Smith-Midland Corporation (SMID) reported robust financial results for the second quarter of 2024, highlighted by record-breaking revenues and a significant turnaround in profitability. Total revenues jumped 34% year over year, the highest quarterly figure in the company's history, driven by strong demand across multiple product lines and ongoing infrastructure projects. The results reflect SmithMidland's successful execution of growth strategies and operational efficiencies, positioning the company for con ...

Financial Results Announcement - Smith-Midland Corporation announced its financial results for the quarter ended June 30, 2024[3]. - The press release was issued on August 14, 2024, detailing the company's performance[3]. - The financial results include key metrics that will be detailed in the attached press release[3]. - The report was signed by CEO Ashley B. Smith, indicating official approval of the financial results[6]. Company Information - The company is listed on NASDAQ under the trading symbol SMID[2]. - The company is not classified as an emerging growth company[2]. Regulatory Compliance - The report is filed in accordance with the Securities Exchange Act of 1934[4]. - The financial statements and exhibits are included as part of the filing[3]. - The filing does not include any new or revised financial accounting standards[2]. - The information provided is not deemed "filed" under the Exchange Act, limiting its liability[3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 54-1727060 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Title of each class Trading SymbolName of each exchange on which registered Common Stock, $0.01 par value per shareSMID NASDAQ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ...

Zacks Investment Research has recently initiated the coverage of Smith-Midland Corporation (SMID) with a "Neutral" recommendation. The company, a leader in precast concrete products, has demonstrated solid revenue growth, improved operational efficiency and strategic market expansion. Yet, it faces significant risks that warrant a balanced outlook. However, potential investors should be aware of the challenges highlighted in the report. Rising costs for key raw materials, such as cement and steel, could squ ...

EX-99.1 2 smid_ex991.htm PRESS RELEASE EXHIBIT 99.1 Smith-Midland Reports First Quarter 2024 Financial Results Highest Quarterly Revenue of $16.8 Million; Backlog of $64.6 Million MIDLAND, VA – June 11, 2024 – Smith-Midland Corporation (NASDAQ: SMID) a provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced its first quarter results for the period ended March 31, 2024. First Quarter 2024 Summary (compared to prior-year quarter) "We are off to a str ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 1-13752 Smith-Midland Corporation (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorpo ...

Financial Performance - The Company reported a net income of $795,000 for 2023, a slight decrease from $800,000 in 2022, while total revenue increased by $9,449,000 to $59,580,000, representing a 19% growth [79]. - The Company reported a net income of $795 million for the year ended December 31, 2023, a slight decrease from $800 million in 2022, with earnings per share remaining stable at $0.15 [102]. - The effective tax rate for 2023 was 40.0%, significantly higher than 15.4% in 2022, due to increased state tax liabilities [101]. Sales and Revenue Growth - Sales backlog as of March 12, 2024, was approximately $60.8 million, up from $52.4 million the previous year, with expectations for increased sales volumes throughout 2024 [83]. - Soundwall sales increased by 86% in 2023 compared to 2022, driven by higher production volumes at manufacturing plants [86]. - SlenderWall sales surged by 257% in 2023, attributed to consecutive project productions throughout the year [88]. - Barrier rental revenue from special projects increased by 157% in 2023, indicating a strategic shift towards barrier rentals over sales [94]. Costs and Expenses - Total cost of sales for 2023 was $48,928,000, an increase of $8,266,000 or 20% from $40,662,000 in 2022, with cost of sales as a percentage of revenue rising to 86% [97]. - General and administrative expenses rose by 8% to $5,990,000 in 2023, primarily due to increased insurance costs and audit fees [98]. - Selling expenses increased by 16% to $3,544,000 in 2023, reflecting the hiring of additional sales personnel and increased advertising spending [99]. Cash Flow and Balance Sheet - Cash balance increased to $9,175 million at December 31, 2023, compared to $6,726 million in 2022, primarily due to cash flow from operations [109]. - The Company's accounts receivable balance rose to $17,209 million at December 31, 2023, up from $16,223 million in 2022, reflecting increased revenue [114]. - Inventory increased to $5,150 million at December 31, 2023, from $3,818 million in 2022, with annual inventory turns improving from 14.1 to 15.0 [115]. - The Company made debt repayments totaling $627 million during the twelve months ended December 31, 2023, with total debt obligations at $5,789 million [103]. Capital Expenditures and Future Outlook - Capital expenditures decreased from $5,264 million in 2022 to $5,010 million in 2023, with anticipated spending for 2024 projected at approximately $5,000 million [110]. - The Company anticipates funding from the Infrastructure Investment and Jobs Act to begin in the latter half of 2024, which may enhance revenue growth in highway and transportation markets [83]. - The Company expects inflation to impact raw material and labor costs in 2024, following similar trends observed in 2023 [120]. Operational Efficiency - The Company is committed to lean business practices to enhance production efficiency and quality, aiming for continuous improvement [123]. - The Company is in compliance with loan covenants, maintaining a tangible net worth of $10,000 million as of December 31, 2023 [107].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 1-13752 Smith-Midland Corporation (Exact name of Registrant as specified in its charter) (State or other jurisdiction of inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Delaware 54-1727060 (I.R.S. Employer Identification No.) 5119 Catlett Road, P.O. Box 300 Midland, VA 22728 (Address, zip code of principal executive offices) (540) 439-3266 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: For the t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 1-13752 Smith-Midland Corporation (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorpo ...