United States Lime & Minerals Reports First Quarter 2024 Results and Declares Regular Quarterly Cash Dividend
United States Lime & Minerals, Inc. (NASDAQ: USLM) reported strong first quarter 2024 results with revenues of $71.7 million, a 7.4% increase from the previous year. The company's gross profit increased by 27.6% to $30.6 million, driven by higher selling prices and lower operating expenses. Net income rose by 31.2% to $22.4 million. The Board declared a quarterly cash dividend of $0.25 per share.
Revenue increased by 7.4% to $71.7 million in Q1 2024.
Gross profit grew by 27.6% to $30.6 million in Q1 2024.
Net income rose by 31.2% to $22.4 million in Q1 2024.
The Board declared a regular quarterly cash dividend of $0.25 per share.
Sales volumes decreased due to reduced demand from construction customers.
SG&A expenses increased by 16.8% in Q1 2024.
Other (income) expense, net increased by $1.0 million in Q1 2024.
Insights
United States Lime & Minerals, Inc.'s recent earnings report exhibits a steady growth in revenue, attributable notably to the uptick in average selling prices of lime and limestone products. While such price surges can fortify top-line growth, as evidenced by the
The company's strategic cost management, particularly the decrease in operating expenses including fuel costs, demonstrates robust operational efficiency. This is reflected in the gross profit margin, which has markedly improved by
On the flip side, there's a noteworthy
The dynamic shift in demand trends, with a decrease from construction yet an upturn from industrial customers, indicates a sectoral pivot which could have lasting implications. The industrial sector's resilience and growing appetite may present new opportunities for United States Lime & Minerals to diversify its client base and reduce reliance on the more volatile construction sector. Such shifts may necessitate an adaptation in marketing strategies and operational focus.
Looking ahead, the CEO's optimism regarding the rebound in construction demand is a positive signal. However, investors should seek corroborative markers such as uptrends in housing starts or infrastructure spending before fully factoring in a potential construction sector recovery. Furthermore, the declared dividend of
DALLAS, April 30, 2024 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2024 results: The Company’s revenues in the first quarter 2024 were
The Company’s gross profit was
Selling, general and administrative (“SG&A”) expenses were
Other (income) expense, net was
The Company reported net income of
“In the first quarter 2024, reduced demand continued from our construction customers. Fortunately, increased demand from our industrial customers provided a partial offset to an overall decrease in sales volume,” said Timothy W. Byrne, President and Chief Executive Officer. “Looking ahead, we anticipate improved demand from our construction customers,” Mr. Byrne added.
Dividend
The Company announced today that the Board of Directors has declared a regular quarterly cash dividend of
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 timing of projects, 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 | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| INCOME STATEMENTS | ||||||||
| Revenues | $ | 71,687 | $ | 66,777 | ||||
| Cost of revenues | 41,080 | 42,785 | ||||||
| Gross profit | $ | 30,607 | $ | 23,992 | ||||
| Selling, general and administrative expenses | $ | 4,848 | $ | 4,152 | ||||
| Operating profit | $ | 25,759 | $ | 19,840 | ||||
| Other (income) expense, net | (2,540 | ) | (1,507 | ) | ||||
| Income tax expense | 5,860 | 4,243 | ||||||
| Net income | $ | 22,439 | $ | 17,104 | ||||
| Income per share of common stock: | ||||||||
| Basic | $ | 3.93 | $ | 3.01 | ||||
| Diluted | $ | 3.92 | $ | 3.00 | ||||
| Weighted-average shares outstanding: | ||||||||
| Basic | 5,707 | 5,685 | ||||||
| Diluted | 5,725 | 5,698 | ||||||
| Cash dividends per share of common stock | $ | 0.25 | $ | 0.20 | ||||
| March 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| BALANCE SHEETS | ||||||||
| Assets: | ||||||||
| Current assets | $ | 278,875 | $ | 254,969 | ||||
| Property, plant and equipment, net | 179,676 | 179,795 | ||||||
| Other non-current assets | 5,445 | 5,838 | ||||||
| Total assets | $ | 463,996 | $ | 440,602 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current liabilities | $ | 19,246 | $ | 17,491 | ||||
| Deferred tax liabilities, net | 24,421 | 24,659 | ||||||
| Other long-term liabilities | 5,013 | 5,348 | ||||||
| Stockholders’ equity | 415,316 | 393,104 | ||||||
| Total liabilities and stockholders’ equity | $ | 463,996 | $ | 440,602 | ||||
| Contact: Timothy W. Byrne |
| (972) 991-8400 |
FAQ
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