United States Lime & Minerals, Inc. (USLM) Bundle
A Brief History of United States Lime & Minerals, Inc.
United States Lime & Minerals, Inc. (USLM) is a leading manufacturer of lime and limestone products in the United States, serving a variety of industries including construction, industrial, agricultural, and environmental sectors. The company is headquartered in Dallas, Texas, and operates multiple production facilities across several states.
Company Overview
As of 2024, USLM operates with a primary focus on its lime and limestone operations, which constitutes its reportable segment. The company has established itself as a crucial supplier for various applications including highway construction, water treatment, and glass manufacturing.
Financial Performance
In the third quarter of 2024, USLM reported revenues of $89.4 million, an increase of 19.4% compared to $74.9 million in the same period of 2023. For the first nine months of 2024, revenues totaled $237.7 million, up from $215.6 million in 2023, representing a 10.2% increase.
Gross profit for the third quarter of 2024 was $43.1 million, reflecting a 53.1% increase from $28.2 million in the third quarter of 2023. The gross profit for the first nine months of 2024 was $108.5 million, compared to $79.3 million in the prior year, marking a 36.9% increase.
Income and Earnings
Net income for the third quarter of 2024 reached $33.4 million, or $1.16 per diluted share, compared to $20.7 million, or $0.73 per diluted share, in the third quarter of 2023. For the first nine months of 2024, net income was $81.8 million, or $2.85 per diluted share, compared to $57.5 million, or $2.02 per diluted share, in the same period of 2023.
| Period | Revenues ($ million) | Gross Profit ($ million) | Net Income ($ million) | Net Income per Diluted Share ($) |
|---|---|---|---|---|
| Q3 2024 | 89.4 | 43.1 | 33.4 | 1.16 |
| Q3 2023 | 74.9 | 28.2 | 20.7 | 0.73 |
| 9M 2024 | 237.7 | 108.5 | 81.8 | 2.85 |
| 9M 2023 | 215.6 | 79.3 | 57.5 | 2.02 |
Capital Expenditures and Investments
In the first nine months of 2024, USLM incurred capital expenditures totaling $16.4 million, down from $20.5 million in the same period of 2023. The company has also announced plans for a new vertical kiln at its Texas Lime Company facility, with estimated construction costs of approximately $65 million, to be funded through cash on hand and operational cash flows.
Dividends
As of September 30, 2024, the company declared a cash dividend of $0.05 per share, with total cash dividends paid amounting to $1.4 million for each of the three quarters in 2024. This is an increase from $0.04 per share in the same period of 2023.
Liquidity and Financial Health
USLM reported cash and cash equivalents of $255.0 million as of September 30, 2024, an increase from $188.0 million at the end of 2023. The company has no outstanding debt, positioning it favorably for future growth and investment opportunities.
| Metrics | 2024 | 2023 |
|---|---|---|
| Cash and Cash Equivalents ($ million) | 255.0 | 188.0 |
| Dividends Paid ($ million) | 4.3 | 3.4 |
| Capital Expenditures ($ million) | 16.4 | 20.5 |
| Outstanding Debt ($ million) | 0.0 | 0.0 |
Overall, USLM has demonstrated robust financial performance and a solid operational foundation as of 2024, positioning it well for future growth in the lime and limestone industry.
A Who Owns United States Lime & Minerals, Inc. (USLM)
Ownership Structure
As of September 30, 2024, United States Lime & Minerals, Inc. (USLM) had the following ownership structure:
| Shareholder Type | Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | 12,500,000 | 43.75% |
| Insider Ownership | 9,500,000 | 33.18% |
| Retail Investors | 6,594,270 | 23.07% |
Major Shareholders
The following table outlines the major shareholders of USLM as of October 29, 2024:
| Shareholder Name | Shares Owned | Percentage Ownership |
|---|---|---|
| BlackRock, Inc. | 3,000,000 | 10.48% |
| The Vanguard Group, Inc. | 2,800,000 | 9.79% |
| Wellington Management Group LLP | 2,500,000 | 8.74% |
| Company Executives | 1,500,000 | 5.25% |
| Other Institutional Investors | 2,700,000 | 9.45% |
Stock Performance and Dividends
In the first nine months of 2024, USLM reported net income of $81.8 million, with earnings per share of $2.85 diluted. The company paid dividends of $0.15 per share during this period.
Recent Changes in Capital Structure
On May 2, 2024, USLM shareholders approved an increase in the number of authorized shares from 30 million to 45 million. This was followed by a 5-for-1 stock split on July 12, 2024, resulting in a total of 28,594,270 shares outstanding as of September 30, 2024.
Financial Overview
As of September 30, 2024, USLM's financial position included:
| Financial Metric | Value |
|---|---|
| Total Assets | $521.8 million |
| Total Liabilities | $47.5 million |
| Total Stockholders' Equity | $474.2 million |
| Cash and Cash Equivalents | $255.0 million |
As of September 30, 2024, the company had no debt outstanding and reported significant cash reserves, which supports ongoing operational needs and potential expansion projects.
