United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported third quarter 2024 results: The Company’s revenues in the
third quarter 2024 were $89.4 million, compared to $74.9 million in
the third quarter 2023, an increase of $14.5 million, or 19.4%.
Lime and limestone revenues were $89.2 million in the third quarter
2024, compared to $74.6 million in the third quarter 2023, an
increase of $14.6 million, or 19.6%. The increase in revenues in
the third quarter 2024, compared to the third quarter 2023,
resulted from an increase in average selling prices for the
Company’s lime and limestone products and increased sales volumes,
principally to the Company’s construction and roof shingle
customers.
For the first nine months 2024, the Company’s revenues were
$237.7 million, compared to $215.6 million in the first nine months
2023, an increase of $22.0 million, or 10.2%. For the first nine
months 2024, lime and limestone revenues were $236.9 million,
compared to $214.8 million in the first nine months 2023, an
increase of $22.1 million, or 10.3%. The increase in revenues in
the first nine months 2024, compared to the first nine months 2023,
resulted from an increase in average selling prices for the
Company’s lime and limestone products, partially offset by
decreased sales volumes resulting principally from decreased demand
from the Company’s construction customers, offset in part by
increased demand from its industrial and roof shingle
customers.
The Company’s gross profit was $43.1 million in the third
quarter 2024, compared to $28.2 million in the third quarter 2023,
an increase of $15.0 million, or 53.1%. The Company’s gross profit
was $108.5 million in the first nine months 2024, compared to $79.3
million in the first nine months 2023, an increase of $29.3
million, or 36.9%. The Company’s lime and limestone gross profit
was $43.2 million in the third quarter 2024, compared to $28.2
million in the third quarter 2023, an increase of $15.0 million, or
53.3%. The Company’s lime and limestone gross profit in the first
nine months 2024 was $108.7 million, compared to $79.3 million in
the first nine months 2023, an increase of $29.4 million, or 37.0%.
The increases in gross profit in the third quarter and first nine
months 2024, compared to the comparable 2023 periods, resulted
primarily from the increases in revenues discussed above and
decreases in operating expenses, somewhat attributed to lower
natural gas prices and optimizing fuel blends on the Company’s
kilns.
Selling, general and administrative (“SG&A”) expenses were
$5.0 million in the third quarter 2024, compared to $4.4 million in
the third quarter 2023, an increase of $0.6 million, or 14.3%.
SG&A expenses were $14.7 million in the first nine months 2024,
compared to $12.8 million in the first nine months 2023, an
increase of $1.9 million, or 14.7%. The increases in SG&A
expenses in the 2024 periods, compared to the comparable 2023
periods, were primarily due to increased personnel expenses,
including stock-based compensation.
Other (income) expense, net was $3.1 million and $8.4 million in
the third quarter and first nine months 2024, compared to $2.2
million and $5.5 million in the third quarter and first nine months
2023, reflecting increases of $0.9 million and $2.9 million,
respectively. The increases in other (income) expense, net in the
third quarter and first nine months 2024, compared to the
comparable 2023 periods, were primarily due to interest earned on
higher average balances of cash and cash equivalents.
The Company reported net income of $33.4 million ($1.16 per
share diluted) and $81.8 million ($2.85 per share diluted) in the
third quarter and first nine months 2024, compared to $20.7 million
($0.73 per share diluted) and $57.5 million ($2.02 per share
diluted) in the third quarter and first nine months 2023,
reflecting increases of $12.6 million, or 60.9%, and $24.3 million,
or 42.2%, respectively.
“While our overall construction demand is down for the
year-to-date, we did see improved demand from our construction
customers in the third quarter 2024 as weather conditions in the
South-Central United States returned to a more normal pattern
compared to the heavier than usual rainfalls that we experienced in
the first half 2024,” said Timothy W. Byrne, President and Chief
Executive Officer.
Stock Split
On July 12, 2024, the Company effected a 5-for-1 split of its
common stock in the form of a stock dividend of four additional
shares of common stock for each share outstanding to shareholders
of record at the close of business on June 21, 2024. All share and
per share information throughout this News Release has been
retroactively adjusted to reflect the stock split.
