United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported fourth quarter and full year 2022 results: The Company’s
revenues in the fourth quarter 2022 were $58.3 million, compared to
$46.1 million in the fourth quarter 2021, an increase of $12.2
million, or 26.4%. For the full year 2022, the Company’s revenues
were $236.2 million, compared to $189.3 million in the full year
2021, an increase of $46.9 million, or 24.8%. Lime and limestone
revenues were $57.8 million in the fourth quarter 2022, compared to
$45.5 million in the fourth quarter 2021, an increase of $12.3
million, or 27.0%. For the full year 2022, lime and limestone
revenues were $233.4 million, compared to $187.4 million in the
full year 2021, an increase of $46.1 million, or 24.6%. The
increase in revenues in the fourth quarter 2022, compared to the
fourth 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,
industrial, 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
full year 2022, compared to the full year 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, oil and gas services, and steel customers, and an
increase in the average selling prices for the Company’s lime and
limestone products.
The Company’s gross profit was $16.8 million in the fourth
quarter 2022, compared to $13.3 million in the fourth quarter 2021,
an increase of $3.5 million, or 26.2%. Gross profit in the full
year 2022 was $70.3 million, compared to $59.3 million in the full
year 2021, an increase of $11.1 million, or 18.7%. The
Company’s lime and limestone gross profit was $16.6 million in the
fourth quarter 2022, compared to $13.0 million in the fourth
quarter 2021, an increase of $3.6 million, or 27.6%. The Company’s
lime and limestone gross profit for the full year 2022 was $69.0
million, compared to $58.7 million in the full year 2021, an
increase of $10.3 million, or 17.6%. The increases in lime and
limestone gross profit in the fourth quarter and full year 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.
Selling, general and administrative (“SG&A”) expenses were
$4.5 million in the fourth quarter 2022, compared to $3.7 million
in the fourth quarter 2021, an increase of $0.9 million, or 23.4%.
SG&A expenses were $15.6 million for the full year 2022,
compared to $12.8 million in the full year 2021, an increase of
$2.7 million, or 21.1%. The increases in SG&A expenses in the
2022 periods, compared to the comparable 2021 periods, were
primarily due to increased personnel expenses.
The Company reported net income of $10.8 million ($1.90 per
share diluted) and $45.4 million ($8.00 per share diluted) in the
fourth quarter and full year 2022, respectively, compared to $7.6
million ($1.34 per share diluted) and $37.0 million ($6.54 per
share diluted) in the fourth quarter and full year 2021,
respectively, reflecting increases of $3.2 million, or 41.8%, and
$8.4 million, or 22.6%, respectively.
“We are pleased with our performance in the fourth quarter and
the year. We addressed the year’s inflationary and supply chain
challenges by working closely with our valued customers and
suppliers and implementing efficiencies in our lime and limestone
operations,” 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 March 17,
2023 to shareholders of record at the close of business on February
24, 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 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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Year Ended |
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December 31, |
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December 31, |
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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 |
|
$ |
58,292 |
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|
$ |
46,108 |
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|
$ |
236,150 |
|
|
$ |
189,255 |
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|
Cost of revenues |
|
|
41,488 |
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|
|
32,789 |
|
|
|
165,808 |
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|
|
129,995 |
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|
Gross profit |
|
$ |
16,804 |
|
|
$ |
13,319 |
|
|
$ |
70,342 |
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$ |
59,260 |
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|
|
|
|
|
|
|
|
|
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Selling, general and
administrative expenses |
|
$ |
4,533 |
|
|
$ |
3,674 |
|
|
$ |
15,559 |
|
|
$ |
12,843 |
|
|
Operating profit |
|
$ |
12,271 |
|
|
$ |
9,645 |
|
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$ |
54,783 |
|
|
$ |
46,417 |
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|
Interest expense |
|
|
64 |
|
|
|
63 |
|
|
|
254 |
|
|
|
250 |
|
|
Interest and other income,
net |
|
|
(1,218 |
) |
|
|
(79 |
) |
|
|
(2,033 |
) |
|
|
(351 |
) |
|
Income tax expense |
|
|
2,628 |
|
|
|
2,048 |
|
|
|
11,133 |
|
|
|
9,473 |
|
|
Net income |
|
$ |
10,797 |
|
|
$ |
7,613 |
|
|
$ |
45,429 |
|
|
$ |
37,045 |
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Income per share of common
stock: |
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Basic |
|
$ |
1.90 |
|
|
$ |
1.35 |
|
|
$ |
8.01 |
|
|
$ |
6.55 |
|
|
Diluted |
|
$ |
1.90 |
|
|
$ |
1.34 |
|
|
$ |
8.00 |
|
|
$ |
6.54 |
|
|
Weighted-average shares
outstanding: |
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Basic |
|
|
5,674 |
|
|
|
5,658 |
|
|
|
5,672 |
|
|
|
5,656 |
|
|
Diluted |
|
|
5,684 |
|
|
|
5,669 |
|
|
|
5,680 |
|
|
|
5,668 |
|
|
Cash dividends per share of
common stock |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.80 |
|
|
$ |
0.64 |
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|
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|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
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|
|
|
|
|
2022 |
|
|
2021 |
|
|
BALANCE
SHEETS |
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Assets: |
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|
|
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|
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|
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Current assets |
|
|
|
|
|
|
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$ |
189,990 |
|
|
$ |
150,430 |
|
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Property, plant and equipment, net |
|
|
|
|
|
|
|
|
171,970 |
|
|
|
162,172 |
|
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Other non-current assets |
|
|
|
|
|
|
|
|
5,812 |
|
|
|
3,594 |
|
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Total assets |
|
|
|
|
|
|
|
$ |
367,772 |
|
|
$ |
316,196 |
|
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
|
|
$ |
15,537 |
|
|
$ |
11,188 |
|
|
Deferred tax liabilities, net |
|
|
|
|
|
|
|
|
25,582 |
|
|
|
23,055 |
|
|
Other long-term liabilities |
|
|
|
|
|
|
|
|
5,565 |
|
|
|
3,747 |
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
321,088 |
|
|
|
278,206 |
|
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
|
$ |
367,772 |
|
|
$ |
316,196 |
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|
Contact: Timothy W. Byrne(972) 991-8400
United States Lime and M... (NASDAQ:USLM)
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