Smith-Midland Corporation (SMID): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the backbone of infrastructure and construction? Smith-Midland Corporation (SMID), with over 50 years of expertise, stands as a venerable name in precast concrete innovation. But how exactly does this company, projecting a 31% revenue growth for 2024 to between $77 and $79 million, operate and generate its revenue?

From manufacturing facilities strategically located in Midland, VA, Reidsville, NC, and Columbia, SC, to a J-J Hooks Safety Barrier rental firm, Smith-Midland has evolved into a multifaceted enterprise that designs, manufactures, and licenses a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries. Keep reading to discover the history, ownership structure, and the ingenious ways Smith-Midland makes money, solidifying its position in the market.

Smith-Midland Corporation (SMID) History

Founding Timeline

Year established

The company was established in 1960.

Original location

The company was founded in Midland, Virginia.

Founding team members

The founding team members included:

• Rodney I. Smith, Sr.
• His wife, Betty J. Smith

Initial capital/funding

The initial capital investment was $500.

Evolution Milestones

Transformative Moments

Key transformative moments in the company's history include:

• Diversification into Highway Barriers (1971): This decision marked a significant shift from agricultural products to infrastructure, opening up new markets and revenue streams.
• Becoming a Publicly Traded Company (1997): This provided access to capital markets, enabling further expansion and investment in new technologies and facilities.
• Acquisition of Easi-Set Worldwide (2017): This strategic move broadened the company's product portfolio and expanded its licensing capabilities, enhancing its competitive position.

These moments reflect strategic decisions to diversify product lines, expand market reach, and enhance manufacturing capabilities, all contributing to the company's growth and evolution over time. For insights into the company's guiding principles, see Mission Statement, Vision, & Core Values of Smith-Midland Corporation (SMID).

Smith-Midland Corporation (SMID) Ownership Structure

Smith-Midland Corporation features a blend of insider and institutional ownership, shaping its governance and strategic direction.

Smith-Midland Corporation's Current Status

Smith-Midland Corporation is a publicly traded company, listed on the NASDAQ under the ticker symbol SMID. This means that ownership is distributed among public shareholders, although a significant portion may be held by insiders and institutional investors.

Smith-Midland Corporation's Ownership Breakdown

Detailed ownership information can provide insights into who has the most influence over the company. As of the latest available data, here’s a snapshot of the ownership structure:

Smith-Midland Corporation's Leadership

The leadership team is crucial for guiding Smith-Midland's strategic initiatives and operational execution. Key members include:

• Rodney I. Smith: Chairman of the Board
• Ashley B. Smith: President and Chief Executive Officer
• Gregory N. Smith: Executive Vice President and Chief Operating Officer
• Kevin L. Mcbride: Vice President and Chief Financial Officer

To gain more insight into the guiding principles of the company, explore Mission Statement, Vision, & Core Values of Smith-Midland Corporation (SMID).

Smith-Midland Corporation (SMID) Mission and Values

Smith-Midland Corporation strives to be a leading provider of innovative, high-quality precast concrete products, driven by a commitment to customer satisfaction, employee well-being, and sustainable practices.

Smith-Midland Corporation's Core Purpose

Official mission statement

As of the latest update, Smith-Midland Corporation does not have a single, formally published mission statement. However, the company's dedication to innovation, quality, and customer satisfaction is evident in its operations and project portfolio. More details can be found at Mission Statement, Vision, & Core Values of Smith-Midland Corporation (SMID).

Vision statement

Smith-Midland Corporation envisions a future where its precast concrete solutions are integral to building a sustainable and resilient infrastructure. This involves:

• Expanding the application of precast concrete technology to address evolving construction needs.
• Being recognized as a leader in innovation, quality, and sustainability within the precast concrete industry.
• Fostering long-term relationships with clients by consistently delivering exceptional value and service.

Company slogan/tagline

While Smith-Midland Corporation doesn't currently employ a formal slogan, their commitment to quality and innovation could be encapsulated by a tagline such as:

• 'Building the Future with Precast Excellence.'
• 'Innovative Concrete Solutions for a Sustainable World.'
• 'Quality Precast, Lasting Infrastructure.'

Smith-Midland Corporation (SMID) How It Works

Smith-Midland Corporation specializes in developing, manufacturing, and selling a variety of precast concrete products used in the construction, highway safety, and transportation industries.

Smith-Midland Corporation's Product/Service Portfolio

Smith-Midland Corporation's Operational Framework

Smith-Midland operates through an integrated framework that spans product design, manufacturing, and sales. The company focuses on:

• Product Development: Investing in research and development to create innovative precast concrete solutions that meet evolving market needs.
• Manufacturing: Utilizing efficient manufacturing processes in its facilities to produce high-quality precast products.
• Sales and Marketing: Employing a direct sales force and marketing strategies to reach target customers, including government agencies, contractors, and developers.
• Project Management: Providing project management services to ensure timely delivery and installation of its products.

