United States Lime & Minerals Reports Third Quarter 2024 Results and Declares Regular Quarterly Cash Dividend

Rhea-AI Summary

United States Lime & Minerals (NASDAQ: USLM) reported strong Q3 2024 results with revenues of $89.4 million, up 19.4% from Q3 2023. The company's lime and limestone revenues increased by 19.6% to $89.2 million, driven by higher average selling prices and increased sales volumes. Net income rose 60.9% to $33.4 million ($1.16 per share diluted). Gross profit increased 53.1% to $43.1 million. The Board declared a quarterly cash dividend of $0.05 per share, payable December 13, 2024. The company also completed a 5-for-1 stock split in July 2024.

Positive

• Revenue increased 19.4% YoY to $89.4 million in Q3 2024
• Net income grew 60.9% to $33.4 million in Q3 2024
• Gross profit rose 53.1% to $43.1 million
• Higher average selling prices for lime and limestone products
• Increased interest income from higher cash balances

Negative

• Decreased construction demand in first half 2024
• SG&A expenses increased 14.3% to $5.0 million in Q3 2024

DALLAS, Oct. 30, 2024 (GLOBE NEWSWIRE) -- 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

FAQ

What was USLM's revenue growth in Q3 2024?

USLM's revenue grew 19.4% to $89.4 million in Q3 2024 compared to $74.9 million in Q3 2023.

What was USLM's earnings per share in Q3 2024?

USLM reported earnings of $1.16 per share diluted in Q3 2024, up from $0.73 per share diluted in Q3 2023.

When did USLM complete its stock split in 2024?

USLM completed a 5-for-1 stock split on July 12, 2024, distributing four additional shares for each share outstanding.

What is USLM's latest quarterly dividend?

USLM declared a quarterly cash dividend of $0.05 per share, payable on December 13, 2024.