Smith-Midland Q1 revenue up 30% to $16.8M; net income $1.1M vs $0.08M

SMITH MIDLAND CORP

Revenue $16.8M (+30% YoY); net income $1.1M ($0.22 diluted EPS) vs $0.08M ($0.02) prior year.
Product sales $10.8M (+30%); service revenue $6.0M (+31%), driven by soundwall and utility products.
Gross margin improved 480 bps to 23% on higher production volume and fixed cost absorption.
Backlog grew to $64.6M as of May 2024 from $51.4M a year ago, supported by data center and infrastructure demand.
Started construction to double North Carolina plant; expects full-year sales increase on state/local infrastructure funding.

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