Smith-Midland Corp reports Q4 EPS 4c vs. 0c last year

Reports Q4 revenue $16.4M, up 13% from last year. “Our fourth quarter results closed out a very successful 2023, as we reported our highest quarterly and full-year revenue in company history,” said Ashley Smith, CEO. “Fourth quarter revenue increased 13 percent from the prior-year quarter, thanks to increased soundwall, miscellaneous and utility product sales, and barrier rental revenue more than doubled compared to the prior-year quarter. We believe the outlook for 2024 is very favorable and expect funding from the Infrastructure and Jobs Act to reach state and local governments in the latter half of the year. We are experiencing strong demand for our utility vaults and expect additional orders due to the continued need for data centers to support AI technology. The replacement cycle of barriers that meet the MASH-TL3 standard continues to be an opportunity for our patented JJ-Hooks highway barrier system. Our larger barrier rental fleet increases the size and scale of projects and jobs we can bid. In the coming year, we will continue to invest in our business, including the plant expansion in North Carolina and new soundwall forms for anticipated increased production capacity. Overall, we continue to be well-positioned to meet the anticipated increased demand across the sectors we serve and deliver long-term value to our shareholders.”