United States Lime & Minerals, Inc. reported increased revenues and net income for Q4 and full year 2024.
Quiver AI Summary
United States Lime & Minerals, Inc. reported strong financial results for the fourth quarter and full year of 2024, with fourth quarter revenues rising to $80.1 million, a 21.9% increase from $65.7 million in the same period of 2023, primarily due to higher average selling prices and increased sales volumes to construction, environmental, and industrial clients. For the full year, revenues reached $317.7 million, up 12.9% from $281.3 million in 2023. Gross profit for the fourth quarter increased by 50.2% to $35.4 million, while annual gross profit for 2024 was $144.0 million, a 40.0% rise. Despite a slight decrease in overall demand, the company remains optimistic heading into 2025. The board also declared a quarterly cash dividend of $0.06 per share, payable in March 2025.
Potential Positives
- Fourth quarter 2024 revenues increased by 21.9% compared to fourth quarter 2023, reflecting strong demand and higher average selling prices.
- Gross profit in the fourth quarter 2024 surged by 50.2% year-over-year, indicating improved profitability.
- The company declared an increased regular quarterly cash dividend of $0.06 per share, signaling financial strength and commitment to returning value to shareholders.
- Net income for the full year 2024 rose 46.0%, demonstrating significant growth in profitability compared to the previous year.
Potential Negatives
- Overall demand showed a slight decline compared to 2023, which could indicate potential challenges in sustaining revenue growth moving forward.
- Increased selling, general, and administrative expenses for the full year, primarily due to personnel expenses, could strain future profitability if not managed effectively.
- The company experienced a decrease in sales volumes due to lower demand from construction customers, which may raise concerns about dependency on this sector.
FAQ
What were the fourth quarter revenue results for US Lime & Minerals in 2024?
The fourth quarter 2024 revenues were $80.1 million, a 21.9% increase from $65.7 million in Q4 2023.
How did US Lime & Minerals' full year revenue compare to 2023?
In 2024, total revenues were $317.7 million, marking a 12.9% increase from $281.3 million in 2023.
What factors contributed to revenue increases in Q4 2024?
The revenue increase in Q4 2024 was primarily due to higher average selling prices and increased sales volumes to construction, environmental, and industrial customers.
What was the net income for US Lime & Minerals in 2024?
Net income for 2024 was $108.8 million, up 46.0% from $74.5 million in 2023.
What is the new quarterly cash dividend declared by the company?
The Board of Directors declared a quarterly cash dividend of $0.06 per share, payable on March 14, 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
DALLAS, Feb. 03, 2025 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported fourth quarter and full year 2024 results: The Company’s revenues in the fourth quarter 2024 were $80.1 million, compared to $65.7 million in the fourth quarter 2023, an increase of $14.4 million, or 21.9%. Lime and limestone revenues were $79.8 million in the fourth quarter 2024, compared to $65.4 million in the fourth quarter 2023, an increase of $14.4 million, or 22.0%. The increase in revenues in the fourth quarter 2024, compared to the fourth quarter 2023, resulted from an increase in average selling prices for the Company’s lime and limestone products and increased sales volumes, principally to the Company’s construction, environmental, and industrial customers.
For the full year 2024, the Company’s revenues were $317.7 million, compared to $281.3 million in the full year 2023, an increase of $36.4 million, or 12.9%. For the full year 2024, lime and limestone revenues were $316.7 million, compared to $280.2 million in the full year 2023, an increase of $36.5 million, or 13.0 %. The increase in revenues in the full year 2024, compared to the full year 2023, resulted from an increase in average selling prices for the Company’s lime and limestone products, partially offset by a decrease in sales volumes resulting principally from decreased demand from the Company’s construction customers, offset in part by increased demand from its industrial, environmental, and roof shingle customers.
The Company’s gross profit was $35.4 million in the fourth quarter 2024, compared to $23.6 million in the fourth quarter 2023, an increase of $11.9 million, or 50.2%. The Company’s gross profit was $144.0 million in the full year 2024, compared to $102.9 million in the full year 2023, an increase of $41.1 million, or 40.0%. The Company’s lime and limestone gross profit was $35.3 million in the fourth quarter 2024, compared to $23.6 million in the fourth quarter 2023, an increase of $11.8 million, or 50.0%. The Company’s lime and limestone gross profit in the full year 2024 was $144.0 million, compared to $102.9 million in the full year 2023, an increase of $41.1 million, or 40.0%. The increases in gross profit in the fourth quarter and full year 2024, compared to the comparable 2023 periods, resulted primarily from the increases in revenues discussed above.
