventory for contractors in Florida. CEO Ashley Smith highlighted the growth potential in Florida's major transportation market, noting that the J-J Hooks system is now approved in 39 states and Washington, D.C. This approval adheres to MASH TL3 crash testing requirements.
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.