United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported third quarter 2022 results: The Company’s revenues in the
third quarter 2022 were $66.5 million, compared to $52.3 million in
the third quarter 2021, an increase of $14.1 million, or 27.0%. For
the first nine months 2022, Company revenues were $177.9 million,
compared to $143.1 million in the first nine months 2021, an
increase of $34.7 million, or 24.2%. Lime and limestone revenues
were $65.7 million in the third quarter 2022, compared to $51.7
million in the third quarter 2021, an increase of $14.0 million, or
27.0%. For the first nine months 2022, lime and limestone revenues
were $175.6 million, compared to $141.8 million in the first nine
months 2021, an increase of $33.8 million, or 23.8%. The increase
in revenues in the third quarter 2022, compared to the third
quarter 2021, resulted primarily from increased sales volumes of
the Company’s lime and limestone products, principally due to
increased demand from the Company’s construction, agriculture,
roofing, and oil and gas services customers, as well as an increase
in the average selling prices for the Company’s lime and limestone
products. The increase in revenues in the first nine
months 2022, compared to the first nine months 2021, resulted
primarily from increased sales volumes of the Company’s lime and
limestone products, principally due to increased demand from the
Company’s construction, agriculture, and oil and gas services
customers, and an increase in the average selling prices for the
Company’s lime and limestone products.
The Company’s gross profit was $22.6 million in the third
quarter 2022, compared to $17.3 million in the third quarter 2021,
an increase of $5.2 million, or 30.3%. Gross profit in the first
nine months 2022 was $53.5 million, compared to $45.9 million in
the first nine months 2021, an increase of $7.6 million, or
16.5%. The Company’s lime and limestone gross profit
was $22.2 million in the third quarter 2022, compared to $17.1
million in the third quarter 2021, an increase of $5.0 million or
29.4%. The Company’s lime and limestone gross profit in the first
nine months 2022 was $52.3 million, compared to $45.6 million in
the first nine months 2021, an increase of $6.7 million, or 14.7%.
The increases in lime and limestone gross profit in the third
quarter and first nine months 2022, compared to the comparable 2021
periods, resulted primarily from the increased revenues discussed
above, partially offset by increased production costs, principally
from higher transportation, energy, labor, and supplies costs. The
pace of increases in production costs slowed somewhat during the
third quarter 2022, relative to the inflationary pressures of the
first half of the year. However, risks to the Company’s production
costs, supply chain, and freight and transportation remain. These
risks include, but are not limited to, the impact that foreign oil
production cuts may have on the price of petroleum and
petroleum-based products, and the risks potential railroad labor
disputes may pose for the Company’s supply chain, freight and
transportation.
Selling, general and administrative (“SG&A”) expenses were
$3.5 million in the third quarter 2022, compared to $3.1 million in
the third quarter 2021, an increase of $0.4 million, or 12.7%.
SG&A expenses were $11.0 million in the first nine months 2022,
compared to $9.2 million in the first nine months 2021, an increase
of $1.9 million, or 20.3%. The increases in SG&A expenses in
the 2022 periods were primarily due to increased personnel
expenses.
The Company reported net income of $15.7 million ($2.77 per
share diluted) and $34.6 million ($6.10 per share diluted) in the
third quarter and first nine months 2022, respectively, compared to
$11.3 million ($1.99 per share diluted) and $29.4 million ($5.19
per share diluted) in the third quarter and first nine months 2021,
respectively, reflecting increases of $4.4 million, or 39.1%, and
$5.2 million, or 17.7%, respectively.
“We are pleased with our performance in the third quarter,
particularly considering the inflationary and supply chain
challenges we are facing. We have made progress in passing along
the cost increases that we have experienced this year,” said
Timothy W. Byrne, President and Chief Executive Officer. “We
continue to see strong demand from our construction customers and
have benefited from long stretches of dry weather in our Texas
markets,” Mr. Byrne added.
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 December
16, 2022 to shareholders of record at the close of business on
November 25, 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, supply chain, freight and transportation 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.
Contact: Timothy W. Byrne(972) 991-8400
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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Nine Months Ended |
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September 30, |
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September 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 |
$ |
66,457 |
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$ |
52,311 |
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$ |
177,858 |
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$ |
143,147 |
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Cost of revenues |
|
43,867 |
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|
34,970 |
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|
124,320 |
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|
97,206 |
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Gross profit |
$ |
22,590 |
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$ |
17,341 |
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$ |
53,538 |
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$ |
45,941 |
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Selling, general and
administrative expenses |
$ |
3,543 |
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$ |
3,145 |
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$ |
11,026 |
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$ |
9,169 |
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Operating profit |
$ |
19,047 |
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$ |
14,196 |
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$ |
42,512 |
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$ |
36,772 |
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Interest expense |
|
64 |
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|
63 |
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|
190 |
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|
187 |
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Interest and other income,
net |
|
(578 |
) |
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|
(147 |
) |
|
|
(815 |
) |
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|
(272 |
) |
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Income tax expense |
|
3,835 |
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|
|
2,972 |
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|
|
8,505 |
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|
|
7,425 |
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Net income |
$ |
15,726 |
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$ |
11,308 |
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$ |
34,632 |
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$ |
29,432 |
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Income per share of common
stock: |
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Basic |
$ |
2.77 |
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$ |
2.00 |
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$ |
6.11 |
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$ |
5.20 |
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Diluted |
$ |
2.77 |
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$ |
1.99 |
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$ |
6.10 |
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|
$ |
5.19 |
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Weighted-average shares
outstanding: |
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Basic |
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5,672 |
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|
5,657 |
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|
5,671 |
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|
5,656 |
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Diluted |
|
5,680 |
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|
5,669 |
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|
|
5,679 |
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|
|
5,668 |
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Cash dividends per share of
common stock |
$ |
0.20 |
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$ |
0.16 |
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$ |
0.60 |
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$ |
0.48 |
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September 30, |
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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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$ |
182,032 |
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$ |
150,430 |
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Property, plant and equipment, net |
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|
169,380 |
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|
162,172 |
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Other non-current assets |
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|
4,468 |
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|
3,594 |
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Total assets |
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$ |
355,880 |
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$ |
316,196 |
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Liabilities and Stockholders’ Equity: |
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Current liabilities |
|
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$ |
14,687 |
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$ |
11,188 |
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Deferred tax liabilities, net |
|
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|
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|
25,239 |
|
|
|
23,055 |
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Other long-term liabilities |
|
|
|
|
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|
4,552 |
|
|
|
3,747 |
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Stockholders’ equity |
|
|
|
|
|
|
|
311,402 |
|
|
|
278,206 |
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Total liabilities and stockholders’ equity |
|
|
|
|
|
|
$ |
355,880 |
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|
$ |
316,196 |
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United States Lime and M... (NASDAQ:USLM)
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