For the three months ended September 30, 2024, Smith Midland Corp reported total revenue of $23,582,000, a significant increase from $15,651,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $59,977,000, up from $43,191,000 in the prior year. This growth in revenue was accompanied by a rise in gross profit, which for the third quarter of 2024 was $6,578,000, compared to $3,577,000 in 2023. For the nine-month period, gross profit increased to $15,624,000 from $7,529,000.
Operating income also saw substantial growth, with the company reporting $3,848,000 for the third quarter of 2024, up from $1,502,000 in 2023. For the nine months, operating income surged to $8,031,000 from $576,000. Net income for the third quarter was $3,150,000, compared to $1,266,000 in the same quarter of 2023, while for the nine months, net income rose to $6,278,000 from $565,000. Basic and diluted earnings per share for the third quarter were $0.59, up from $0.24 in 2023, and for the nine months, they increased to $1.18 from $0.11.
The company’s cost of sales as a percentage of revenue improved, decreasing to 75% in the third quarter of 2024 from 81% in 2023, and to 77% from 86% for the nine-month period. Operating expenses increased, with general and administrative expenses rising to $1,720,000 for the third quarter, up from $1,187,000 in 2023, and to $4,938,000 from $4,420,000 for the nine months.
Sales performance varied across product lines. Soundwall sales decreased in the third quarter due to lower production at the North Carolina and South Carolina plants, although they increased for the nine months due to higher production volumes. Architectural panel sales rose for both periods, driven by projects initiated in Q1 2024. Conversely, SlenderWall sales declined as there were no projects in production during the first nine months of 2024.
As of September 30, 2024, the company reported total stockholders' equity of $40,337,000, up from $33,055,000 at the end of 2022. The cash position at the end of the third quarter was $9,013,000, slightly down from $9,175,000 at the end of 2023. Accounts receivable increased to $17,822,000 from $17,209,000, reflecting the growth in sales. The sales backlog as of November 1, 2024, was approximately $62.8 million, compared to $60.2 million a year earlier.
About SMITH MIDLAND CORP
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