- Smith-Midland (SMID, Financial) reported record annual revenue of $78.5 million for 2024, a 32% increase year-over-year.
- Net income surged nearly tenfold to $7.7 million, or $1.45 per share, compared to $795K in 2023.
- Barrier rental revenue nearly doubled to $12 million from $6.3 million in the previous year.
Smith-Midland Corporation (SMID) announced impressive financial results for the fourth quarter and full year ending December 31, 2024. The company achieved record-breaking annual revenue of $78.5 million, marking a 32% rise compared to $59.6 million in 2023. This surge in revenue enabled the company to increase its net income to $7.7 million, or $1.45 per diluted share, up from $795,000, or $0.15 per share, reflecting a significant improvement in financial performance.
The growth was fueled by a strategic shift towards more profitable products and services. Utility product sales saw a remarkable increase of 171%, driven largely by rising demand from data centers. Additionally, Smith-Midland's barrier rental revenue climbed 90%, reaching $12 million compared to $6.3 million last year. The company also reported a notable improvement in its gross margin, which rose by 760 basis points to 25.5%.
Fourth-quarter performance was equally robust, with revenue climbing 13% to $18.5 million compared to the same period in the previous year. Product sales within this period increased by 23% to $11 million, a testament to the company's growing market presence.
Looking ahead, Smith-Midland's backlog stood at $59.5 million as of March 2025. The company plans to leverage ongoing infrastructure spending and increased demand from various sectors to sustain its growth trajectory into 2025. This positive outlook is supported by strategic capital investments in plant expansion and a larger rental fleet to meet expanding market needs.
