United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported fourth quarter and full year 2023 results: The Company’s
revenues in the fourth quarter 2023 were $65.7 million, compared to
$58.3 million in the fourth quarter 2022, an increase of $7.4
million, or 12.7%. For the full year 2023, the Company’s revenues
were $281.3 million, compared to $236.2 million in the full year
2022, an increase of $45.2 million, or 19.1%. Lime and limestone
revenues were $65.4 million in the fourth quarter 2023, compared to
$57.8 million in the fourth quarter 2022, an increase of $7.6
million, or 13.1%. For the full year 2023, lime and limestone
revenues were $280.2 million, compared to $233.4 million in the
full year 2022, an increase of $46.8 million, or 20.0%. The
increases in revenues in the fourth quarter and full year 2023,
compared to the comparable 2022 periods, resulted from increases in
average selling prices for the Company’s lime and limestone
products, partially offset by decreased sales volumes. The decrease
in sales volumes in the fourth quarter 2023, compared to the fourth
quarter 2022, was principally due to decreased demand from the
Company’s industrial and construction customers, partially offset
by increased demand from its roofing and oil and gas services
customers. The decrease in sales volumes in the full year 2023,
compared to the full year 2022, were principally due to decreased
demand from the Company’s industrial, steel, and construction
customers, partially offset by increased demand from the Company’s
roofing, environmental, and oil and gas services customers.
The Company’s gross profit was $23.6 million in the fourth
quarter 2023, compared to $16.8 million in the fourth quarter 2022,
an increase of $6.8 million, or 40.4%. The Company’s gross profit
was $102.9 million in the full year 2023, compared to $70.3 million
in the full year 2022, an increase of $32.5 million, or 46.2%. The
Company’s lime and limestone gross profit was $23.6 million in the
fourth quarter 2023, compared to $16.6 million in the fourth
quarter 2022, an increase of $7.0 million, or 41.9%. The Company’s
lime and limestone gross profit in the full year 2023 was $102.9
million, compared to $69.0 million in the full year 2022, an
increase of $34.0 million, or 49.2%. The increases in gross profit
in the fourth quarter and full year 2023, compared to the
comparable 2022 periods, resulted primarily from the increased
revenues discussed above, partially offset by increased production
costs, principally from higher energy, labor, and parts and
supplies costs.
Selling, general and administrative (“SG&A”) expenses were
$4.6 million in the fourth quarter 2023, compared to $4.5 million
in the fourth quarter 2022, an increase of $0.1 million, or 1.9%.
SG&A expenses were $17.4 million in the full year 2023,
compared to $15.6 million in the full year 2022, an increase of
$1.9 million, or 12.1%. The increases in SG&A expenses in the
2023 periods, compared to the comparable 2022 periods, were
primarily due to increased personnel expenses.
Other (income) expense, net was $2.4 million and $7.9 million in
the fourth quarter and full year 2023, respectively, compared to
$1.2 million and $1.8 million in the fourth quarter and full year
2022, respectively. The increases of $1.3 million and $6.2 million
in other (income) expense, net, during the respective 2023 periods,
compared to the comparable 2022 periods, were primarily due to
higher interest rates earned on higher average balances of cash and
cash equivalents.
The Company reported net income of $17.0 million ($2.98 per
share diluted) and $74.5 million ($13.06 per share diluted) in the
fourth quarter and full year 2023, respectively, compared to $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, reflecting increases of $6.2 million, or 57.5%, and
$29.1 million, or 64.1%, respectively.
“While we are pleased with our financial performance in the
fourth quarter and full year 2023, reduced demand in the fourth
quarter from our industrial and construction customers continued to
generate headwinds for us. Increased demand from our roofing and
oil and gas customers was an encouraging offset to overall
decreases in volume,” said Timothy W. Byrne, President and Chief
Executive Officer. “Looking ahead, we anticipate that soft
construction demand, particularly from commercial building, will
continue through at least the first half 2024,” Mr. Byrne
added.
Dividend
The Company announced today that the Board of Directors has
declared an increased regular quarterly cash dividend of $0.25 per
share on the Company’s common stock. This dividend is payable on
March 15, 2024 to shareholders of record at the close of business
on February 23, 2024.
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), metals (including steel producers), industrial
(including paper and glass manufacturers), environmental (including
municipal sanitation and water treatment facilities and flue gas
treatment processes), roof shingle manufacturers, oil and gas
services industries, and agriculture (including poultry producers).
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 reduced demand and increased
production costs, including higher energy, labor, and parts and
supplies costs, 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 |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
65,692 |
|
|
$ |
58,292 |
|
|
$ |
281,330 |
|
|
$ |
236,150 |
|
Cost of revenues |
|
42,103 |
|
|
|
41,488 |
|
|
|
178,463 |
|
|
|
165,808 |
|
Gross profit |
$ |
23,589 |
|
|
$ |
16,804 |
|
|
$ |
102,867 |
|
|
$ |
70,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
$ |
4,619 |
|
|
$ |
4,533 |
|
|
$ |
17,445 |
|
|
$ |
15,559 |
|
Operating profit |
$ |
18,970 |
|
|
$ |
12,271 |
|
|
$ |
85,422 |
|
|
$ |
54,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense,
net |
|
(2,411 |
) |
|
|
(1,154 |
) |
|
|
(7,940 |
) |
|
|
(1,779 |
) |
Income tax expense |
|
4,381 |
|
|
|
2,628 |
|
|
|
18,813 |
|
|
|
11,133 |
|
Net income |
$ |
17,000 |
|
|
$ |
10,797 |
|
|
$ |
74,549 |
|
|
$ |
45,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
2.98 |
|
|
$ |
1.90 |
|
|
$ |
13.10 |
|
|
$ |
8.01 |
|
Diluted |
$ |
2.98 |
|
|
$ |
1.90 |
|
|
$ |
13.06 |
|
|
$ |
8.00 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
5,697 |
|
|
|
5,674 |
|
|
|
5,692 |
|
|
|
5,672 |
|
Diluted |
|
5,712 |
|
|
|
5,684 |
|
|
|
5,707 |
|
|
|
5,680 |
|
Cash dividends per share of
common stock |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.80 |
|
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
2022 |
BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
$ |
254,969 |
|
|
$ |
189,990 |
|
Property, plant and equipment, net |
|
|
|
|
|
|
|
179,795 |
|
|
|
171,970 |
|
Other non-current assets |
|
|
|
|
|
|
|
5,838 |
|
|
|
5,812 |
|
Total assets |
|
|
|
|
|
|
$ |
440,602 |
|
|
$ |
367,772 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
$ |
17,491 |
|
|
$ |
15,537 |
|
Deferred tax liabilities, net |
|
|
|
|
|
|
|
24,659 |
|
|
|
25,582 |
|
Other long-term liabilities |
|
|
|
|
|
|
|
5,348 |
|
|
|
5,565 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
393,104 |
|
|
|
321,088 |
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
$ |
440,602 |
|
|
$ |
367,772 |
|
|
Contact: Timothy W. Byrne(972) 991-8400
United States Lime and M... (NASDAQ:USLM)
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