(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Texas 75-0789226 OR 5429 LBJ Freeway, Suite 230, Dallas, TX 75240 (Address of principal executive offices) (Zip Code) ☐ TRANSITI ...

Core Insights - United States Lime & Minerals, Inc. reported a strong financial performance in Q1 2025, with revenues increasing by 27.3% year-over-year to $91.3 million, driven by higher sales volumes and average selling prices of lime and limestone products [1][6] - The company's gross profit rose by 50.8% to $46.2 million, reflecting the revenue growth [2] - Net income for Q1 2025 was $34.1 million, a 52.0% increase compared to $22.4 million in Q1 2024, translating to $1.19 per diluted share [5] Revenue and Profitability - Revenues in Q1 2025 were $91.3 million, up from $71.7 million in Q1 2024, an increase of $19.6 million [1] - Gross profit increased to $46.2 million from $30.6 million, an increase of $15.5 million [2] - Operating profit for the quarter was $39.9 million, compared to $25.8 million in the previous year [12] Expenses - Selling, general and administrative (SG&A) expenses rose to $6.3 million in Q1 2025 from $4.8 million in Q1 2024, an increase of 29.2% [3] - Other income increased to $3.1 million in Q1 2025 from $2.5 million in Q1 2024, primarily due to interest earned on higher cash balances [4] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.06 per share, payable on June 13, 2025, to shareholders of record by May 23, 2025 [7] Company Overview - United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, industrial, environmental, metals, agriculture, and oil and gas services [8]

Financial Performance - Revenues for Q1 2025 were $91.3 million, an increase of $19.6 million or 27.3% compared to Q1 2024's $71.7 million[2] - Gross profit for Q1 2025 was $46.2 million, reflecting an increase of $15.5 million or 50.8% from Q1 2024's $30.6 million[3] - Net income for Q1 2025 was $34.1 million ($1.19 per diluted share), up $11.7 million or 52.0% from Q1 2024's $22.4 million ($0.78 per diluted share)[6] - Other income for Q1 2025 was $3.1 million, an increase of $0.6 million compared to $2.5 million in Q1 2024[5] Expenses - Selling, general and administrative expenses increased to $6.3 million in Q1 2025, up $1.4 million or 29.2% from Q1 2024's $4.8 million[4] Assets and Equity - Current assets increased to $388.3 million as of March 31, 2025, compared to $354.8 million at the end of 2024[14] - Total assets rose to $585.3 million as of March 31, 2025, up from $543.2 million at the end of 2024[14] - Stockholders' equity increased to $532.2 million as of March 31, 2025, compared to $497.7 million at the end of 2024[14] Dividends - The company declared a quarterly cash dividend of $0.06 per share, payable on June 13, 2025[8] Market Demand - The company experienced solid demand from construction customers, driven by ongoing large construction projects[7]

Financial Performance - Total revenues for 2024 increased by 12.9% to $317.721 million, up from $281.330 million in 2023[148] - Gross profit rose by 40.0% in 2024, reaching $143.981 million compared to $102.867 million in 2023[148] - Net income increased by $34.3 million, or 46.0%, to $108.839 million in 2024, with diluted earnings per share rising to $3.79 from $2.61[151] - Revenues increased to $317.7 million in 2024 from $281.3 million in 2023, a growth of 12.9% driven by a 14.2% increase in average selling prices[173] - Gross profit rose to $144.0 million in 2024, up 40.0% from $102.9 million in 2023, primarily due to increased revenues[174] - Net income for 2024 was $108.8 million ($3.79 per diluted share), a 46.0% increase from $74.5 million ($2.61 per diluted share) in 2023[178] - Operating profit for 2024 increased to $124,923 million, a 46% rise from $85,422 million in 2023[226] - The company reported net income of $108,839,000 for 2024, up from $74,549,000 in 2023, reflecting a year-over-year increase of approximately 45.9%[257] Cash and Investments - Cash balances increased to $278.0 million as of December 31, 2024, compared to $188.0 million at the end of 2023[152] - The company anticipates funding operating and capital needs from cash balances and cash flows from operations, barring significant acquisition opportunities[156] - Cash and cash equivalents increased to $278,031,000 in 2024 from $187,964,000 in 2023, representing a 48% increase[224] - Net cash provided by operating activities