United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported second quarter 2023 results: The Company’s revenues in the
second quarter 2023 were $74.0 million, compared to $60.5 million
in the second quarter 2022, an increase of $13.5 million, or 22.3%.
For the first six months 2023, the Company’s revenues were $140.8
million, compared to $111.4 million in the first six months 2022,
an increase of $29.4 million, or 26.4%. Lime and limestone revenues
were $73.7 million in the second quarter 2023, compared to $59.6
million in the second quarter 2022, an increase of $14.1 million,
or 23.6%. For the first six months 2023, lime and limestone
revenues were $140.2 million, compared to $109.9 million in the
first six months 2022, an increase of $30.3 million, or 27.6%. The
increase in revenues in the second quarter 2023, compared to the
second quarter 2022, resulted from increases in average selling
prices for the Company’s lime and limestone products and increased
sales volumes, principally due to increased demand from the
Company’s environmental and oil and gas services customers,
partially offset by decreased demand from the Company’s steel
customers. The increase in revenues for the first six months 2023,
compared to the first six months 2022, resulted from increases in
average selling prices for the Company’s lime and limestone
products and increased sales volumes, principally due to increased
demand from the Company’s environmental customers, partially offset
by decreased demand from the Company’s steel and industrial
customers.
The Company’s gross profit was $27.1 million in the second
quarter 2023, compared to $16.5 million in the second quarter 2022,
an increase of $10.7 million, or 64.6%. The Company’s gross profit
was $51.1 million in the first six months 2023, compared to $30.9
million in the first six months 2022, an increase of $20.2 million,
or 65.2%. The Company’s lime and limestone gross profit was $27.1
million in the second quarter 2023, compared to $16.0 million in
the second quarter 2022, an increase of $11.1 million, or 69.8%.
The Company’s lime and limestone gross profit in the first six
months 2023 was $51.2 million, compared to $30.2 million in the
first six months 2022, an increase of $21.0 million, or 69.6%. The
increases in gross profit in the second quarter and first six
months 2023, compared to the comparable 2022 periods, resulted
primarily from the increased revenues discussed above, partially
offset by increased production costs, principally from higher
energy, parts and supplies, and labor costs.
Selling, general and administrative (“SG&A”) expenses were
$4.3 million in the second quarter 2023, compared to $3.8 million
in the second quarter 2022, an increase of $0.5 million, or 12.2%.
SG&A expenses were $8.5 million in the first six months 2023,
compared to $7.5 million in the first six months 2022, an increase
of $1.0 million, or 13.2%. The increases in SG&A expenses in
the 2023 periods were primarily due to increased personnel
expenses.
Interest and other income, net was $1.9 million and $3.5 million
in the second quarter and first six months 2023, compared to $0.2
million in each of the second quarter and first six months 2022,
reflecting increases of $1.7 million and $3.2 million,
respectively. The increases in interest and other income, net in
the second quarter and first six months 2023 were due to higher
interest rates earned on higher average balances of cash and cash
equivalents.
The Company reported net income of $19.7 million ($3.45 per
share diluted) and $36.8 million ($6.46 per share diluted) in the
second quarter and first six months 2023, respectively, compared to
$10.2 million ($1.80 per share diluted) and $18.9 million ($3.33
per share diluted) in the second quarter and first six months 2022,
respectively, reflecting increases of $9.5 million, or 92.5%, and
$17.9 million, or 94.7%, respectively.
“We are pleased with our strong performance in the second
quarter 2023. We continue to see pressure on our lime
and limestone production costs, particularly for energy, parts and
supplies, and labor. Softening demand from our steel customers is
potentially an indicator of some hesitancy from that sector as the
U.S. economy faces uncertainty for the remainder of 2023 and higher
interest rates adversely impact the construction markets. This
could impact future demand and prices for our products,” 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 $0.20 per share on
the Company’s common stock. This dividend is payable on September
15, 2023 to shareholders of record at the close of business on
August 25, 2023.
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 increasing
costs, economic uncertainty, and higher interest rates, 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, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
73,983 |
|
|
$ |
60,492 |
|
|
$ |
140,760 |
|
|
$ |
111,401 |
|
Cost of revenues |
|
46,852 |
|
|
|
44,011 |
|
|
|
89,637 |
|
|
|
80,453 |
|
Gross profit |
$ |
27,131 |
|
|
$ |
16,481 |
|
|
$ |
51,123 |
|
|
$ |
30,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
$ |
4,319 |
|
|
$ |
3,848 |
|
|
$ |
8,471 |
|
|
$ |
7,483 |
|
Operating profit |
$ |
22,812 |
|
|
$ |
12,633 |
|
|
$ |
42,652 |
|
|
$ |
23,465 |
|
Interest expense |
|
64 |
|
|
|
63 |
|
|
|
128 |
|
|
|
126 |
|
Interest and other income,
net |
|
(1,889 |
) |
|
|
(177 |
) |
|
|
(3,460 |
) |
|
|
(237 |
) |
Income tax expense |
|
4,925 |
|
|
|
2,509 |
|
|
|
9,168 |
|
|
|
4,670 |
|
Net income |
$ |
19,712 |
|
|
$ |
10,238 |
|
|
$ |
36,816 |
|
|
$ |
18,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
3.46 |
|
|
$ |
1.80 |
|
|
$ |
6.47 |
|
|
$ |
3.33 |
|
Diluted |
$ |
3.45 |
|
|
$ |
1.80 |
|
|
$ |
6.46 |
|
|
$ |
3.33 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
5,692 |
|
|
|
5,672 |
|
|
|
5,688 |
|
|
|
5,670 |
|
Diluted |
|
5,706 |
|
|
|
5,680 |
|
|
|
5,702 |
|
|
|
5,679 |
|
Cash dividends per share of
common stock |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
2022 |
BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
$ |
222,107 |
|
|
$ |
189,990 |
|
Property, plant and equipment, net |
|
|
|
|
|
|
|
174,531 |
|
|
|
171,970 |
|
Other non-current assets |
|
|
|
|
|
|
|
5,734 |
|
|
|
5,812 |
|
Total assets |
|
|
|
|
|
|
$ |
402,372 |
|
|
$ |
367,772 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
$ |
14,564 |
|
|
$ |
15,537 |
|
Deferred tax liabilities, net |
|
|
|
|
|
|
|
25,129 |
|
|
|
25,582 |
|
Other long-term liabilities |
|
|
|
|
|
|
|
5,428 |
|
|
|
5,565 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
357,251 |
|
|
|
321,088 |
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
$ |
402,372 |
|
|
$ |
367,772 |
|
Contact: Timothy W. Byrne |
(972) 991-8400 |
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