Selling, general and administrative (“SG&A”) expenses were $4.4 million in the fourth quarter 2024, compared to $4.6 million in the fourth quarter 2023, a decrease of $0.3 million, or 5.8%. SG&A expenses were $19.1 million in the full year 2024, compared to $17.4 million in the full year 2023, an increase of $1.6 million, or 9.2%. The increase in SG&A expenses in the full year 2024, compared to the full year 2023, was primarily due to increased personnel expenses, including stock-based compensation.
Other (income) expense, net was income of $3.1 million and $11.5 million in the fourth quarter and full year 2024, compared to income of $2.4 million and $7.9 million in the fourth quarter and full year 2023, reflecting increases of $0.7 million and $3.5 million, respectively. The increase in other (income) expense, net for the full year 2024, compared to the full year 2023, was primarily due to interest earned on higher average balances of cash and cash equivalents.
The Company reported net income of $27.0 million ($0.94 per share diluted) and $108.8 million ($3.79 per share diluted) in the fourth quarter and full year 2024, compared to $17.0 million ($0.60 per share diluted) and $74.5 million ($2.61 per share diluted) in the fourth quarter and full year 2023, reflecting increases of $10.0 million, or 58.8%, and $34.3 million, or 46.0%, respectively.
“We are pleased with the Company’s financial performance in 2024. Even though overall demand was down slightly, compared to 2023, we remain guardedly optimistic moving into the first part of 2025,” said Timothy W. Byrne, President and Chief Executive Officer.
Stock Split
On July 12, 2024, the Company effected a 5-for-1 split of its common stock in the form of a stock dividend of four additional shares of common stock for each share outstanding to shareholders of record at the close of business on June 21, 2024. All share and per share information throughout this News Release has been retroactively adjusted to reflect the stock split.
Dividend
The Company announced today that the Board of Directors has declared an increased regular quarterly cash dividend of $0.06 per share on the Company’s common stock. This dividend is payable on March 14, 2025 to shareholders of record at the close of business on February 21, 2025.
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), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), 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 changes in demand, 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 | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024
|
2023
|
2024
|
2023
|
||||||||||||
INCOME STATEMENTS | |||||||||||||||
Revenues | $ | 80,062 | $ | 65,692 | $ | 317,721 | $ | 281,330 | |||||||
Cost of revenues | 44,623 | 42,103 | 173,740 | 178,463 | |||||||||||
Gross profit | $ | 35,439 | $ | 23,589 | $ | 143,981 | $ | 102,867 | |||||||
Selling, general and administrative expenses | 4,352 | 4,619 | 19,058 | 17,445 | |||||||||||
Operating profit | $ | 31,087 | $ | 18,970 | $ | 124,923 | $ | 85,422 | |||||||
Other (income) expense, net | (3,073 | ) | (2,411 | ) | (11,460 | ) | (7,940 | ) | |||||||
Income tax expense | 7,170 | 4,381 | 27,544 | 18,813 | |||||||||||
Net income | $ | 26,990 | $ | 17,000 | $ | 108,839 | $ | 74,549 | |||||||
Income per share of common stock: | |||||||||||||||
Basic | $ | 0.94 | $ | 0.60 | $ | 3.81 | $ | 2.62 | |||||||
Diluted | $ | 0.94 | $ | 0.60 | $ | 3.79 | $ | 2.61 | |||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 28,594 | 28,485 | 28,574 | 28,455 | |||||||||||
Diluted | 28,727 | 28,559 | 28,683 | 28,525 | |||||||||||
Cash dividends per share of common stock | $ | 0.05 | $ | 0.04 | $ | 0.20 | $ | 0.16 | |||||||
December 31, | December 31, | ||||||||||||||
2024
|
2023
|
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BALANCE SHEETS | |||||||||||||||
Assets: | |||||||||||||||
Current assets | $ | 354,782 | $ | 254,969 | |||||||||||
Property, plant and equipment, net | 182,891 | 179,795 | |||||||||||||
Other non-current assets | 5,490 | 5,838 | |||||||||||||
Total assets | $ | 543,163 | $ | 440,602 | |||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||
Current liabilities | $ | 16,962 | $ | 17,491 | |||||||||||
Deferred tax liabilities, net | 23,659 | 24,659 | |||||||||||||
Other long-term liabilities | 4,801 | 5,348 | |||||||||||||
Stockholders’ equity | 497,741 | 393,104 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 543,163 | $ | 440,602 |
Contact: Timothy W. Byrne |
(972) 991-8400 |