Smith-Midland Corp reports Q2 EPS (15c) vs. 17c last year

Reports Q2 revenue $14.7M vs. $13.3M last year. “Revenue for the second quarter of 2023 represents the third consecutive quarter of double-digit, year-over-year revenue growth, reflecting the underlying strength of our business,” said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. “We continue to secure new contracts thanks to increased demand for our innovative product offerings and increased spending from the public and private sectors. Our backlog of $60.9 million as of August 1, 2023 is a record for the company, and it does not include the recently announced project to produce $6.8 million in architectural precast panels for the Baltimore Harbor Tunnel.” “Our bottom line was negatively impacted by the overall cost inflation that persists across our business as well as by a pair of items that were isolated to the quarter. We incurred approximately $400,000 in costs related to the remaking of architectural panels for one specific project because of product from a material supplier that did not meet project specifications. Secondly, we had a cybersecurity issue related to a payment to one of our vendors for approximately $342,000. We have been able to recover $67,000 to date from insurance and believe there is an opportunity to offset most of the remaining amount through additional insurance proceeds,” Mr. Smith continued. “We expect third quarter revenue growth to be in excess of 20 percent compared to the third quarter of the prior year as we execute on the production of our historic backlog. Overall, the multiple tailwinds across our business should continue the trend of strong top-line growth, positioning us to create long-term shareholder value,” Mr. Smith concluded.