United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported third quarter 2021 results: The Company’s revenues in the
third quarter 2021 were $52.3 million, compared to $43.7 million in
the third quarter 2020, an increase of $8.6 million, or 19.6%. For
the first nine months 2021, revenues were $143.1 million, compared
to $119.7 million in the first nine months 2020, an increase of
$23.4 million, or 19.6%.
The Company’s revenues from its lime and limestone operations in
the third quarter and first nine months 2021 were $51.7 million and
$141.8 million, respectively, compared to $43.5 million and $119.0
million, respectively, in the comparable 2020 periods. Lime and
limestone revenues increased $8.3 million, or 19.0%, and $22.8
million, or 19.2%, in the third quarter and first nine months 2021,
respectively, compared to the third quarter and first nine months
2020. In the second and third quarters 2020, the
COVID-19 pandemic and related restrictions on business activities
resulted in a general economic slowdown, which disproportionately
impacted certain industries that purchase the Company’s products,
including oil and gas services, environmental, and
steel. Carthage Crushed Limestone (“Carthage”), which
the Company acquired on July 1, 2020, contributed $7.4 million to
the Company’s lime and limestone revenues for the first nine months
2021, compared to $2.3 million for the first nine months 2020.
The increase in lime and limestone revenues in the
third quarter 2021, compared to the third quarter 2020, resulted
primarily from increased sales to the Company’s construction,
steel, industrial, environmental, and oil and gas customers.
Including the added Carthage revenues, the increase in lime and
limestone revenues in the first nine months 2021, compared to the
first nine months 2020, resulted primarily from increased sales to
the Company’s construction, steel, environmental, and roofing
customers. Both the third quarter and the first nine months 2021
were also favorably impacted by a slight price increase in the
average selling prices for the Company’s lime and limestone
products.
The Company’s gross profit was $17.3 million in the third
quarter 2021, compared to $14.2 million in the third quarter 2020,
an increase of $3.2 million, or 22.3%. Gross profit in the first
nine months 2021 was $45.9 million, an increase of $11.5 million,
or 33.5%, from $34.4 million in the first nine months 2020. Lime
and limestone gross profit was $17.1 million in the third quarter
2021, compared to $14.3 million in the third quarter 2020, an
increase of $2.9 million or 20.1%. Lime and limestone gross profit
in the first nine months 2021 was $45.6 million, compared to $34.8
million in the first nine months 2020, an increase of $10.8
million, or 31.1%. The increase in gross profit in the 2021
periods, compared to the comparable 2020 periods, resulted
primarily from the increased revenues discussed above and increased
operating efficiencies, partially offset by higher fuel costs,
including solid fuels, natural gas, and diesel.
Selling, general and administrative (“SG&A”) expenses were
$3.1 million in the third quarter 2021, compared to $2.9 million in
the third quarter 2020, an increase of $0.2 million, or 8.1%.
SG&A expenses were $9.2 million in the first nine months 2021,
compared to $9.0 million in the first nine months 2020, an increase
of $0.2 million, or 1.8%. The increase in SG&A expenses in the
third quarter 2021, compared to third quarter 2020, was primarily
due to increased personnel expenses, including stock-based
compensation. In the first nine months 2021, compared to the first
nine months 2020, the increased personnel expenses were partially
offset by lower legal expenses in the first nine months 2021,
compared to the first nine months 2020, in which the Company
incurred legal expenses related to the acquisition of Carthage.
The Company reported net income of $11.3 million ($1.99 per
share diluted) and $29.4 million ($5.19 per share diluted) in the
third quarter and first nine months 2021, respectively, compared to
$9.3 million ($1.65 per share diluted) and $21.0 million ($3.72 per
share diluted) in the third quarter and first nine months 2020,
respectively, increases of $2.0 million, or 21.3%, and $8.5
million, or 40.4%, respectively.
Federal responses to the COVID-19 pandemic, including mandates
that employers with 100 or more employees require vaccination or
weekly virus testing, have been announced and are in the process of
final rule implementation. The Company is assessing the impact of
these federal requirements and their intersection with state
requirements in the locations in which the Company operates.
Implementation of new pandemic-related requirements, new variants
of virus and the possibility of new wide-spread or localized
outbreaks of the virus could have a material adverse effect on the
Company’s financial condition, results of operations, cash flows
and competitive position. Additionally, the Company continues to
experience lower availability of labor and certain supplies and
services and rising costs as the economy adjusts to a post-pandemic
environment.
