United States Lime & Minerals, Inc. (NASDAQ: USLM) has reported its first quarter 2024 results, showing a significant increase in revenues compared to the same period in 2023. In the first quarter of 2024, the company's revenues were $71.7 million, marking a 7.4% increase from the $66.8 million reported in the first quarter of 2023.
The company's lime and limestone revenues also saw a notable increase, reaching $71.5 million in the first quarter of 2024, compared to $66.5 million in the first quarter of 2023, representing the same 7.4% increase. This growth was attributed to higher average selling prices for the company's lime and limestone products, although it was partially offset by decreased sales volumes.
Furthermore, United States Lime & Minerals reported a gross profit of $30.6 million in the first quarter of 2024, a significant increase from the $24.0 million reported in the first quarter of 2023, marking a 27.6% rise. The gross profit from lime and limestone was $30.7 million in the first quarter of 2024, compared to $24.1 million in the same period of 2023, reflecting a 27.5% increase. This improvement was attributed to the higher revenues and a decrease in operating expenses, including lower natural gas fuel costs.
However, the company saw an increase in selling, general, and administrative (SG&A) expenses, which amounted to $4.8 million in the first quarter of 2024, compared to $4.2 million in the first quarter of 2023, representing a 16.8% increase. This rise was primarily due to increased personnel expenses, including stock-based compensation.
The company's net income for the first quarter of 2024 was $22.4 million ($3.92 per share diluted), showing a 31.2% increase from the $17.1 million ($3.00 per share diluted) reported in the first quarter of 2023.
Timothy W. Byrne, President and Chief Executive Officer of United States Lime & Minerals, commented on the results, noting that while reduced demand continued from construction customers in the first quarter of 2024, increased demand from industrial customers partially offset the overall decrease in sales volume. Looking ahead, he anticipates improved demand from construction customers.
In addition to reporting their financial results, the company declared a regular quarterly cash dividend of $0.25 per share on the company's common stock, payable on June 14, 2024, to shareholders of record at the close of business on May 24, 2024.
United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, industrial, metals, environmental, roof shingle manufacturing, oil and gas services, and agriculture. The company operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas.
Today the company's shares have moved 0.3% to a price of $310.0. For more information, read the company's full 8-K submission here.
