COLUMBIA, SC – Smith-Midland Corporation (NASDAQ:SMID), a precast concrete products manufacturer, has secured a $7.5 million contract to produce noise-reducing walls for a Georgia Department of Transportation (GDOT) project aimed at improving traffic flow and safety. The company's South Carolina facility is set to manufacture over 4,700 precast noise wall panels for the I-285/I-20 East Interchange in DeKalb County, a notorious congestion point near Atlanta.
The panels, featuring an Ashlar stone finish, are part of GDOT's Major Mobility Investment Program (MMIP), which focuses on large-scale projects to enhance mobility, safety, and economic growth while improving the quality of life in Georgia. This noise wall project is one of the largest in Smith-Midland's history and is intended to mitigate noise for local homes and businesses.
Smith-Midland operates three manufacturing facilities in Virginia, North Carolina, and South Carolina, and also runs a safety barrier rental firm. Its subsidiary, Easi-Set Worldwide, licenses the production and sale of its products globally. The company's expansion into South Carolina in 2016 aimed to better serve the southeastern market.
This announcement is based on a press release statement.
In other recent news, Smith-Midland Corporation has regained compliance with Nasdaq listing standards. The company had faced potential listing issues due to delayed financial reporting but has now filed its Annual Report on Form 10-K for the year ending December 31, 2023. The delay was due to the extended time needed to finalize the 10-K filing, which also affected the timeline for the company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2024.
Preliminary financial data from the company suggests a promising outlook, with an increase in revenue and a significant rise in net income for the first quarter of 2024 compared to the same period in the previous year. However, these figures are tentative and subject to revisions. The company operates three manufacturing facilities across Virginia, North Carolina, and South Carolina, and a subsidiary, Easi-Set Worldwide, which licenses its products globally.
InvestingPro Insights
Smith-Midland Corporation (NASDAQ:SMID), with its significant contract for the Georgia Department of Transportation, is positioned in a market that has recognized its growth potential. According to real-time data from InvestingPro, Smith-Midland has a market capitalization of 176 million USD, reflecting its standing in the industry.
InvestingPro Data shows a robust revenue growth of 18.85% for the last twelve months as of Q4 2023, underlining the company's ability to expand its financial top line. This is coupled with an impressive one-year price total return of 76.36%, indicating that investors have enjoyed substantial returns over the past year. The company's P/E ratio, however, is quite elevated at 216.03, suggesting that the market has high expectations for Smith-Midland's future earnings.
In terms of financial health, Smith-Midland's liquid assets exceed its short-term obligations, providing the company with a buffer to navigate 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 offers additional tips on Smith-Midland, including its valuation multiples and debt levels. Notably, the company is trading at a high EBITDA valuation multiple and operates with a moderate level of debt, which can be pivotal information for assessing its investment quality.
Investors and analysts can explore these metrics further and gain access to more exclusive content on Smith-Midland by visiting the InvestingPro platform. There are currently 11 additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/SMID. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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