United States Lime & Minerals Reports First Quarter 2023 Results and Declares Regular Quarterly Cash Dividend
03 Maio 2023 - 6:14PM
United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported first quarter 2023 results: The Company’s revenues in the
first quarter 2023 were $66.8 million, compared to $50.9 million in
the first quarter 2022, an increase of $15.9 million, or 31.2%.
Lime and limestone revenues were $66.5 million in the first quarter
2023, compared to $50.3 million in the first quarter 2022, an
increase of $16.2 million, or 32.3%. The increase in revenues in
the first quarter 2023, compared to the first quarter 2022,
resulted from increases in both the average selling prices for the
Company’s lime and limestone products, and sales volumes of the
Company’s lime and limestone products, principally due to increased
demand from the Company’s construction customers.
The Company’s gross profit was $24.0 million in the first
quarter 2023, compared to $14.5 million in the first quarter 2022,
an increase of $9.5 million, or 65.8%. The Company’s lime and
limestone gross profit was $24.1 million in the first quarter 2023,
compared to $14.2 million in the first quarter 2022, an increase of
$9.9 million, or 69.5%. The increase in lime and limestone gross
profit in the first quarter 2023, compared to the first quarter
2022, resulted primarily from the increased revenues discussed
above, partially offset by increased production costs, principally
from higher energy, transportation, and labor costs.
Selling, general and administrative (“SG&A”) expenses were
$4.2 million in the first quarter 2023, compared to $3.6 million in
the first quarter 2022, an increase of $0.5 million, or 14.2%. The
increase in SG&A expenses in the first quarter 2023, compared
to the first quarter 2022, was primarily due to increased personnel
expenses.
The Company reported net income of $17.1 million ($3.00 per
share diluted) in the first quarter 2023, compared to $8.7 million
($1.53 per share diluted) in the first quarter 2022, an increase of
$8.4 million, or 97.3%.
“We are pleased with our performance in the first quarter.
Looking ahead for the remainder of 2023, we anticipate continuing
pressure on our lime and limestone production costs and believe
general recessionary concerns could potentially impact future
demand 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 June 16,
2023 to shareholders of record at the close of business on May 26,
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 and supply chain issues, 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 |
|
|
|
March 31, |
|
|
|
2023 |
|
2022 |
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$ |
66,777 |
|
|
$ |
50,909 |
|
Cost of revenues |
|
|
|
42,785 |
|
|
|
36,442 |
|
Gross profit |
|
|
$ |
23,992 |
|
|
$ |
14,467 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
$ |
4,152 |
|
|
$ |
3,635 |
|
Operating profit |
|
|
$ |
19,840 |
|
|
$ |
10,832 |
|
Interest expense |
|
|
|
64 |
|
|
|
63 |
|
Interest and other income,
net |
|
|
|
(1,571 |
) |
|
|
(60 |
) |
Income tax expense |
|
|
|
4,243 |
|
|
|
2,161 |
|
Net income |
|
|
$ |
17,104 |
|
|
$ |
8,668 |
|
|
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
|
|
Basic |
|
|
$ |
3.01 |
|
|
$ |
1.53 |
|
Diluted |
|
|
$ |
3.00 |
|
|
$ |
1.53 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
|
5,685 |
|
|
|
5,667 |
|
Diluted |
|
|
|
5,698 |
|
|
|
5,677 |
|
Cash dividends per share of
common stock |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2023 |
|
2022 |
BALANCE
SHEETS |
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
Current assets |
|
|
$ |
210,803 |
|
|
$ |
189,990 |
|
Property, plant and equipment, net |
|
|
|
171,191 |
|
|
|
171,970 |
|
Other non-current assets |
|
|
|
5,751 |
|
|
|
5,812 |
|
Total assets |
|
|
$ |
387,745 |
|
|
$ |
367,772 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
Current liabilities |
|
|
$ |
18,712 |
|
|
$ |
15,537 |
|
Deferred tax liabilities, net |
|
|
|
25,421 |
|
|
|
25,582 |
|
Other long-term liabilities |
|
|
|
5,730 |
|
|
|
5,565 |
|
Stockholders’ equity |
|
|
|
337,882 |
|
|
|
321,088 |
|
Total liabilities and stockholders’ equity |
|
|
$ |
387,745 |
|
|
$ |
367,772 |
|
|
|
|
|
|
|
|
|
|
|
Contact: Timothy W. Byrne(972) 991-8400
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