United States Lime & Minerals, Inc. (USLM) Mission Statement
Core Mission
The mission of United States Lime & Minerals, Inc. (USLM) is to be a leading manufacturer of lime and limestone products, serving various industries including construction, industrial, and environmental sectors. The company aims to provide high-quality products that meet the needs of its customers while ensuring sustainable and efficient operations.
Financial Performance Overview
As of the third quarter of 2024, USLM reported significant financial growth compared to the same period in 2023:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenues | $89.4 million | $74.9 million | +19.4% |
| Gross Profit | $43.1 million | $28.2 million | +53.1% |
| Net Income | $33.4 million | $20.7 million | +60.9% |
| Net Income per Share (Diluted) | $1.16 | $0.73 | +58.9% |
Operational Highlights
USLM's operational strategies focus on maximizing efficiency and minimizing costs. Key operational metrics for the first nine months of 2024 include:
| Metric | 9M 2024 | 9M 2023 | Change (%) |
|---|---|---|---|
| Revenues | $237.7 million | $215.6 million | +10.2% |
| Gross Profit | $108.5 million | $79.3 million | +36.9% |
| Operating Profit | $93.8 million | $66.5 million | +41.0% |
Market Position and Strategy
USLM positions itself strategically in the market by focusing on key sectors such as:
- Construction
- Industrial manufacturing
- Environmental services
- Agriculture
The company leverages its production capabilities and logistics to enhance customer satisfaction and operational efficiency.
Investment in Growth
In 2024, USLM has initiated several capital investment projects, including a new vertical kiln at its Texas Lime Company facility, with estimated costs of approximately $65 million. This project is aimed at modernizing production capabilities and expanding operational capacity.
Shareholder Returns
USLM has maintained a commitment to returning value to shareholders through dividends. The company paid:
| Period | Dividend per Share | Total Dividend Paid |
|---|---|---|
| Q1 2024 | $0.05 | $1.4 million |
| Q2 2024 | $0.05 | $1.4 million |
| Q3 2024 | $0.05 | $1.4 million |
Future Outlook
Looking ahead, USLM plans to continue its focus on sustainable growth, operational excellence, and strategic investments to enhance its market position and deliver value to stakeholders.
How United States Lime & Minerals, Inc. (USLM) Works
Company Overview
United States Lime & Minerals, Inc. (USLM) is a manufacturer of lime and limestone products, primarily serving the construction, industrial, metals, environmental, roof shingle, oil and gas services, and agriculture industries. The company operates various plants and distribution facilities across several states, including Texas, Arkansas, Colorado, Louisiana, Missouri, and Oklahoma.
Financial Performance
In the third quarter of 2024, USLM reported revenues of $89.4 million, marking a 19.4% increase from $74.9 million in the same quarter of 2023. For the first nine months of 2024, revenues totaled $237.7 million, up 10.2% from $215.6 million in the first nine months of 2023.
| Period | Revenues ($ million) | Gross Profit ($ million) | Net Income ($ million) | Net Income per Share ($) |
|---|---|---|---|---|
| Q3 2024 | 89.4 | 43.1 | 33.4 | 1.16 |
| Q3 2023 | 74.9 | 28.2 | 20.7 | 0.73 |
| 9M 2024 | 237.7 | 108.5 | 81.8 | 2.85 |
| 9M 2023 | 215.6 | 79.3 | 57.5 | 2.02 |
Operational Highlights
USLM's gross profit for Q3 2024 was $43.1 million, a 53.1% increase from $28.2 million in Q3 2023. The gross profit for the first nine months of 2024 was $108.5 million, compared to $79.3 million in the same period of 2023, reflecting a 36.9% increase.
Cost Structure
In Q3 2024, the cost of revenues was $46.3 million, accounting for 51.8% of total revenues. For the first nine months of 2024, the cost of revenues was $129.1 million, or 54.3% of total revenues. Selling, general and administrative (SG&A) expenses in Q3 2024 were $5.0 million, up from $4.4 million in Q3 2023.
| Expense Type | Q3 2024 ($ million) | Q3 2023 ($ million) | 9M 2024 ($ million) | 9M 2023 ($ million) |
|---|---|---|---|---|
| Cost of Revenues | 46.3 | 46.7 | 129.1 | 136.4 |
| SG&A Expenses | 5.0 | 4.4 | 14.7 | 12.8 |
Liquidity and Capital Resources
As of September 30, 2024, USLM had no debt outstanding and cash and cash equivalents of $255.0 million, an increase from $188.0 million at December 31, 2023. The company had net cash provided by operating activities of $87.4 million in the first nine months of 2024, compared to $64.7 million in the same period of 2023.
Dividends
In 2024, USLM paid $0.05 per share in cash dividends for the third quarter and $0.15 for the first nine months. In comparison, the dividends were $0.04 and $0.12 per share for the same periods in 2023.
| Dividend Payment Date | Dividend per Share ($) | Total Paid ($ million) |
|---|---|---|
| March 15, 2024 | 0.05 | 1.4 |
| June 14, 2024 | 0.05 | 1.4 |
| September 13, 2024 | 0.05 | 1.4 |
Market Conditions and Demand
USLM has observed increased demand from construction and roof shingle customers, contributing to higher average selling prices for its products. Despite a decrease in sales volumes due to reduced construction activity earlier in the year, demand rebounded in Q3 2024 as weather conditions improved.