was $126.0 million in 2024, an increase of 36.6% from $92.3 million in 2023[192] - The company has a $75 million revolving credit facility with no debt outstanding as of December 31, 2024[198] - The company believes cash on hand and cash flows from operations will be sufficient for ongoing capital needs and increased cash dividends[200] Capital Expenditures and Investments - The company made $27.4 million in capital investments in 2024 and paid $5.7 million in dividends[152] - Capital expenditures are expected to be approximately $22.0 million annually for recurring capital and re-equipping projects[191] - The company had $35.5 million in open orders for equipment and construction contracts as of December 31, 2024[191] - The company’s capitalized costs for construction in progress amounted to $8,098,000 in 2024, compared to $6,001,000 in 2023, indicating a growth of approximately 34.9%[247] Debt and Obligations - The company has no debt outstanding as of December 31, 2024[152] - Total contractual obligations as of December 31, 2024, amount to $57,959,000, with $40,955,000 due within one year[199] - The company had no off-balance sheet financing arrangements, ensuring transparency in financial reporting[201] Expenses and Costs - Selling, general and administrative expenses (SG&A) increased to $19.1 million in 2024, a rise of 9.2% compared to $17.4 million in 2023, with SG&A as a percentage of revenues decreasing to 5.9%[175] - Fuel, energy, and transportation expenses decreased to $82,232,000 in 2024 from $88,521,000 in 2023, a reduction of 7.3%[293] - Personnel expenses rose to $30,980,000 in 2024, up 6.1% from $29,209,000 in 2023[293] - Depreciation, depletion, and amortization expenses were $23,855,000 in 2024, slightly up from $23,533,000 in 2023[293] - The Company reported net operating lease costs of $2,522,000 for 2024, a decrease of 8.1% from $2,745,000 in 2023[270] Shareholder Returns - The company paid cash dividends of $5,716 million in 2024, an increase from $4,554 million in 2023[230] - The company paid cash dividends of $0.20 per share in 2024, an increase from $0.16 per share in both 2023 and 2022[258] - The Company declared an increased quarterly cash dividend of $0.06 per share on February 3, 2025, payable on March 14, 2025[294] Operational Efficiency - Modernization and expansion projects have improved production efficiency and reduced costs, enhancing the company's competitive position[161] - Other income increased to $11.5 million in 2024 from $7.9 million in 2023, attributed to higher interest earned on cash balances[176] Inventory and Receivables - Trade receivables rose to $43,982,000 in 2024, up from $38,052,000 in 2023, indicating a 15% increase[224] - As of December 31, 2024, total inventories increased to $27,686,000 from $24,313,000 in 2023, representing a growth of approximately 9.8%[246] Stock and Shareholder Actions - The Company approved an increase in authorized shares from 30 million to 45 million on May 2, 2024, followed by a 5-for-1 stock split on July 12, 2024[235] - The Company repurchased treasury shares for a total of $3.5 million in 2024, $1.3 million in 2023, and $0.8 million in 2022[199] - The Company repurchased 28,028 shares at a weighted-average price of $125.09 per share during 2024[284] Tax and Compliance - Current income tax expense increased to $28,544,000 in 2024, up 44.7% from $19,736,000 in 2023[273] - The Company had no federal net operating loss carry forwards as of December 31, 2024[274] Miscellaneous - The company operates solely in the United States, focusing on lime and limestone operations[289] - The chief executive officer serves as the Company's Chief Operating Decision Maker (CODM) for performance assessment and resource allocation[290]

Financial Performance - Revenues for Q4 2024 were $80.1 million, a 21.9% increase from $65.7 million in Q4 2023[2] - Full year 2024 revenues reached $317.7 million, up 12.9% from $281.3 million in 2023[3] - Gross profit for Q4 2024 was $35.4 million, reflecting a 50.2% increase from $23.6 million in Q4 2023[4] - Full year gross profit was $144.0 million, a 40.0% increase compared to $102.9 million in 2023[4] - Net income for Q4 2024 was $27.0 million ($0.94 per diluted share), up 58.8% from $17.0 million ($0.60 per diluted share) in Q4 2023[7] - Full year net income was $108.8 million ($3.79 per diluted share), a 46.0% increase from $74.5 million ($2.61 per diluted share) in 2023[7] Expenses and Dividends - SG&A expenses decreased by 5.8% in Q4 2024 to $4.4 million, while increasing by 9.2% for the full year to $19.1 million[5] - The company declared an increased quarterly cash dividend of $0.06 per share, payable on March 14, 2025[10] Market Outlook - The company experienced a slight decrease in overall demand compared to 2023 but remains optimistic for early 2025[8] Corporate Actions - The company executed a 5-for-1 stock split on July 12, 2024, with all share information adjusted accordingly[9]

