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Smith-Midland Corporation (SMID-0.96%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $23,582,000 from $15,651,000 in the same quarter the previous year. The increase is attributed to higher architectural panel sales, utility sales, and barrier rentals.
Cost of sales for the quarter was $17,004,000, representing 75% of sales, compared to 81% in the same quarter of the previous year. This decrease in cost ratio is due to increased production volumes and a more favorable product mix.
The company reported a gross profit of $6,578,000 for the quarter, compared to $3,577,000 in the previous year, with the increase attributed to higher revenue and improved cost management.
Operating expenses increased to $2,730,000 from $2,075,000, primarily due to higher salary and wage rates, and an increase in the allowance for credit losses.
Net income for the quarter was $3,150,000, up from $1,266,000 in the previous year. Basic and diluted earnings per share were $0.59, compared to $0.24 in the previous year.
Cash provided by operating activities was $5,803,000, while cash used in investing and financing activities was $5,518,000 and $447,000, respectively.
Smith-Midland had a working capital of $22,385,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a mortgage note payable to Burke & Herbert Bank & Trust Company and a line of credit with the same bank.
Smith-Midland does not anticipate significant changes in its operations due to seasonality or inflation for the remainder of 2024.
The company identified material weaknesses in its internal controls over financial reporting related to the review of allowances for credit losses and journal entries.
Smith-Midland continues to focus on marketing its SlenderWall and barrier rental products, with an emphasis on increasing sales and rental revenues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Smith-Midland Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.