Smith-Midland reports record annual revenue $59.6M in 2023; backlog rises to $60.8M

SMITH MIDLAND CORP

2024-Q1 EPS reported $0.21 revenue$16,756,000

Q4 2023 revenue $16.4M (+13% YoY); net income $230K ($0.04 EPS) vs $5K in prior-year quarter.
Full-year net income $795K ($0.15 EPS) flat YoY, impacted by a significant state tax liability true-up.
Product sales up 39% to $38.7M; service revenue down 7% to $20.8M on lower shipping and installation.
Backlog $60.8M as of March 2024, up from $52.4M a year earlier; majority expected within 12 months.
Preliminary Q1 2024 revenue expected at least 20% higher YoY; gross margin and net income also expected higher.

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