United States Lime & Minerals Reports First Quarter 2024 Results and Declares Regular Quarterly Cash Dividend
April 30 2024 - 5:10PM
United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported first quarter 2024 results: The Company’s revenues in the
first quarter 2024 were $71.7 million, compared to $66.8 million in
the first quarter 2023, an increase of $4.9 million, or 7.4%. Lime
and limestone revenues were $71.5 million in the first quarter
2024, compared to $66.5 million in the first quarter 2023, an
increase of $4.9 million, or 7.4%. The increase in revenues in the
first quarter 2024, compared to the first quarter 2023, resulted
from increases in average selling prices for the Company’s lime and
limestone products, partially offset by decreased sales volumes.
The decrease in sales volumes in the first quarter 2024, compared
to the first quarter 2023, was principally due to decreased demand
from the Company’s construction customers, partially offset by
increased demand from its industrial customers.
The Company’s gross profit was $30.6 million in the first
quarter 2024, compared to $24.0 million in the first quarter 2023,
an increase of $6.6 million, or 27.6%. The Company’s lime and
limestone gross profit was $30.7 million in the first quarter 2024,
compared to $24.1 million in the first quarter 2023, an increase of
$6.6 million, or 27.5%. The increase in gross profit in the first
quarter 2024, compared to the first quarter 2023, resulted from the
increased revenues discussed above and a decrease in operating
expenses, including lower natural gas fuel costs.
Selling, general and administrative (“SG&A”) expenses were
$4.8 million in the first quarter 2024, compared to $4.2 million in
the first quarter 2023, an increase of $0.7 million, or 16.8%. The
increase in SG&A expenses in the first quarter 2024, compared
to the first quarter 2023, was primarily due to increased personnel
expenses, including stock-based compensation.
Other (income) expense, net was $2.5 million income in the first
quarter 2024, compared to $1.5 million income in the first quarter
2023. The increase of $1.0 million in other (income) expense, net,
during the first quarter 2024, compared to the first quarter 2023,
was primarily due to interest earned on higher average balances of
cash and cash equivalents.
The Company reported net income of $22.4 million ($3.92 per
share diluted) in the first quarter 2024, compared to $17.1 million
($3.00 per share diluted) in the first quarter 2023, reflecting an
increase of $5.3 million, or 31.2%.
“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 $0.25 per share on
the Company’s common stock. This dividend is payable on June 14,
2024 to shareholders of record at the close of business on May 24,
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 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 |
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