Business
Smith-Midland Reports Second Quarter 2024 Financial Results
Quarterly Revenue Increased 32% to Record $19.5 Million MIDLAND, VA / ACCESSWIRE / August 14, 2024 / Smith-Midland Corporation (NASDAQ:SMID) a provider of
About this update from Smith-midland Corporation
[{"type":"text","content":"Quarterly Revenue Increased 32% to Record $19.5 Million MIDLAND, VA / ACCESSWIRE / August 14, 2024 / Smith-Midland Corporation (NASDAQ:SMID) a provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced its second quarter results for the period ended June 30, 2024.Second Quarter 2024 Summary (compared to prior-year second quarter)Revenue increased 34 percent to $19.6 millionProduct sales increased 23 percent to $13.1 millionService revenue increased 63 percent to $6.5 millionOperating income of $2.7 million, compared to loss of ($981,000)Net income of $2.0 million, or $0.37 per diluted share compared to net loss of ($782,000) or ($0.15) per shareAwarded $7.5 million contract from Georgia Department of TransportationAdded to Russell 2000 and 3000 stock indexes\"Our second quarter performance included a record for quarterly revenue and our best net income since the first quarter of 2021,\" said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. \"The increase was primarily driven by increased production and shipping and installation of our products as funds from the Infrastructure Investment and Jobs Act are being used by state and local governments and continued strong demand for our utility vaults for data centers. We expect these very favorable trends to continue through the second half of 2024 as we work through our strong backlog and remain well-positioned to create long-term shareholder value.\"Second Quarter 2024 ResultsThe Company reported 2024 second quarter revenues of $19.6 million compared to revenues of $14.7 million in the second quarter of 2023. Product sales for the quarter were $13.1 million, a 23 percent increase from the prior-year quarter. Service revenue, which includes barrier rentals, royalty income and shipping and installation, increased 63 percent from the prior-year quarter to $6.5 million.Gross profit increased to $5.1 million compared to $1.8 million in the prior year quarter due to the higher revenue base and product mix. Gross margin for the quarter was 26.1% compared to 12.2% in the second quarter of 2023. The increase is due primarily to higher production volume and better fixed cost absorption in the current quarter and a one-time expense related to panels the Company chose to remake for one specific customer related to defe...