Financial Performance - The Company reported fourth quarter 2024 revenues of $80.1 million, a 21.9% increase from $65.7 million in the fourth quarter 2023, driven by higher average selling prices and increased sales volumes to construction, environmental, and industrial customers [1][2] - For the full year 2024, revenues reached $317.7 million, up 12.9% from $281.3 million in 2023, with lime and limestone revenues increasing by 13.0% to $316.7 million [2] - Gross profit for the fourth quarter 2024 was $35.4 million, a 50.2% increase from $23.6 million in the fourth quarter 2023, and for the full year, gross profit was $144.0 million, up 40.0% from $102.9 million [3] Expenses and Income - Selling, general and administrative (SG&A) expenses in the fourth quarter 2024 were $4.4 million, a decrease of 5.8% from $4.6 million in the fourth quarter 2023, while full year SG&A expenses increased by 9.2% to $19.1 million [4] - Other income for the fourth quarter and full year 2024 was $3.1 million and $11.5 million, respectively, reflecting increases from $2.4 million and $7.9 million in the previous year [5] - The Company reported net income of $27.0 million ($0.94 per share diluted) for the fourth quarter 2024, a 58.8% increase from $17.0 million in the fourth quarter 2023, and for the full year, net income was $108.8 million ($3.79 per share diluted), up 46.0% from $74.5 million [6] Stock and Dividends - The Company executed a 5-for-1 stock split on July 12, 2024, with all share and per share information adjusted retroactively [8] - The Board of Directors declared an increased quarterly cash dividend of $0.06 per share, payable on March 14, 2025 [9] Company Overview - United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, industrial, environmental, metals, roof shingle manufacturing, agriculture, and oil and gas services [10]

Core Viewpoint - United States Lime & Minerals, Inc. reported strong financial results for the fourth quarter and full year 2024, with significant increases in revenues, gross profit, and net income compared to the previous year [1][2][6]. Financial Performance - Fourth quarter 2024 revenues were $80.1 million, up 21.9% from $65.7 million in Q4 2023, driven by higher average selling prices and increased sales volumes [1]. - Full year 2024 revenues reached $317.7 million, a 12.9% increase from $281.3 million in 2023, attributed to higher selling prices, despite a decrease in sales volumes from construction customers [2]. - Gross profit for Q4 2024 was $35.4 million, a 50.2% increase from $23.6 million in Q4 2023, and for the full year, gross profit was $144.0 million, up 40.0% from $102.9 million in 2023 [3]. - Net income for Q4 2024 was $27.0 million ($0.94 per share diluted), a 58.8% increase from $17.0 million ($0.60 per share diluted) in Q4 2023, while full year net income was $108.8 million ($3.79 per share diluted), up 46.0% from $74.5 million ($2.61 per share diluted) in 2023 [6]. Expenses - Selling, general and administrative (SG&A) expenses in Q4 2024 were $4.4 million, a decrease of 5.8% from $4.6 million in Q4 2023, while full year SG&A expenses increased to $19.1 million, up 9.2% from $17.4 million in 2023 due to higher personnel costs [4]. Other Income - Other income for Q4 2024 was $3.1 million, compared to $2.4 million in Q4 2023, and for the full year, it was $11.5 million, up from $7.9 million in 2023, primarily due to interest earned on higher cash balances [5]. Stock and Dividend Information - The company executed a 5-for-1 stock split on July 12, 2024, with all share information adjusted accordingly [8]. - A quarterly cash dividend of $0.06 per share was declared, payable on March 14, 2025 [9]. Company Overview - United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, industrial, environmental, and agriculture, with operations across multiple states [10].

