United States Lime & Minerals Reports Second Quarter 2024 Results and Declares Regular Quarterly Cash Dividend
Rhea-AI Summary
United States Lime & Minerals (NASDAQ: USLM) reported Q2 2024 results with revenues of $76.5 million, up 3.5% year-over-year. Net income increased 32.2% to $26.1 million ($0.91 per share diluted). For the first six months of 2024, revenues rose 5.3% to $148.2 million, with net income up 31.7% to $48.5 million ($1.69 per share diluted).
The company saw increased average selling prices for lime and limestone products, offset by decreased sales volumes, particularly in construction. Gross profit jumped 28.3% in Q2 and 28.0% for the first half. USLM also declared a quarterly dividend of $0.05 per share and effected a 5-for-1 stock split on July 12, 2024.
Positive
- Revenue increased 3.5% YoY to $76.5 million in Q2 2024
- Net income rose 32.2% to $26.1 million in Q2 2024
- Gross profit increased 28.3% to $34.8 million in Q2 2024
- Average selling prices for lime and limestone products increased
- Declared regular quarterly cash dividend of $0.05 per share
- Completed a 5-for-1 stock split on July 12, 2024
Negative
- Decreased sales volumes, particularly from construction customers
- SG&A expenses increased 13.0% to $4.9 million in Q2 2024
News Market Reaction 1 Alert
On the day this news was published, USLM declined 0.14%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
DALLAS, July 31, 2024 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported second quarter 2024 results: The Company’s revenues in the second 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 second quarter 2024, we experienced reduced demand from our construction customers as heavier than usual rainfalls contributed to the delay of construction projects in the south-central United States,” said Timothy W. Byrne, President and Chief Executive Officer. “Looking ahead, we expect improved demand from our construction customers will come with improved weather conditions,” Mr. Byrne added.
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
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 customer 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 | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| INCOME STATEMENTS | |||||||||||||||||
| Revenues | $ | 76,545 | $ | 73,983 | $ | 148,232 | $ | 140,760 | |||||||||
| Cost of revenues | 41,723 | 46,852 | 82,803 | 89,637 | |||||||||||||
| Gross profit | $ | 34,822 | $ | 27,131 | $ | 65,429 | $ | 51,123 | |||||||||
| Selling, general and administrative expenses | $ | 4,882 | $ | 4,319 | $ | 9,730 | $ | 8,471 | |||||||||
| Operating profit | $ | 29,940 | $ | 22,812 | $ | 55,699 | $ | 42,652 | |||||||||
| Other (income) expense, net | (2,786 | ) | (1,825 | ) | (5,326 | ) | (3,332 | ) | |||||||||
| Income tax expense | 6,669 | 4,925 | 12,529 | 9,168 | |||||||||||||
| Net income | $ | 26,057 | $ | 19,712 | $ | 48,496 | $ | 36,816 | |||||||||
| Income per share of common stock: | |||||||||||||||||
| Basic | $ | 0.91 | $ | 0.69 | $ | 1.70 | $ | 1.29 | |||||||||
| Diluted | $ | 0.91 | $ | 0.69 | $ | 1.69 | $ | 1.29 | |||||||||
| Weighted-average shares outstanding: | |||||||||||||||||
| Basic | 28,590 | 28,460 | 28,564 | 28,440 | |||||||||||||
| Diluted | 28,698 | 28,530 | 28,661 | 28,510 | |||||||||||||
| Cash dividends per share of common stock | $ | 0.05 | $ | 0.04 | $ | 0.10 | $ | 0.08 | |||||||||
| June 30, | December 31, | ||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
| BALANCE SHEETS | |||||||||||||||||
| Assets: | |||||||||||||||||
| Current assets | $ | 299,551 | $ | 254,969 | |||||||||||||
| Property, plant and equipment, net | 177,848 | 179,795 | |||||||||||||||
| Other non-current assets | 6,756 | 5,838 | |||||||||||||||
| Total assets | $ | 484,155 | $ | 440,602 | |||||||||||||
| Liabilities and Stockholders’ Equity: | |||||||||||||||||
| Current liabilities | $ | 14,069 | $ | 17,491 | |||||||||||||
| Deferred tax liabilities, net | 24,258 | 24,659 | |||||||||||||||
| Other long-term liabilities | 4,739 | 5,348 | |||||||||||||||
| Stockholders’ equity | 441,089 | 393,104 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 484,155 | $ | 440,602 | |||||||||||||
Contact: Timothy W. Byrne
(972) 991-8400
FAQ
What were United States Lime & Minerals' Q2 2024 financial results?
Did USLM declare a dividend for Q2 2024?
When did United States Lime & Minerals (USLM) implement its stock split?
How did USLM's gross profit change in Q2 2024 compared to Q2 2023?
