Smith-Midland wins $5M FBI building project in Virginia

MIDLAND, VA - Smith-Midland Corporation (NASDAQ:SMID), a precast concrete manufacturer with a market capitalization of $165.9 million, has been contracted to produce over $5 million worth of its SlenderWall architectural precast concrete panels for the re-cladding of the Federal Bureau of Investigation’s dormitories in Quantico, Virginia. The production of these panels is scheduled to commence in June 2025 at the company’s Virginia facility, with installation planned for October of the same year. According to InvestingPro data, the company maintains strong financial health with a "GREAT" overall score, supported by robust liquidity metrics and moderate debt levels.

SlenderWall, a proprietary lightweight precast concrete cladding system designed by Smith-Midland, is engineered for high performance, including durability and energy efficiency. It is also recognized for its rapid installation capabilities. The application of SlenderWall to the FBI’s facilities is aimed at enhancing the buildings’ structural integrity and security, while also offering aesthetic improvements.

Matthew Smith, Vice President of Sales and Marketing at Smith-Midland, expressed the company’s honor in having SlenderWall chosen for this significant project. He highlighted the system’s ability to meet the stringent requirements for a critical institution like the FBI, noting the anticipated benefits in terms of resilience, installation efficiency, and cost savings.

Smith-Midland’s design-assist team has collaborated with BL Harbert Construction and their project design team to develop the re-cladding system that will be implemented at the FBI facility. This partnership is said to streamline the design and installation processes, ensuring the project remains on schedule.

Garrett Goodman, Director of Design at BL Harbert, acknowledged Smith-Midland’s proactive approach and leadership, which have been crucial in advancing the project to the production stage.

Smith-Midland Corporation is a developer and manufacturer of a wide range of precast concrete products and systems, serving the construction, transportation, and utility industries. The company operates three manufacturing facilities located in Virginia, North Carolina, and South Carolina, and owns a safety barrier rental firm, Concrete Safety Systems. Its subsidiary, Easi-Set Worldwide, licenses the production and sale of Easi-Set products and provides diversification opportunities within the precast industry globally. The company has demonstrated strong performance with revenue growth of 32.4% over the last twelve months and maintains a healthy current ratio of 2.78, indicating strong operational efficiency. InvestingPro subscribers have access to over 10 additional key insights and extensive financial metrics that can help evaluate the company’s investment potential.

The information in this article is based on a press release statement. It should be noted that forward-looking statements are subject to risks and uncertainties, and actual results may differ from those projected. Factors that could cause such differences include product demand, competitive products and pricing, supply constraints, government spending on infrastructure, economic conditions, debt exposure, accounts receivables, company accounting policies, and other risks outlined in the company’s SEC filings. For comprehensive analysis and real-time updates on Smith-Midland’s financial metrics, valuation, and growth potential, visit InvestingPro.

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