Smith-Midland is strategically focused on expanding its market reach and production capabilities. In 2024, the company continued to focus on projects related to data centers, and utility buildings, with $7.3 million in new orders in the fourth quarter. They are also planning on increasing the production capacity at the Reidsville, NC facility, to meet the demand in the Southeast region.

Smith-Midland Corporation's Strategic Advantages

Smith-Midland's success is underpinned by several strategic advantages:

• Proprietary Products: Owning patents and trademarks for key products like J-J Hooks and Easi-Set Buildings, which provide a competitive edge.
• Established Reputation: Building a strong reputation for quality, reliability, and innovation in the precast concrete industry over several decades.
• Strategic Locations: Operating manufacturing facilities in key geographic markets, enabling efficient distribution and customer service.
• Engineering Expertise: Offering in-house engineering and design capabilities to customize products and provide technical support to customers.

To delve deeper into the core principles that guide Smith-Midland, explore Mission Statement, Vision, & Core Values of Smith-Midland Corporation (SMID).

Smith-Midland Corporation (SMID) How It Makes Money

Smith-Midland Corporation primarily generates revenue by developing, manufacturing, and selling precast concrete products. These products serve various sectors, including highway construction, building construction, and utilities.

Smith-Midland Corporation's Revenue Breakdown

While precise revenue breakdowns for the 2024 fiscal year are not available, understanding the general composition of revenue streams provides valuable insight. The following table represents an estimated revenue breakdown based on available information and industry trends:

Smith-Midland Corporation's Business Economics

Smith-Midland Corporation's business economics are influenced by several key factors:

• Pricing Strategy: The company employs a competitive pricing strategy, balancing market rates with the cost of raw materials, production, and transportation. Project-specific pricing is common, reflecting customization and scale.
• Economic Sensitivity: Demand for precast concrete products is closely tied to construction and infrastructure spending. Economic upturns typically boost demand, while downturns can lead to project delays and reduced sales.
• Raw Material Costs: Fluctuations in the prices of cement, aggregates, and steel directly impact production costs and profitability. Effective supply chain management is crucial for mitigating these risks.
• Manufacturing Efficiency: Investments in technology and automation can enhance production efficiency, reduce labor costs, and improve product quality, contributing to higher profit margins.
• Transportation Costs: Given the weight and size of precast concrete products, transportation expenses can be significant. Proximity to markets and efficient logistics are essential for cost management.

Smith-Midland Corporation's Financial Performance

Analyzing Smith-Midland Corporation's financial performance involves examining key metrics that reflect the company's operational efficiency and profitability. Here are some typical considerations:

• Revenue Growth: Tracking year-over-year revenue growth indicates the company's ability to expand its market presence and capitalize on industry trends.
• Gross Profit Margin: Monitoring the gross profit margin (gross profit divided by revenue) reveals the efficiency of production and pricing strategies.
• Operating Margin: The operating margin (operating income divided by revenue) reflects the company's ability to control operating expenses.
• Net Income: Net income represents the bottom-line profitability after all expenses, including taxes and interest, are accounted for.
• Debt Levels: Assessing the company's debt-to-equity ratio and interest coverage ratio provides insights into its financial leverage and ability to meet its debt obligations.
• Cash Flow: Analyzing cash flow from operations, investing, and financing activities helps evaluate the company's liquidity and financial stability.

For further insights into the company and its investors, consider reading: Exploring Smith-Midland Corporation (SMID) Investor Profile: Who’s Buying and Why?

Smith-Midland Corporation (SMID) Market Position & Future Outlook

As of April 2025, Smith-Midland Corporation (SMID) is strategically positioned to leverage its expertise in precast concrete solutions, with a focus on infrastructure, transportation, and construction markets. The company's future outlook is shaped by its ability to capitalize on market opportunities and effectively manage potential risks.

Competitive Landscape

Opportunities & Challenges

Industry Position

Smith-Midland Corporation maintains a strong position within the precast concrete industry, particularly known for its innovative products and project-specific solutions. The company differentiates itself through:

• Proprietary technologies like the SlenderWall architectural panel system and J-J Hooks highway safety barrier.
• Focus on high-margin, value-added products that cater to specific client needs.
• Strategic partnerships and collaborations to expand market reach.

For an in-depth look at the company's financial standing, consider reading: Breaking Down Smith-Midland Corporation (SMID) Financial Health: Key Insights for Investors