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Highlights

  • Q4 2024 revenue rose 13% to $18.5 million; full-year revenue grew 32% to $78.5 million
  • Full-year gross margin improved 760 basis points to 25.5%, net income reached $7.7 million
  • Utility product sales increased 171%, barrier rental revenue rose 52% for 2024

Smith-Midland Corporation (NASDAQ: SMID) announced its financial results for the fourth quarter and full year ended December 31, 2024. The company reported a 13 percent increase in fourth-quarter revenue to $18.5 million compared to $16.4 million in the prior-year quarter. Product sales for the quarter rose 23 percent to $11 million, while service revenue remained stable at $7.5 million. Operating income increased to $1.9 million from $542,000 year-over-year. Net income for the quarter was $1.4 million, or $0.26 per diluted share, compared to $230,000, or $0.04 per share, in the fourth quarter of 2023.

For the full year, revenue totaled $78.5 million, up 32 percent from $59.6 million in 2023. Gross margin improved by 760 basis points to 25.5 percent, resulting in a gross profit of $20 million, compared to $10.7 million the previous year. Net income rose significantly to $7.7 million, or $1.45 per diluted share, versus $795,000, or $0.15 per share, in 2023.

Product sales increased to $45.6 million in 2024 from $38.7 million in 2023, driven by higher utility product sales, which rose 171 percent amid demand linked to data center growth. Barrier sales declined as the company shifted focus from sales to rentals, with barrier rental revenue increasing 52 percent year-over-year to $12 million. Shipping and installation revenue grew to $17.6 million from $11.9 million.

As of December 31, 2024, Smith-Midland reported cash of $7.5 million and debt of $5.1 million. The company’s backlog remained relatively flat at $59.5 million as of March 2025 compared to $60.8 million a year earlier. The firm anticipates higher sales volume in 2025, supported by infrastructure spending and new project starts, though it continues to navigate inflationary pressures and labor market challenges.