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Sep 30, 2020
US Lime Q3 2020 Earnings Report
Reported third quarter results with a slight revenue increase and net income decrease.
Key Takeaways
United States Lime & Minerals reported a slight increase in revenue for Q3 2020, with revenue reaching $43.7 million compared to $43.6 million in Q3 2019. However, net income decreased to $9.3 million ($1.65 per share diluted) from $9.9 million ($1.76 per share diluted) in the same quarter of the previous year.
Q3 2020 revenues increased by 0.4% compared to Q3 2019, primarily due to increased sales volumes to agriculture and roofing customers, boosted by the acquisition of Carthage Crushed Limestone.
Carthage Crushed Limestone, acquired on July 1, 2020, contributed $2.3 million to the Company’s Q3 2020 revenues.
Gross profit increased to $14.2 million in Q3 2020, up from $13.5 million in Q3 2019, driven by higher average selling prices, lower fuel costs, and increased operating efficiencies.
Net income decreased to $9.3 million ($1.65 per share diluted) in Q3 2020, compared to $9.9 million ($1.76 per share diluted) in Q3 2019.