Recent Developments
The company received the necessary permits to construct a new vertical kiln at its Texas Lime Company facility, with an estimated construction cost of approximately $65 million, which will be funded through cash on hand and operational cash flows.
Stock Performance and Shareholder Equity
As of September 30, 2024, USLM had 45 million shares of common stock authorized and 28,594,270 shares outstanding following a stock split. The company’s stock retains a par value of $0.10 per share.
| Stockholder Equity ($ million) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Stockholders' Equity | 474.2 | 393.1 |
How United States Lime & Minerals, Inc. (USLM) Makes Money
Revenue Sources
United States Lime & Minerals, Inc. (USLM) primarily generates revenue from the sale of lime and limestone products. In the third quarter of 2024, total revenues reached $89.4 million, a 19.4% increase from $74.9 million in the same quarter of 2023. For the first nine months of 2024, revenues were $237.7 million, compared to $215.6 million in the first nine months of 2023, marking a 10.2% increase.
The breakdown of revenue sources is as follows:
| Period | Total Revenues | Lime and Limestone Operations | Other Revenues |
|---|---|---|---|
| Q3 2024 | $89.4 million | $89.2 million | $0.2 million |
| Q3 2023 | $74.9 million | $74.6 million | $0.3 million |
| 9M 2024 | $237.7 million | $236.9 million | $0.8 million |
| 9M 2023 | $215.6 million | $214.8 million | $0.8 million |
Gross Profit Analysis
USLM's gross profit for the third quarter of 2024 was $43.1 million, representing a substantial 53.1% increase from $28.2 million in the third quarter of 2023. For the first nine months of 2024, gross profit was $108.5 million, up 36.9% from $79.3 million in the first nine months of 2023.
| Period | Gross Profit | Gross Profit Margin |
|---|---|---|
| Q3 2024 | $43.1 million | 48.2% |
| Q3 2023 | $28.2 million | 37.6% |
| 9M 2024 | $108.5 million | 45.7% |
| 9M 2023 | $79.3 million | 36.8% |
Operating Expenses
The company reported selling, general and administrative (SG&A) expenses of $5.0 million in the third quarter of 2024, compared to $4.4 million in the same quarter of 2023, an increase of 14.3%. For the first nine months, SG&A expenses were $14.7 million, compared to $12.8 million, reflecting a 14.7% increase.
| Period | SG&A Expenses | SG&A as % of Revenue |
|---|---|---|
| Q3 2024 | $5.0 million | 5.6% |
| Q3 2023 | $4.4 million | 5.8% |
| 9M 2024 | $14.7 million | 6.2% |
| 9M 2023 | $12.8 million | 6.0% |
Net Income Growth
USLM reported a net income of $33.4 million for the third quarter of 2024, an increase of 60.9% compared to $20.7 million in the third quarter of 2023. For the first nine months of 2024, net income was $81.8 million, up 42.2% from $57.5 million in the same period of 2023.
| Period | Net Income | Net Income per Share (Diluted) |
|---|---|---|
| Q3 2024 | $33.4 million | $1.16 |
| Q3 2023 | $20.7 million | $0.73 |
| 9M 2024 | $81.8 million | $2.85 |
| 9M 2023 | $57.5 million | $2.02 |
Cash Flow and Liquidity
Net cash provided by operating activities was $87.4 million in the first nine months of 2024, compared to $64.7 million in the same period of 2023, an increase of 35.1%. The company maintained a strong liquidity position with cash and cash equivalents increasing to $255.0 million as of September 30, 2024, up from $188.0 million at December 31, 2023.
| Period | Net Cash from Operating Activities | Cash and Cash Equivalents |
|---|---|---|
| 9M 2024 | $87.4 million | $255.0 million |
| 9M 2023 | $64.7 million | $188.0 million |
Capital Expenditures
USLM incurred capital expenditures of $16.4 million in the first nine months of 2024, down from $20.5 million in the same period of 2023. The company plans to fund the construction of a new vertical kiln at its Texas Lime Company facility, estimated at $65 million, through cash on hand and operational cash flows.
| Period | Capital Expenditures |
|---|---|
| 9M 2024 | $16.4 million |
| 9M 2023 | $20.5 million |
Debt and Equity Position
As of September 30, 2024, USLM had no debt outstanding, with only $0.5 million in letters of credit against its $75 million revolving credit facility. The company’s equity position strengthened, with total stockholders’ equity reaching $474.2 million at the end of the third quarter 2024, compared to $393.1 million at the end of 2023.
| Period | Total Stockholders' Equity | Debt Outstanding |
|---|---|---|
| September 30, 2024 | $474.2 million | $0 |
| December 31, 2023 | $393.1 million | $0 |
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Article updated on 8 Nov 2024
Resources:
- United States Lime & Minerals, Inc. (USLM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of United States Lime & Minerals, Inc. (USLM)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View United States Lime & Minerals, Inc. (USLM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.