United States Lime & Minerals Inc. Files Q1 2024 10-Q Report

TL;DR

<b>United States Lime & Minerals Inc. reported a decrease in Q1 2024 sales and net income compared to the prior year.</b>

AI Summary

UNITED STATES LIME & MINERALS INC (USLM) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Q1 2024 sales were $30,780,000, a decrease from $32,463,000 in Q1 2023. Net income for Q1 2024 was $7,471,000, down from $8,369,000 in Q1 2023. Earnings per share (EPS) for Q1 2024 were $2.04, compared to $2.27 in Q1 2023. The company reported $10,698,000 in selling, general, and administrative expenses for Q1 2024. Cost of sales for Q1 2024 was $16,259,000.

Why It Matters

For investors and stakeholders tracking UNITED STATES LIME & MINERALS INC, this filing contains several important signals. The decline in sales and net income suggests potential headwinds in the company's core lime and limestone operations or broader market conditions affecting demand. The filing provides detailed segment information, allowing investors to analyze performance drivers within the Lime and Limestone Operations and Other Products & Services segments.

Risk Assessment

Risk Level: medium — UNITED STATES LIME & MINERALS INC shows moderate risk based on this filing. The company experienced a year-over-year decrease in both sales and net income for the first quarter of 2024, indicating potential challenges in its operational performance or market demand.

Analyst Insight

Investors should monitor future filings for signs of sales and profit recovery, and analyze the reasons provided for the Q1 decline.

Financial Highlights

revenue

30,780,000

net Income

7,471,000

eps

2.04

Revenue Breakdown

Key Numbers

• 30,780,000 — Sales (Q1 2024)
• 32,463,000 — Sales (Q1 2023)
• 7,471,000 — Net Income (Q1 2024)
• 8,369,000 — Net Income (Q1 2023)
• 2.04 — EPS (Q1 2024)
• 2.27 — EPS (Q1 2023)
• 16,259,000 — Cost of Sales (Q1 2024)
• 10,698,000 — SG&A Expenses (Q1 2024)

Key Players & Entities

• UNITED STATES LIME & MINERALS INC (company) — Filer name
• USLM (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date
• $30,780,000 (dollar_amount) — Q1 2024 sales
• $7,471,000 (dollar_amount) — Q1 2024 net income
• $2.04 (dollar_amount) — Q1 2024 EPS
• TX (location) — State of incorporation

FAQ

Key Financial Figures

• $0.10 — ange on which registered Common stock, $0.10 par value USLM The Nasdaq Stock Mar

Filing Documents

• uslm-20240331x10q.htm (10-Q) — 673KB
• uslm-20240331xex31d1.htm (EX-31.1) — 14KB
• uslm-20240331xex31d2.htm (EX-31.2) — 14KB
• uslm-20240331xex32d1.htm (EX-32.1) — 6KB
• uslm-20240331xex32d2.htm (EX-32.2) — 6KB
• uslm-20240331xex95d1.htm (EX-95.1) — 98KB
• 0001558370-24-006378.txt (&nbsp;) — 3404KB
• uslm-20240331.xsd (EX-101.SCH) — 25KB
• uslm-20240331_cal.xml (EX-101.CAL) — 46KB
• uslm-20240331_def.xml (EX-101.DEF) — 88KB
• uslm-20240331_lab.xml (EX-101.LAB) — 251KB
• uslm-20240331_pre.xml (EX-101.PRE) — 163KB
• uslm-20240331x10q_htm.xml (XML) — 440KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 206,995 $ 187,964 Trade receivables, net 42,155 38,052 Inventories 25,724 24,313 Prepaid expenses and other current assets 4,001 4,640 Total current assets 278,875 254,969 Property, plant and equipment 474,280 469,598 Less accumulated depreciation and depletion ( 294,604 ) ( 289,803 ) Property, plant and equipment, net 179,676 179,795 Operating lease right-of-use assets 4,897 5,273 Other assets, net 548 565 Total assets $ 463,996 $ 440,602 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 6,980 $ 7,404 Current portion of operating lease liabilities 1,520 1,582 Accrued expenses 10,746 8,505 Total current liabilities 19,246 17,491 Deferred tax liabilities, net 24,421 24,659 Operating lease liabilities, excluding current portion 3,601 3,919 Other liabilities 1,412 1,429 Total liabilities 48,680 47,498 Stockholders' equity Common stock 674 674 Additional paid-in capital 39,191 37,820 Retained earnings 433,512 412,499 Less treasury stock, at cost ( 58,061 ) ( 57,889 ) Total stockholders' equity 415,316 393,104 Total liabilities and stockholders' equity $ 463,996 $ 440,602 See accompanying notes to condensed consolidated financial statements. 2 UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues $ 71,687 100.0 % $ 66,777 100.0 % Cost of revenues Labor and other operating expenses 35,101 49.0 % 37,029 55.5 % Depreciation, depletion and amortization 5,979 8.3 %

: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements. Any statements contained in this Report that are not statements of historical fact are forward- looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward- looking statements in this Report, including without limitation statements relating to the Company's plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as "will," "could," "should," "would," "believe," "possible," "potential," "expect," "intend," "plan," "schedule," "estimate," "anticipate," and "project." The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company's plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company's discretion; (ii) the Company's plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company's ability to meet short-term and long-term liquidity demands, including meeting the Company's operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company's customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company's facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company's limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents,

View Full Filing

View this 10-Q filing on SEC EDGAR