Dividend
The Company announced today that the Board of Directors has
declared a regular quarterly cash dividend of $0.05 per share on
the Company’s common stock. This dividend is payable on December
13, 2024 to shareholders of record at the close of business on
November 22, 2024.
United States Lime & Minerals, Inc., a
NASDAQ-listed public company with headquarters in Dallas, Texas, is
a manufacturer of lime and limestone products, supplying primarily
the construction (including highway, road and building
contractors), industrial (including paper and glass manufacturers),
metals (including steel producers), environmental (including
municipal sanitation and water treatment facilities and flue gas
treatment processes), roof shingle manufacturers, oil and gas
services, and agriculture (including poultry producers) industries.
The Company operates lime and limestone plants and distribution
facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma,
and Texas through its wholly owned subsidiaries, Arkansas Lime
Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone),
Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime
Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime
Company-St. Clair, and U.S. Lime Company-Transportation. In
addition, the Company, through its wholly owned subsidiary, U.S.
Lime Company-O & G, LLC, has royalty and non-operated
working interests in natural gas wells located in Johnson County,
Texas, in the Barnett Shale Formation.
Any statements contained in this News Release, including, but
not limited to, statements relating to changes in demand and costs,
that are not statements of historical fact are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, and investors are
cautioned that such statements involve risks and uncertainties that
could cause actual results to differ materially from expectations,
including without limitation those risks and uncertainties
indicated from time to time in the Company’s filings with the
Securities and Exchange Commission.
(Tables Follow)
United States Lime &
Minerals, Inc.CONDENSED CONSOLIDATED
FINANCIAL DATA(In thousands, except per share
amounts)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
89,427 |
|
|
$ |
74,878 |
|
|
$ |
237,659 |
|
|
$ |
215,638 |
|
Cost of revenues |
|
|
46,314 |
|
|
|
46,723 |
|
|
|
129,117 |
|
|
|
136,360 |
|
Gross profit |
|
$ |
43,113 |
|
|
$ |
28,155 |
|
|
$ |
108,542 |
|
|
$ |
79,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
4,976 |
|
|
|
4,355 |
|
|
|
14,706 |
|
|
|
12,826 |
|
Operating profit |
|
$ |
38,137 |
|
|
$ |
23,800 |
|
|
$ |
93,836 |
|
|
$ |
66,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense,
net |
|
|
(3,061 |
) |
|
|
(2,197 |
) |
|
|
(8,387 |
) |
|
|
(5,529 |
) |
Income tax expense |
|
|
7,845 |
|
|
|
5,264 |
|
|
|
20,374 |
|
|
|
14,432 |
|
Net income |
|
$ |
33,353 |
|
|
$ |
20,733 |
|
|
$ |
81,849 |
|
|
$ |
57,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.17 |
|
|
$ |
0.73 |
|
|
$ |
2.86 |
|
|
$ |
2.02 |
|
Diluted |
|
$ |
1.16 |
|
|
$ |
0.73 |
|
|
$ |
2.85 |
|
|
$ |
2.02 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,594 |
|
|
|
28,480 |
|
|
|
28,574 |
|
|
|
28,455 |
|
Diluted |
|
|
28,727 |
|
|
|
28,560 |
|
|
|
28,683 |
|
|
|
28,525 |
|
Cash dividends per share of
common stock |
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.15 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
2024 |
|
2023 |
BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
$ |
338,459 |
|
|
$ |
254,969 |
|
Property, plant and equipment, net |
|
|
|
|
|
|
|
|
177,790 |
|
|
|
179,795 |
|
Other non-current assets |
|
|
|
|
|
|
|
|
5,510 |
|
|
|
5,838 |
|
Total assets |
|
|
|
|
|
|
|
$ |
521,759 |
|
|
$ |
440,602 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
$ |
18,698 |
|
|
$ |
17,491 |
|
Deferred tax liabilities, net |
|
|
|
|
|
|
|
|
23,834 |
|
|
|
24,659 |
|
Other long-term liabilities |
|
|
|
|
|
|
|
|
5,013 |
|
|
|
5,348 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
474,214 |
|
|
|
393,104 |
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
|
$ |
521,759 |
|
|
$ |
440,602 |
|
Contact: Timothy W. Byrne(972) 991-8400
United States Lime and M... (NASDAQ:USLM)
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