COLUMBIA, S.C. – Precast concrete products manufacturer Smith Midland Inc. (NASDAQ: SMID) has been awarded a $7.5 million contract to produce noise reduction walls for a Georgia Department of Transportation (GDOT) project, The project aims to improve traffic flow and safety. The company’s South Carolina facility will produce more than 4,700 precast acoustic wall panels for the I-285/I-20 East interchange in DeKalb County, a notorious congestion spot near Atlanta.
The panels, which feature an ashlar veneer, are part of GDOT’s Major Transportation Investment Program (MMIP), which focuses on large-scale projects to enhance transportation, safety and economic growth while improving Georgia’s quality of life. The sound wall scheme is one of the largest in Smith Midland’s history and aims to reduce noise levels in local homes and businesses.
Smith Midland operates three manufacturing facilities in Virginia, North Carolina and South Carolina, as well as a security barrier rental company. Its subsidiary Easi-Set Worldwide licenses the production and sale of its products worldwide. The company expanded to South Carolina in 2016 to better serve the Southeast market.
This announcement is based on a press release statement.
In other recent news, Smith Midland has regained compliance with Nasdaq listing standards. The company had faced potential listing issues due to delays in financial reporting, but has now filed its annual report on Form 10-K for the year ended December 31, 2023. Impacts the schedule for the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2024.
The company’s preliminary financial data shows a promising outlook, with revenue growing in the first quarter of 2024 and net profit growing significantly compared with the same period last year. However, these figures are tentative and subject to revision. The company operates three manufacturing facilities in Virginia, North Carolina and South Carolina and has a subsidiary, Easi-Set Worldwide, which licenses its products worldwide.
Investment Professional Insights
Smith Midland Inc. (NASDAQ: SMID ) has secured a major contract with the Georgia Department of Transportation and is positioned in a market that recognizes its growth potential. Reflecting its position in the industry, Smith Midland has a market capitalization of $176 million, according to immediate data from InvestingPro.
InvestingPro Data shows that revenue grew strongly at 18.85% in the past 12 months through the fourth quarter of 2023, highlighting the company’s ability to expand financial revenue. This, coupled with an impressive one-year price total return of 76.36%, shows investors have enjoyed solid returns over the past year. However, the company’s price-to-earnings ratio is quite high at 216.03, indicating that the market has high expectations for Smith Midland’s future profits.
In terms of financial health, Smith Midland’s liquid assets exceed its short-term debt, giving the company a buffer against economic fluctuations. This is a crucial aspect for investors considering the cyclical nature of the construction industry in which Smith Midland operates.
For those interested in deeper analytical insights, InvestingPro has additional tips on Smith-Midland, including its valuation multiples and debt levels. Notably, the company trades at a high EBITDA valuation multiple and has moderate debt levels, which can be key information in assessing its investment quality.
Investors and analysts can further explore these indicators and gain access to more exclusive Smith Midland content by visiting the InvestingPro platform. There are currently 11 additional InvestingPro alerts available, which can be accessed at https://www.investing.com/pro/SMID. For those who want to subscribe, please use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount.
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