Smith Midland Corp Stock Price, News & Analysis

Smith-Midland Corporation (NASDAQ:SMID) announced the signing of a J-J Hooks manufacturing license with Ross Prestressed Concrete on March 2, 2021. This agreement aims to expand production capabilities in the Southeast, capitalizing on Ross's strategically located plants in Knoxville and Bristol, TN. Ross Prestressed Concrete has been serving the highway and commercial construction sectors since 1976 and will produce J-J Hooks at their Knoxville facility. The partnership aligns with Smith-Midland's strategic growth objectives, further penetrating the precast concrete market.

Smith-Midland Corporation (NASDAQ:SMID) announced its largest contract ever, worth over $2.25M, with Hampton Roads Connector Partners for the I-64 Hampton Roads Bridge-Tunnel expansion. This five-year project is part of a $3.8B initiative to enhance the HRBT corridor, marking a significant win for its safety barrier division, Concrete Safety Systems (CSS). The contract includes MASH compliant J-J Hooks precast concrete barriers, alongside associated services. This contract not only strengthens CSS's market position but also reflects its commitment to safety in construction.

Smith-Midland Corporation (NASDAQ:SMID) has expanded its operations into California following the California Department of Transportation's (Caltrans) approval of its J-J Hooks portable concrete barriers. These MASH-tested barriers come in lengths of 12.5 and 20 feet and are designed for various applications, streamlining contractors' inventory needs. CEO Ashley B. Smith anticipates significant growth from this entry into the second-largest highway system in the U.S., with the J-J Hooks already approved in 38 states. This move is expected to enhance the company's market position and increase revenues.

Smith-Midland Corporation (NASDAQ:SMID) announced its subsidiary, Easi-Set Worldwide, has commenced production of over 10 miles of MASH-rated precast concrete highway safety barriers for a $91+ million project on I-64 in West Virginia. Awarded to Triton Construction, the project includes upgrades and lane expansions. This order marks the largest for J-J Hooks, with production already exceeding 3.5 miles. Eastern Vault Company, the licensed producer, aims to complete deliveries by March 2021, enhancing operational capacity to 1 mile every two weeks.

Smith-Midland Corporation (NASDAQ:SMID) announced a significant expansion of its Easi-Set Worldwide subsidiary. Easi-Set licensed Mack Industries to produce the J-J Hooks highway safety barrier in Florida, enhancing capacity in a growing market. Following a successful launch in Michigan, Mack's Florida facility aims to meet rising demand for precast concrete products. With over 15 million linear feet supplied across North America, J-J Hooks is a proven solution in highway construction.

Smith-Midland Corporation (NASDAQ:SMID) announced its uplisting to The NASDAQ Capital Market, effective the week of November 16, 2020. This strategic move aims to enhance growth and increase long-term shareholder value. CEO Ashley Smith highlighted the company's commitment to innovation and quality, while CFO AJ Krick noted that the uplisting broadens their potential shareholder base and improves stock liquidity. Management owns approximately 17.5% of the stock, aligning with shareholder interests. The company recognizes risks, including potential impacts from COVID-19.

Smith-Midland Corporation (OTCQX:SMID) reported its Q3 2020 results, demonstrating significant financial improvements. The company achieved a 1,100 basis point increase in gross margin year-over-year, with earnings per share soaring 173% to $0.30. Barrier rental revenue surged 407%, driven by higher-margin rentals. Despite a 5% decrease in quarterly revenues to $12.5 million, net income rose 168% to $1.5 million. The firm emphasized improved liquidity, with cash and investments of $8.7 million, exceeding long-term debt of $7.8 million, showcasing resilience in a challenging environment.

Smith-Midland Corporation (OTCQX:SMID) received the Excellence in Construction Award from the ABC of Central Virginia for its specialty concrete work on the new Ferguson Enterprises HQ3 in Newport News, VA. The 260,000 sq. ft. facility features architectural precast concrete cladding panels, SlenderWall, which provide superior insulation and meet rigorous building codes. This project highlights Smith-Midland's capability to deliver integrated construction solutions. Notably, this is the second collaboration this year with W.M. Jordan and Clark Nexen, following the Harbor's Edge Tower under construction in Norfolk.

Smith-Midland Corporation (OTCQX:SMID) has received notable recognition for its SlenderWall architectural cladding project in Tysons, Virginia. The project was honored with two awards: the AGC Washington Contractor Award and the ABC Excellence in Construction Award. This marks the third award for the Lumen project, which also secured the Southeast Building Conference Grand Aurora prize earlier this year. Smith-Midland collaborated with various construction partners to produce over 80,000 sq. ft. of SlenderWall panels, enhancing thermal performance with an R-24 rating.