Tue, May 27, 8:54 PM (24 days ago)
**Smith-Midland Corporation (SMID) 2024 Financial Summary** **Financial Performance:** - **Revenue:** $78,508,000 (up 32% from $59,580,000 in 2023). - **Net Income:** $7,675,000 (up from $795,000 in 2023). - **Earnings per Share (EPS):** $1.45 (up from $0.15 in 2023). **Revenue Breakdown:** - **Product Sales:** $45,624,000 (up 18% from $38,748,000 in 2023). - **Barrier Rentals:** $12,019,000 (up 90% from $6,330,000 in 2023). - **Royalty Income:** $3,261,000 (up 24% from $2,633,000 in 2023). - **Shipping and Installation Revenue:** $17,604,000 (up 48% from $11,869,000 in 2023). **Operating Expenses:** - **General and Administrative Expenses:** $6,554,000 (up 9% from $5,990,000 in 2023). - **Selling Expenses:** $3,557,000 (flat from $3,544,000 in 2023). - **Total Operating Expenses:** $10,111,000 (up from $9,534,000 in 2023). **Operating Income:** $9,899,000 (up 785% from $1,118,000 in 2023). **Cash Flow:** - **Cash Provided by Operations:** $5,584,000. - **Capital Expenditures:** $6,629,000 (up from $5,010,000 in 2023). **Debt:** - **Total Debt:** $5,094,000 (down from $5,728,000 in 2023). - **Cash:** $7,548,000 (down from $9,175,000 in 2023). **Strategic Overview:** - **Product Focus:** SlenderWall, J-J Hooks Barrier, Sierra Wall, Easi-Set Buildings, and SoftSound. - **Market Position:** Strong presence in the Mid-Atlantic, Northeastern, Midwestern, and Southeastern regions. - **Innovation:** Continued investment in proprietary products and intellectual property. **Future Outlook:** - **Growth Opportunities:** Increased barrier rentals, shipping, installation, and utility product sales. - **Risk Factors:** Dependence on government spending, inflation, and economic conditions. - **Market Position:** Continued focus on SlenderWall sales and barrier rentals. **Risk Factors:** - **Economic Dependence:** Reliance on government infrastructure spending. - **Inflation:** Impact on raw material and labor costs. - **Competition:** Highly competitive precast concrete industry. **Financial Condition:** - **Liquidity:** Adequate cash resources and anticipated cash flow from operations. - **Debt Management:** Fixed-rate debt with manageable interest expenses. **Market Position Changes:** - **Increased Market Share:** Growth in barrier rentals and utility product sales. - **Product Innovation:** Continued development of proprietary products. **Summary:** Smith-Midland Corporation demonstrated significant financial improvement in 2024, with substantial increases in revenue, net income, and earnings per share. The company's strategic focus on innovative products and market expansion positions it well for future growth, despite economic and competitive challenges.