Financial Performance - For the three months ended September 30, 2024, revenues increased to $89,427 thousand, a 19.4% increase from $74,878 thousand in the same period of 2023[9] - Gross profit for the three months ended September 30, 2024, was $43,113 thousand, representing a gross margin of 48.2%, compared to 37.6% in the same period of 2023[9] - Net income for the three months ended September 30, 2024, was $33,353 thousand, a 60.8% increase from $20,733 thousand in the same period of 2023[9] - Basic net income per share for the three months ended September 30, 2024, was $1.17, compared to $0.73 for the same period in 2023[9] - Net income for the nine months ended September 30, 2024, was $81,849,000, compared to $57,549,000 for the same period in 2023, representing an increase of 42.2%[15] - Total revenues for the nine months ended September 30, 2024, were $237,659,000, up from $215,638,000 in the same period of 2023, reflecting a year-over-year increase of 10.2%[26] - Net income for Q3 2024 was $33,353,000, compared to $20,733,000 in Q3 2023, marking a significant increase of 60.9%[28] - Basic net income per common share rose to $1.17 in Q3 2024 from $0.73 in Q3 2023, an increase of 60.3%[28] Assets and Liabilities - Total assets as of September 30, 2024, were $521,759 thousand, up from $440,602 thousand as of December 31, 2023[5] - The company reported total liabilities of $47,545 thousand as of September 30, 2024, slightly up from $47,498 thousand as of December 31, 2023[5] - Total stockholders' equity as of September 30, 2024, was $474,214 thousand, an increase from $393,104 thousand as of December 31, 2023[7] - The company had no debt outstanding as of September 30, 2024, and only $0.5 million in letters of credit drawn against its revolving credit facility[35] Cash Flow and Dividends - Cash and cash equivalents increased to $255,022 thousand as of September 30, 2024, compared to $187,964 thousand as of December 31, 2023[5] - Cash dividends paid increased to $4,287,000 for the nine months ended September 30, 2024, from $3,415,000 in the same period of 2023, reflecting a rise of 25.5%[15] - Net cash provided by operating activities was $87,414,000 for the nine months ended September 30, 2024, compared to $64,682,000 for the same period in 2023, indicating a growth of 35.1%[15] - Total cash and cash equivalents at the end of the period increased to $255,022,000 as of September 30, 2024, up from $176,305,000 at the same time in 2023, marking a rise of 44.5%[15] Capital Expenditures and Investments - The company purchased property, plant, and equipment totaling $16,371,000 for the nine months ended September 30, 2024, down from $20,541,000 in the same period of 2023, a decrease of 20.9%[15] - Capital expenditures for the lime and limestone operations segment were $9,547,000 in Q3 2024, down from $15,090,000 in Q3 2023, a decrease of 36.1%[26] - Capital expenditures totaled $16.4 million in the first nine months of 2024, down from $20.5 million in the same period of 2023[46] - The company received a permit to construct a new vertical kiln at its Texas Lime Company facility, with estimated costs of approximately $65 million[45] Stock and Shareholder Information - The company has 28,594,270 shares of common stock outstanding as of October 29, 2024[3] - The company approved an increase in the number of authorized shares of common stock from 30,000,000 to 45,000,000 on May 2, 2024[18] - A 5-for-1 stock split was executed on July 12, 2024, retroactively adjusting all share and per share information[18] - The company declared cash dividends of $0.05 per share in Q3 2024, compared to $0.04 per share in Q3 2023, representing a 25% increase[29] Operational Insights - The company operates lime and limestone plants and distribution facilities across multiple states, including Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas[20] - Revenues for the lime and limestone operations segment increased