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Jun 30, 2023
US Lime Q2 2023 Earnings Report
Reported an increase in revenue and net income compared to the same quarter last year.
Key Takeaways
United States Lime & Minerals reported a strong performance in Q2 2023, with revenues increasing by 22.3% to $74.0 million and net income increasing by 92.5% to $19.7 million compared to Q2 2022. The increase in revenue was driven by higher average selling prices and increased sales volumes, particularly from environmental and oil and gas services customers.
Revenues increased by 22.3% to $74.0 million compared to Q2 2022.
Lime and limestone revenues increased by 23.6% to $73.7 million compared to Q2 2022.
Net income increased by 92.5% to $19.7 million compared to Q2 2022.
Diluted earnings per share increased to $3.45 from $1.80 in Q2 2022.
US Lime
US Lime
Forward Guidance
The company anticipates continued pressure on lime and limestone production costs and softening demand from steel customers due to economic uncertainty and higher interest rates.
Challenges Ahead
- Pressure on lime and limestone production costs.
- Softening demand from steel customers.
- U.S. economy faces uncertainty for the remainder of 2023.
- Higher interest rates adversely impact the construction markets.
- Potential impact on future demand and prices for the company's products.