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United States Lime & Minerals(USLM) - 2024 Q3 - Quarterly Report
USLMUnited States Lime & Minerals(USLM)2024-10-31 20:00

Financial Performance - For the three months ended September 30, 2024, revenues increased to 89,427thousand,a19.489,427 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 43,113thousand,representingagrossmarginof48.243,113 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 20,733thousandinthesameperiodof2023[9]−BasicnetincomepershareforthethreemonthsendedSeptember30,2024,was20,733 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 0.73forthesameperiodin2023[9]−NetincomefortheninemonthsendedSeptember30,2024,was0.73 for the same period in 2023[9] - Net income for the nine months ended September 30, 2024, was 81,849,000, compared to 57,549,000forthesameperiodin2023,representinganincreaseof42.257,549,000 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 215,638,000inthesameperiodof2023,reflectingayear−over−yearincreaseof10.2215,638,000 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 20,733,000inQ32023,markingasignificantincreaseof60.920,733,000 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 0.73inQ32023,anincreaseof60.30.73 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 440,602thousandasofDecember31,2023[5]−Thecompanyreportedtotalliabilitiesof440,602 thousand as of December 31, 2023[5] - The company reported total liabilities of 47,545 thousand as of September 30, 2024, slightly up from 47,498thousandasofDecember31,2023[5]−Totalstockholders′equityasofSeptember30,2024,was47,498 thousand as of December 31, 2023[5] - Total stockholders' equity as of September 30, 2024, was 474,214 thousand, an increase from 393,104thousandasofDecember31,2023[7]−ThecompanyhadnodebtoutstandingasofSeptember30,2024,andonly393,104 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 255,022thousandasofSeptember30,2024,comparedto255,022 thousand as of September 30, 2024, compared to 187,964 thousand as of December 31, 2023[5] - Cash dividends paid increased to 4,287,000fortheninemonthsendedSeptember30,2024,from4,287,000 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 87,414,000fortheninemonthsendedSeptember30,2024,comparedto87,414,000 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 255,022,000asofSeptember30,2024,upfrom255,022,000 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 16,371,000fortheninemonthsendedSeptember30,2024,downfrom16,371,000 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 9,547,000inQ32024,downfrom9,547,000 in Q3 2024, down from 15,090,000 in Q3 2023, a decrease of 36.1%[26] - Capital expenditures totaled 16.4millioninthefirstninemonthsof2024,downfrom16.4 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 65million[45]StockandShareholderInformation−Thecompanyhas28,594,270sharesofcommonstockoutstandingasofOctober29,2024[3]−Thecompanyapprovedanincreaseinthenumberofauthorizedsharesofcommonstockfrom30,000,000to45,000,000onMay2,2024[18]−A5−for−1stocksplitwasexecutedonJuly12,2024,retroactivelyadjustingallshareandpershareinformation[18]−Thecompanydeclaredcashdividendsof65 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 0.04pershareinQ32023,representinga250.04 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 74,582,000inQ32023,representingagrowthof19.874,582,000 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 4.4millioninthethirdquarterof2023[48]−Otherincomeforthefirstninemonthsof2024was4.4 million in the third quarter of 2023[48] - Other income for the first nine months of 2024 was 8.4 million, compared to 5.5millioninthesameperiodof2023,reflectinganincreaseof5.5 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 20.4million,upfrom20.4 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]