- The precast concrete manufacturer, for the half ended the same date, recorded a 14.1% rise in revenues and a 377% spike in net income
- Safety barrier project in Northern Virginia has SMID working at full capacity seven days a week to meet deadlines
- Company has backlog of $30.2 million, optimistic about profitable performance in 2018
Smith-Midland Corporation (OTCQX: SMID), a precast concrete manufacturer, has announced (http://dtn.fm/Rr9pC) an 11.4% jump in sales for the quarter ended June 30, 2017, and a 69.9% increase in net income. Sales rose to $10.7 million for the quarter, compared to $9.6 million for the same period last year. In the most recent quarter, net income increased to $711,653, compared to $418,924 the same period in 2016.
For the six months ended June 30, 2017, the company generated revenues of $20.2 million, 14.1% higher than the $17.7 million during the same period a year ago. Net income rose to $1,568,854, a 377% jump from $329,148 during the same period the prior year. In its SEC 10-Q filing of August 10, 2017 (http://dtn.fm/XMP5g), the company attributed the gains to a lower cost of goods and increases in sales of high margin products.
Smith-Midland, based in Midland, Virginia, is a precast concrete company which specializes in producing, renting, licensing and selling products for the construction, utilities and transportation industries.
In a news release, Rodney Smith, chairman and chief executive officer, said, “Smith-Midland’s earnings continue to demonstrate our ability to generate profitable returns on a quarter by quarter basis. Lean process improvements and our commitment to customer satisfaction have helped drive quality performance to the bottom line results. With an increase in the current backlog to $30.2 million, the company is well positioned to continue its profitability in 2018.”
He added that Smith-Midland has a purchase order for the safety barrier on the I-395 high occupancy toll lane project in Northern Virginia, as a result the company is working seven days a week to meet the delivery dates required within the contract. He also noted that Smith-Midland is actively bidding for other large safety projects, as well as highway safety wall projects.
For more information, visit the company’s website at www.SmithMidland.com
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