Loading...
•
Jun 30, 2024
US Lime Q2 2024 Earnings Report
US Lime & Minerals' Q2 2024 financial results were reported, revealing increased revenues and net income compared to the same period last year.
Key Takeaways
United States Lime & Minerals reported a revenue increase of 3.5% to $76.5 million and a net income increase of 32.2% to $26.1 million for the second quarter of 2024, compared to the second quarter of 2023. The increase in revenue was driven by higher average selling prices, although sales volumes decreased due to reduced demand from construction customers.
Revenues increased by 3.5% to $76.5 million compared to Q2 2023.
Lime and limestone revenues also increased by 3.5% to $76.3 million.
Net income rose by 32.2% to $26.1 million, or $0.91 per share diluted.
Gross profit increased by 28.3% to $34.8 million.
US Lime
US Lime
Forward Guidance
The company anticipates improved demand from construction customers as weather conditions improve.
Positive Outlook
- Expect improved demand from construction customers.
- Anticipate better weather conditions will help the construction projects.
- Increased revenues in the second quarter and first six months 2024, compared to the comparable 2023 periods, resulted from increases in average selling prices for the Company’s lime and limestone products.
- The increases in gross profit in the second quarter and first six months 2024, compared to the comparable 2023 periods, resulted primarily from the increased revenues.
- Company declared a regular quarterly cash dividend of $0.05 per share on the Company’s common stock.
Challenges Ahead
- Experienced reduced demand from construction customers due to heavy rainfalls.
- Decreased sales volumes in the second quarter and first six months 2024, compared to the comparable 2023 periods, were principally due to decreased demand from the Company’s construction customers.
- Selling, general and administrative (“SG&A”) expenses were $4.9 million in the second quarter 2024, compared to $4.3 million in the second quarter 2023, an increase of $0.6 million, or 13.0%.
- Other (income) expense, net was $2.8 million in the second quarter 2024, compared to $1.8 million in the second quarter 2023, reflecting increases of $1.0 million.
- Any statements contained in this news release, including, but not limited to, statements relating to changes in demand and timing of customer projects, that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.