to $89,212,000 in Q3 2024 from $74,582,000 in Q3 2023, representing a growth of 19.8%[26] - Revenues from lime and limestone operations rose 19.6% in Q3 2024, driven by a 14.2% increase in average selling prices and a 5.4% increase in sales volumes[44] - The company experienced decreased sales volumes of lime and limestone products, primarily due to reduced demand from construction customers[48] Tax and Regulatory Information - The effective income tax rate for 2024 is estimated to be 19.9%, primarily due to statutory depletion differences[39] - Future minimum lease payments total $5,666,000, with a present value of lease liabilities at $5,164,000 as of September 30, 2024[37] Other Income and Expenses - SG&A expenses rose to $5.0 million in the third quarter of 2024, an increase of 14.3% from $4.4 million in the third quarter of 2023[48] - Other income for the first nine months of 2024 was $8.4 million, compared to $5.5 million in the same period of 2023, reflecting an increase of $2.9 million[48] - Income tax expense for the first nine months of 2024 was $20.4 million, up from $14.4 million in the same period of 2023, due to increased income before taxes[48] - The increase in gross profit for the first nine months of 2024 was primarily due to increased revenues and decreased operating expenses attributed to lower natural gas prices[48] Board and Governance - The Board of Directors increased its size from five to seven directors, appointing two new independent directors effective November 1, 2024[53]

Financial Performance - The Company's revenues for Q3 2024 were $89.4 million, a 19.4% increase from $74.9 million in Q3 2023[1] - Lime and limestone revenues in Q3 2024 were $89.2 million, up 19.6% from $74.6 million in Q3 2023[1] - Gross profit for Q3 2024 was $43.1 million, reflecting a 53.1% increase from $28.2 million in Q3 2023[1] - Net income for Q3 2024 was $33.4 million ($1.16 per diluted share), a 60.9% increase from $20.7 million ($0.73 per diluted share) in Q3 2023[1] - For the first nine months of 2024, revenues were $237.7 million, a 10.2% increase from $215.6 million in the same period of 2023[1] - The Company reported a gross profit of $108.5 million for the first nine months of 2024, up 36.9% from $79.3 million in the same period of 2023[1] Expenses - Selling, general and administrative expenses for Q3 2024 were $5.0 million, a 14.3% increase from $4.4 million in Q3 2023[1] Dividends - The Company declared a regular quarterly cash dividend of $0.05 per share, payable on December 13, 2024[4] Assets and Equity - Current assets increased to $338.5 million as of September 30, 2024, compared to $254.9 million at the end of 2023[6] - Stockholders' equity rose to $474.2 million as of September 30, 2024, compared to $393.1 million at the end of 2023[6]

Financial Performance - Revenues for Q2 2024 reached $76,545,000, a 3.8% increase from $73,983,000 in Q2 2023[7] - Net income for Q2 2024 was $26,057,000, representing a 32.2% increase from $19,712,000 in Q2 2023[7] - Basic and diluted net income per share increased to $0.91 in Q2 2024, up from $0.69 in Q2 2023[7] - Net income for the six months ended June 30, 2024, was $48,496,000, an increase of 31.7% compared to $36,816,000 for the same period in 2023[12] - Total revenues for the six months ended June 30, 2024, were $148,232,000, up 5.5% from $140,760,000 in the prior year[23] - Gross profit from lime and limestone operations for the six months ended June 30, 2024, was $65,511,000, representing a 28.1% increase from $51,179,000 in 2023[23] - Operating profit for lime and limestone operations for the six months ended June 30, 2024, was $55,788,000, a 30.6% increase compared to $42,708,000 in the same period last year[23] - Gross profit for Q2 2024 was $34.8 million, up 28.3% from Q2 2023, and $65.4 million for the first six months, an increase of 28.0% year-over-year[44] - Net cash provided by operating activities increased by $8.1 