“We are pleased with our third quarter 2021 results and the
strong demand for our lime and limestone products across the
markets we serve, building on the success of our second quarter
2021 results,” said Timothy W. Byrne, President and Chief Executive
Officer. Mr. Byrne added, “We are experiencing increasing fuel
costs and are encountering higher prices for many of our inputs as
inflationary pressures persist. We also expect continued challenges
in the availability of labor and supplies and services while the
broader economy adjusts to its reopened status. We are monitoring
the evolving COVID-19 situation and will adjust operations as
necessary, keeping the safety of our employees and other
individuals at our facilities as our highest priority.”
Dividend
The Company announced today that the Board of Directors has
declared a regular quarterly cash dividend of $0.16 per share on
the Company’s common stock. This dividend is payable on December
10, 2021 to shareholders of record at the close of business on
November 19, 2021.
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 and cattle feed 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, Colorado Lime Company, Texas Lime Company,
U.S. Lime Company, U.S. Lime Company – Shreveport, U.S. Lime
Company – St. Clair, ART Quarry TRS LLC (DBA Carthage Crushed
Limestone), 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-operating working
interests pursuant to an oil and gas lease and a drillsite
agreement on its Johnson County, Texas property, located in the
Barnett Shale Formation.
Any statements contained in this news release, including, but
not limited to, statements relating to the impact of the COVID-19
pandemic, 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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
52,311 |
|
|
$ |
43,727 |
|
|
$ |
143,147 |
|
|
$ |
119,714 |
|
Cost of revenues |
|
34,970 |
|
|
|
29,545 |
|
|
|
97,206 |
|
|
|
85,298 |
|
Gross profit |
$ |
17,341 |
|
|
$ |
14,182 |
|
|
$ |
45,941 |
|
|
$ |
34,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
$ |
3,145 |
|
|
$ |
2,909 |
|
|
$ |
9,169 |
|
|
$ |
9,009 |
|
Operating profit |
$ |
14,196 |
|
|
$ |
11,273 |
|
|
$ |
36,772 |
|
|
$ |
25,407 |
|
Interest expense |
|
63 |
|
|
|
62 |
|
|
|
187 |
|
|
|
186 |
|
Interest and other income,
net |
|
(147 |
) |
|
|
(49 |
) |
|
|
(272 |
) |
|
|
(400 |
) |
Income tax expense |
|
2,972 |
|
|
|
1,936 |
|
|
|
7,425 |
|
|
|
4,652 |
|
Net income |
$ |
11,308 |
|
|
$ |
9,324 |
|
|
$ |
29,432 |
|
|
$ |
20,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
2.00 |
|
|
$ |
1.66 |
|
|
$ |
5.20 |
|
|
$ |
3.73 |
|
Diluted |
$ |
1.99 |
|
|
$ |
1.65 |
|
|
$ |
5.19 |
|
|
$ |
3.72 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
5,658 |
|
|
|
5,630 |
|
|
|
5,656 |
|
|
|
5,628 |
|
Diluted |
|
5,671 |
|
|
|
5,641 |
|
|
|
5,668 |
|
|
|
5,638 |
|
Cash dividends per share of
common stock |
$ |
0.160 |
|
|
$ |
0.160 |
|
|
$ |
0.480 |
|
|
$ |
0.480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
2021 |
|
2020 |
BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
$ |
146,805 |
|
|
$ |
123,996 |
|
Property, plant and equipment, net |
|
|
|
|
|
|
|
160,626 |
|
|
|
152,461 |
|
Other non-current assets |
|
|
|
|
|
|
|
3,477 |
|
|
|
2,641 |
|
Total assets |
|
|
|
|
|
|
$ |
310,908 |
|
|
$ |
279,098 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
$ |
11,858 |
|
|
$ |
11,588 |
|
Deferred tax liabilities, net |
|
|
|
|
|
|
|
23,570 |
|
|
|
21,531 |
|
Other long-term liabilities |
|
|
|
|
|
|
|
3,905 |
|
|
|
2,787 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
271,575 |
|
|
|
243,192 |
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
$ |
310,908 |
|
|
$ |
279,098 |
|
Contact: Timothy W. Byrne (972) 991-8400
United States Lime and M... (NASDAQ:USLM)
Historical Stock Chart
From Feb 2024 to Mar 2024
United States Lime and M... (NASDAQ:USLM)
Historical Stock Chart
From Mar 2023 to Mar 2024