United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported second quarter 2022 results: The Company’s revenues in the
second quarter 2022 were $60.5 million, compared to $49.2 million
in the second quarter 2021, an increase of $11.3 million, or 23.0%.
For the first six months 2022, Company revenues were $111.4
million, compared to $90.8 million in the first six months 2021, an
increase of $20.6 million, or 22.6%. Lime and limestone revenues
were $59.6 million in the second quarter 2022, compared to $48.7
million in the second quarter 2021, an increase of $10.9 million,
or 22.3%. For the first six months 2022, lime and limestone
revenues were $109.9 million, compared to $90.1 million in the
first six months 2021, an increase of $19.8 million, or 22.0%. The
increases in revenues in the second quarter and first six months
2022, compared to the comparable 2021 periods, resulted primarily
from increased sales volumes of the Company’s lime and limestone
products, principally due to increased demand from the Company’s
construction and industrial customers, and increases in the average
selling prices for the Company’s lime and limestone products.
Additionally, lime and limestone revenues in the first six months
2022 benefited from increased sales to the Company’s oil and gas
services customers.
The Company’s gross profit was $16.5 million in the second
quarter 2022, compared to $16.8 million in the second quarter 2021,
a decrease of $0.3 million, or 1.9%. Gross profit in the first six
months 2022 was $30.9 million, an increase of $2.3 million, or
8.2%, from $28.6 million in the first six months 2021. The
Company’s lime and limestone gross profit was $16.0 million in the
second quarter 2022, compared to $16.7 million in the second
quarter 2021, a decrease of $0.7 million or 4.2%. The Company’s
lime and limestone gross profit in the first six months 2022 was
$30.2 million, compared to $28.5 million in the first six months
2021, an increase of $1.7 million, or 5.8%. The decrease in lime
and limestone gross profit in the second quarter 2022, compared to
the second quarter 2021, resulted primarily from increased
production costs, principally from higher energy, transportation,
labor, and supplies costs, partially offset by the increased
revenues discussed above. The increase in lime and limestone gross
profit in the first six months 2022, compared to the first six
months 2021, resulted primarily from the increased revenues
discussed above, partially offset by increased production
costs.
Selling, general and administrative (“SG&A”) expenses were
$3.8 million in the second quarter 2022, compared to $3.0 million
in the second quarter 2021, an increase of $0.9 million, or 30.1%.
SG&A expenses were $7.5 million in the first six months 2022,
compared to $6.0 million in the first six months 2021, an increase
of $1.5 million, or 24.2%. The increases in SG&A expenses in
the 2022 periods were primarily due to increased personnel expenses
and changes in estimates of expected credit losses.
The Company reported net income of $10.2 million ($1.80 per
share diluted) and $18.9 million ($3.33 per share diluted) in the
second quarter and first six months 2022, respectively, compared to
$11.1 million ($1.96 per share diluted) and $18.1 million ($3.20
per share diluted) in the second quarter and first six months 2021,
respectively, reflecting a decrease of $0.9 million, or 7.7%, and
an increase of $0.8 million, or 4.3%, respectively.
The Company continues to be challenged by a persistent overall
inflationary environment that is disproportionately impacting its
lime and limestone production costs. The Company is also adjusting
and acclimating to longer lead times as supply chain delays have
settled into a new normal. If the increased production costs,
particularly costs associated with energy and transportation,
continue at their current rate, or accelerate, it could adversely
affect the Company’s profitability going forward.
“We are pleased with our increases in sales volumes and
revenues,” said Timothy W. Byrne, President and Chief Executive
Officer. Mr. Byrne added, “While we were able to increase our
prices in the first half of the year, our price increases were not
nearly enough to offset the increased cost pressures that we have
been experiencing. To that end, we have been working with our
valued customers to pass along additional price increases during
the second half of the year.”
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 September
16, 2022 to shareholders of record at the close of business on
August 26, 2022.
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, 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-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 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)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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INCOME STATEMENTS |
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Revenues |
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$ |
60,492 |
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$ |
49,162 |
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$ |
111,401 |
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$ |
90,836 |
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Cost of revenues |
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|
44,011 |
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|
32,367 |
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|
|
80,453 |
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|
|
62,236 |
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Gross profit |
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$ |
16,481 |
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|
$ |
16,795 |
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$ |
30,948 |
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$ |
28,600 |
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Selling, general and
administrative expenses |
|
$ |
3,848 |
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$ |
2,957 |
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$ |
7,483 |
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$ |
6,024 |
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Operating profit |
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$ |
12,633 |
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$ |
13,838 |
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$ |
23,465 |
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$ |
22,576 |
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Interest expense |
|
|
63 |
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|
|
62 |
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|
|
126 |
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|
|
124 |
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Interest and other income,
net |
|
|
(177 |
) |
|
|
(91 |
) |
|
|
(237 |
) |
|
|
(125 |
) |
|
Income tax expense |
|
|
2,509 |
|
|
|
2,774 |
|
|
|
4,670 |
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|
|
4,453 |
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Net income |
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$ |
10,238 |
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|
$ |
11,093 |
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$ |
18,906 |
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$ |
18,124 |
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Income per share of common
stock: |
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Basic |
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$ |
1.80 |
|
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$ |
1.96 |
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$ |
3.33 |
|
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$ |
3.21 |
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|
Diluted |
|
$ |
1.80 |
|
|
$ |
1.96 |
|
|
$ |
3.33 |
|
|
$ |
3.20 |
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Weighted-average shares
outstanding: |
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Basic |
|
|
5,672 |
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|
|
5,657 |
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|
|
5,670 |
|
|
|
5,654 |
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Diluted |
|
|
5,680 |
|
|
|
5,669 |
|
|
|
5,679 |
|
|
|
5,667 |
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Cash dividends per share of
common stock |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.40 |
|
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$ |
0.32 |
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|
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June 30, |
|
December 31, |
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2022 |
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|
2021 |
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BALANCE
SHEETS |
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Assets: |
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Current assets |
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|
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|
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$ |
164,620 |
|
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$ |
150,430 |
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Property, plant and equipment, net |
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|
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|
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|
|
168,585 |
|
|
|
162,172 |
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Other non-current assets |
|
|
|
|
|
|
|
|
3,528 |
|
|
|
3,594 |
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Total assets |
|
|
|
|
|
|
|
$ |
336,733 |
|
|
$ |
316,196 |
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Liabilities and Stockholders’ Equity: |
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|
|
|
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|
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Current liabilities |
|
|
|
|
|
|
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$ |
12,416 |
|
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$ |
11,188 |
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Deferred tax liabilities, net |
|
|
|
|
|
|
|
|
24,275 |
|
|
|
23,055 |
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Other long-term liabilities |
|
|
|
|
|
|
|
|
3,872 |
|
|
|
3,747 |
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
296,170 |
|
|
|
278,206 |
|
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
|
$ |
336,733 |
|
|
$ |
316,196 |
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Contact: Timothy W. Byrne(972) 991-8400
United States Lime and M... (NASDAQ:USLM)
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