million, or 20.1%, to $48.4 million in the first six months of 2024 compared to the same period in 2023[41] Assets and Liabilities - Total current assets increased to $299,551,000 as of June 30, 2024, compared to $254,969,000 at the end of 2023[5] - Total liabilities decreased to $43,066,000 as of June 30, 2024, down from $47,498,000 at the end of 2023[5] - Stockholders' equity rose to $441,089,000 as of June 30, 2024, compared to $393,104,000 at the end of 2023[5] - Cash and cash equivalents increased to $222,501,000 as of June 30, 2024, up from $187,964,000 at the end of 2023[5] - Cash and cash equivalents at the end of the period increased to $222,501,000 from $156,198,000, reflecting a 42.3% rise[12] - As of June 30, 2024, inventories totaled $27.3 million, up 12.2% from $24.3 million on December 31, 2023, with raw materials increasing by 11.3% and finished goods by 35.2%[27] - The identifiable assets at the end of the period totaled $484,155,000, up from $402,372,000 in the previous year[23] Capital Expenditures and Investments - Capital expenditures for lime and limestone operations in the six months ended June 30, 2024, were $11,220,000, down from $15,432,000 in the prior year[23] - Capital expenditures were $11.2 million in the first six months of 2024, down from $15.4 million in the same period of 2023[42] Shareholder Actions - The company approved an increase in authorized shares from 30,000,000 to 45,000,000 on May 2, 2024, followed by a 5-for-1 stock split on July 12, 2024[15] - The Company declared a regular quarterly cash dividend of $0.05 per share on July 31, 2024, payable on September 13, 2024[37] - The Company paid cash dividends of $0.05 and $0.10 per share for the three and six months ended June 30, 2024, compared to $0.04 and $0.08 per share for the same periods in 2023, reflecting a 25% increase in the six-month dividend[26] Management and Compensation - Timothy W. Byrne's employment term extended by four years to December 31, 2028, with annual renewals unless one year notice is given[49] - Byrne's minimum annual base salary increased to $555,000 for 2024[49] - Annual cash bonus opportunities tied to EBITDA performance will be adjusted to reflect recent increases in both Company EBITDA and Byrne's salary[49] - Byrne's equity awards reduced from 37,500 stock options to none, and restricted stock granted reduced from 62,500 to 47,500 shares[49] - The one-year vesting period for restricted stock grants remains unchanged, with immediate vesting for the final year's grant upon termination of employment[49] - The 2024 Amendments to the Agreement effective August 1, 2024, include updates to the Company's compensation recovery policy[49] Operational Insights - The Company is focused on expanding its lime and limestone operations through projects and acquisitions, contingent on obtaining necessary financing and integrating new operations[39] - The Company anticipates that its plans and strategies may be affected by various risks, including market conditions and regulatory changes, which could impact future performance[39] Debt and Credit Facilities - The company has no debt outstanding and no draws on the revolving credit facility, with $0.5 million in letters of credit as of June 30, 2024[42] - The Company has a $75 million revolving credit facility with Wells Fargo Bank, with an additional accordion feature allowing for up to $50 million in incremental borrowing, maturing on August 3, 2028[28] Tax and Lease Obligations - The effective income tax rate for 2024 is estimated at 20.5%, primarily due to statutory depletion differences[35] - Future minimum lease payments total $5.153 million, with the present value of lease liabilities at $4.849 million as of June 30, 2024[33] - Cash payments for lease liabilities included in operating cash flows were $931,000 for the six months ended June 30, 2024, compared to $812,000 for the same period in 2023, indicating a 14.7% increase[34]