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Smith-Midland Corporation (SMID) investor relations material
Smith-Midland Corporation 16th Annual Midwest Ideas Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Industry trends and market drivers
Nationwide replacement of all concrete barriers is underway, driven by updated federal crash test standards, with completion targeted by 2030.
Infrastructure and Jobs Act provides a significant tailwind, with 60% of allocated funds yet to be spent.
Shift in contractor mindset from ownership to rental is accelerating demand for barrier rentals.
Growth in off-site precast modular construction is increasing demand for precast products.
Electric vehicles are prompting new crash test standards, likely requiring further barrier updates in 3–5 years.
Business operations and product innovation
Operations span three plants in Virginia, North Carolina, and South Carolina, with recent expansions increasing capacity.
Proprietary products, including JJ Hooks barriers, Slender Wall panels, Easy Set buildings, and Soft Sound noise walls, are market leaders.
Licensing model enables national and international reach, with 75 producers and 40 making JJ Hooks barriers.
Investment in R&D and patents supports ongoing product innovation and competitive advantage.
New low-profile and limited-deflection barriers are being developed to address evolving market needs.
Financial performance and growth
Revenue grew from $59.6M in 2023 to $78.5M in 2024, a 31.7% increase; trailing twelve months revenue reached $91M.
EBITDA rose to $12.7M in 2024, with trailing twelve months at $18.4M; EPS increased from $1.45 to $2.27.
Q2 2025 saw record quarterly revenue of $26.2M and net income of $4.2M, or $0.79 per diluted share.
Backlog remains strong at $54M, with ongoing investments in sales efforts to maintain momentum.
Royalty revenue is expected to approach $5M in 2025, with significant growth anticipated over the next five years.
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