On July 31, 2024, United States Lime & Minerals Inc (USLM, Financial) released its 8-K filing detailing the financial performance for the second quarter of 2024. United States Lime & Minerals Inc is engaged in the business of manufacturing lime and limestone products, supplying primarily to the construction, industrial, environmental, metals, oil and gas services, roof shingle manufacturers, and agriculture industries.
Performance Overview
United States Lime & Minerals Inc (USLM, Financial) reported revenues of $76.5 million for the second quarter of 2024, a 3.5% increase from $74.0 million in the same period of 2023. For the first six months of 2024, revenues were $148.2 million, up 5.3% from $140.8 million in the first half of 2023. This growth was driven by higher average selling prices for lime and limestone products, despite a decrease in sales volumes due to reduced demand from construction customers.
Financial Achievements
The company's gross profit for the second quarter of 2024 was $34.8 million, a significant 28.3% increase from $27.1 million in the second quarter of 2023. For the first six months of 2024, gross profit rose to $65.4 million from $51.1 million in the same period of 2023, marking a 28.0% increase. These improvements were primarily due to increased revenues.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 |
|---|---|---|---|---|
| Revenues | $76.5M | $74.0M | $148.2M | $140.8M |
| Gross Profit | $34.8M | $27.1M | $65.4M | $51.1M |
| Net Income | $26.1M | $19.7M | $48.5M | $36.8M |
| EPS (Diluted) | $0.91 | $0.69 | $1.69 | $1.29 |
Balance Sheet and Cash Flow
As of June 30, 2024, United States Lime & Minerals Inc (USLM, Financial) reported total assets of $484.2 million, up from $440.6 million at the end of 2023. The company's stockholders' equity also increased to $441.1 million from $393.1 million. The increase in other (income) expense, net, was primarily due to interest earned on higher average balances of cash and cash equivalents.
Challenges and Future Outlook
The company faced challenges with decreased demand from construction customers, attributed to heavier than usual rainfalls delaying projects in the south-central United States. However, increased demand from industrial and roof shingle customers partially offset this decline. Timothy W. Byrne, President and CEO, commented,
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."
Stock Split and Dividend
On July 12, 2024, United States Lime & Minerals Inc (USLM, Financial) effected a 5-for-1 stock split. Additionally, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share, payable on September 13, 2024, to shareholders of record at the close of business on August 23, 2024.
For more detailed financial information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from United States Lime & Minerals Inc for further details.
