United States Lime & Minerals Reports Third Quarter 2023 Results and Declares Regular Quarterly Cash Dividend
- Q3 2023 revenues increased by 12.7% YoY to $74.9 million.
- Q3 2023 lime and limestone revenues increased by 13.5% YoY to $74.6 million.
- Gross profit for Q3 2023 increased by 24.6% YoY to $28.2 million.
- Net income for Q3 2023 increased by 31.8% YoY to $20.7 million.
- The company declared a quarterly cash dividend of $0.20 per share.
- None.
DALLAS, Oct. 31, 2023 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported third quarter 2023 results: The Company’s revenues in the third quarter 2023 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 third quarter 2023, we continued to see reduced demand from our steel and industrial customers, in addition to reduced demand from our construction customers. Fortunately, we were able to offset some of the reduced demand in those markets with increased demand from our environmental and roofing customers. Looking ahead, we anticipate continued weak demand in some of our key markets as everyone deals with the impact from continuing inflation, higher interest rates, and increasingly uncertain geo-political situations,” said Timothy W. Byrne, President and Chief Executive Officer.
Dividend
The Company announced today that the Board of Directors has declared a regular quarterly cash dividend of
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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, agriculture (including poultry producers), and oil and gas services 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 the impact of continuing inflation, higher interest rates, and increasingly uncertain geo-political situations 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, | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| INCOME STATEMENTS | |||||||||||||||||
| Revenues | $ | 74,878 | $ | 66,457 | $ | 215,638 | $ | 177,858 | |||||||||
| Cost of revenues | 46,723 | 43,867 | 136,360 | 124,320 | |||||||||||||
| Gross profit | $ | 28,155 | $ | 22,590 | $ | 79,278 | $ | 53,538 | |||||||||
| Selling, general and administrative expenses | $ | 4,355 | $ | 3,543 | $ | 12,826 | $ | 11,026 | |||||||||
| Operating profit | $ | 23,800 | $ | 19,047 | $ | 66,452 | $ | 42,512 | |||||||||
| Other (income) expense, net | (2,197 | ) | (514 | ) | (5,529 | ) | (625 | ) | |||||||||
| Income tax expense | 5,264 | 3,835 | 14,432 | 8,505 | |||||||||||||
| Net income | $ | 20,733 | $ | 15,726 | $ | 57,549 | $ | 34,632 | |||||||||
| Income per share of common stock: | |||||||||||||||||
| Basic | $ | 3.64 | $ | 2.77 | $ | 10.11 | $ | 6.11 | |||||||||
| Diluted | $ | 3.63 | $ | 2.77 | $ | 10.09 | $ | 6.10 | |||||||||
| Weighted-average shares outstanding: | |||||||||||||||||
| Basic | 5,696 | 5,674 | 5,691 | 5,671 | |||||||||||||
| Diluted | 5,712 | 5,680 | 5,705 | 5,679 | |||||||||||||
| Cash dividends per share of common stock | $ | 0.20 | $ | 0.20 | $ | 0.60 | $ | 0.60 | |||||||||
| September 30, | December 31, | ||||||||||||||||
| 2023 | 2022 | ||||||||||||||||
| BALANCE SHEETS | |||||||||||||||||
| Assets: | |||||||||||||||||
| Current assets | $ | 246,394 | $ | 189,990 | |||||||||||||
| Property, plant and equipment, net | 172,061 | 171,970 | |||||||||||||||
| Other non-current assets | 5,600 | 5,812 | |||||||||||||||
| Total assets | $ | 424,055 | $ | 367,772 | |||||||||||||
| Liabilities and Stockholders’ Equity: | |||||||||||||||||
| Current liabilities | $ | 16,002 | $ | 15,537 | |||||||||||||
| Deferred tax liabilities, net | 25,263 | 25,582 | |||||||||||||||
| Other long-term liabilities | 5,158 | 5,565 | |||||||||||||||
| Stockholders’ equity | 377,632 | 321,088 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 424,055 | $ | 367,772 | |||||||||||||
Contact:
Timothy W. Byrne
(972) 991-8400
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