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March 26, 2020

Smith-Midland sets mark with $46.7 million in sales

Photo/Smith-Midland
Based in Southern Fauquier, Smith-Midland manufacturers a variety a precast concrete products primarily for the construction, transportation and utilities industries.
While we remain extremely excited about our long-term future, the main goal during this time of uncertainty is creating a safe and secure environment for our associates, customers and communities.
— CEO Ashley Smith
Fauquier-based Smith-Midland Corp. produced record revenue of $46.7 million last year, the company announced Thursday.

That represents 16-percent increase from revenue of $40.2 million in 2018.

The precast concrete manufacturer earned a $2-million profit in 2019, compared to net income of $1.7 million a year earlier. Pre-tax income for 2019 reached $2.5 million, compared to $2.3 million a year earlier.

Basic and diluted income per share of 38 cents last year rose 5 cents from 2018.

Smith-Midland reported fourth-quarter revenue of $12.4 million versus $11.7 million in the same period of 2018.

“While we remain extremely excited about our long-term future, the main goal during this time of uncertainty is creating a safe and secure environment for our associates, customers and communities,” CEO Ashley Smith said. “There is limited forward-looking visibility, and our expectations are tempered by the fact that we do not know what will happen, or the future impact to our business, from COVID-19.

“As the pandemic is quite profound and impactful, we hope it proves to be temporary with minimal disruption.”

All three company plants — in Fauquier, North Carolina and South Carolina — remain “fully operational, with minimal supply chain disruption,” Mr. Smith added.

With more than 230 employees, Smith-Midland develops, manufactures, licenses, rents and sells an array of precast concrete products primarily for the construction, transportation and utilities industries.

“During this tough time, we look back at 2019 and are pleased with our performance, which includes record-setting revenues, strong growth in EPS (earnings per share), and five consecutive years of positive earnings,” Mr. Smith said. “The first quarter of 2020 has started off slower than expected due to lower production caused by short-term delays in customer approval of drawings, but we anticipate 2020 to be another solid financial year for the company. Notwithstanding the current volatile situation, we currently see continued strong demand in our infrastructure and commercial construction end markets in the near term.”

With 5.13 million shares outstanding, the company’s stock trades over the counter under the symbol SMID. It most recently traded at $5 per share. The price over the last 52 weeks has ranged from $2.95 to $9.53 per share.

The company has a market capitalization of $25.67 million.
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