Business
Smith-Midland Reports Third Quarter 2021 Financial Results
EPS increased 137 percentMIDLAND, VA / ACCESSWIRE / November 9, 2021 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality
About this update from Smith-midland Corporation
[{"type":"text","content":"EPS increased 137 percentMIDLAND, VA / ACCESSWIRE / November 9, 2021 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced third quarter results for 2021.Third Quarter 2021 HighlightsEarnings per share improved 137 percentRoyalty income increased 40 percentBarrier rental fleet grew by 49 percentSlenderWall sales exceeded $1 millionTotal product sales increased 11 percent\"We continue to make great strides against our long-term growth initiatives. Additionally, the strong tailwinds due to the recently announced \"Infrastructure Investment and Jobs Act\" are expected to generate significant opportunities across our portfolio of proprietary, patented, and customized products. We remain uniquely positioned in the market to benefit from road construction across the United States as we have MASH-TL3 approval in 38 states for our patented JJ-Hook highway safety barrier. Our recent contract expansion providing rental highway barriers for the I-64 Hampton Roads Bridge-Tunnel (HRBT) project, the largest civil construction contract ever awarded by the Virginia Department of Transportation (VDOT), further demonstrates the markets adoption of our barrier rental business model. As evidenced by the expansion, our barrier rental business remains robust as we surpass performance of historic quarters in late 2020 and early 2021. We are pleased to see sequential growth quarter over quarter as we normalize from third quarter 2020 which included multiple short-term, complex, high margin barrier rental projects that did not recur in third quarter 2021. To meet customer demand, we expanded the barrier rental fleet by 49 percent year-over-year which is serving us well as we meet demand for additional rental barrier within our market area,\" said Ashley Smith, Chief Executive Officer.\"We are gaining traction with SlenderWall sales initiatives and we plan to build on our momentum to gain market share with this differentiated, propriety, lightweight cladding system. Our royalty revenues are also on a strong trajectory posting 40 percent and 53 percent increases for the three and nine month's results, respectively. Although we do face challenges including global supply chain and logistics disruptions as well as continued impacts from the pandemic, overa...