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Smith-Midland Reports First Quarter 2023 Financial Results
Revenue Increased 23% to $12.8 Million; Backlog of $51.4 MillionMIDLAND, VA / ACCESSWIRE / May 15, 2023 / Smith-Midland Corporation (NASDAQ:SMID) a provider
About this update from Smith-midland Corporation
[{"type":"text","content":"Revenue Increased 23% to $12.8 Million; Backlog of $51.4 MillionMIDLAND, VA / ACCESSWIRE / May 15, 2023 / Smith-Midland Corporation (NASDAQ:SMID) a provider of innovative, high-quality proprietary and patented precast concrete products and systems announces their first quarter results for the period ended March 31, 2023.First Quarter 2023 Highlights Compared to First Quarter 2022Revenue increased 23 percent to $12.8 million from $10.4 millionProduct sales increased 41 percent to $8.2 million from $5.9 millionService revenue unchanged at $4.6 millionOperating income of $54,000, a $227,000 improvementNet income of $80,000, or $0.02 per diluted shareAwarded contracts for $6 million to manufacture and install Architectural panels and columnsAwarded $5 Million in SoftSound® Noise Wall contracts for Northern Virginia Extension project\"Our first quarter 2023 results experienced continued momentum from 2022. Revenue increased 23 percent from the prior-year quarter, thanks to increased product sales, particularly for our SlenderWall product and retaining walls for multiple projects as well as barrier sales related to major projects in the Carolinas,\" said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. \"We also secured multiple contract awards to begin the year, including a $5 million award for SoftSound noise walls in Virginia and $6 million of our architectural walls and columns in Virginia and New Jersey. Overall, we remain well-positioned to capitalize on the multiple tailwinds present across the entire infrastructure sector, positioning us to deliver strong growth and create long-term shareholder value,\" concluded Smith.First Quarter 2023 ResultsThe Company reported 2023 first quarter revenues of $12.8 million compared to revenues of $10.4 million in the first quarter of 2022. Product sales for the quarter were $8.2 million, a 41 percent increase from the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, was unchanged compared to the first quarter of 2022 at $4.6 million.Gross profit increased to $2.2 million compared to $1.6 million in the prior year quarter due to the higher revenue base. Gross margin for the quarter improved by 110 basis points from the previous year's quarter to 16.9%, due primarily to higher production volume and improved ...