Smith-Midland Corporation announced its fourth quarter and year-end results for the period ended December 31, 2024, on May 27, 2025. The company reported its highest annual revenue and net income in company history, marking a significant financial milestone.
For the full year 2024, revenue increased 32 percent to $78.5 million. Net income reached $7.7 million, or $1.45 per diluted share, a substantial increase from $795,000 and $0.15 per diluted share in 2023. Gross margin for the full year improved by 760 basis points to 25.5 percent.
In the fourth quarter of 2024, revenue increased 13 percent to $18.5 million compared to the prior-year quarter. Net income for Q4 was $1.4 million, or $0.26 per diluted share, up from $230,000 and $0.04 per diluted share in Q4 2023. Operating income for the quarter was $1.9 million, compared to $542,000 in the prior year.
Management highlighted that the past three quarters of 2024 represented the highest revenue quarters in the company's history. This sustained growth demonstrates strong demand for its precast concrete products and systems and effective operational execution.
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