United States Lime & Minerals Inc 10-Q for FY2024 Q3

United States Lime & Minerals Inc (USLM)

10-Q 2024-10-31 For: 2024-09-30

Added on April 10, 2026

About this 10-Q

United States Lime & Minerals Inc filed this 10-Q on October 31, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $89.43M; up 19.4% from $74.88M a year earlier
Net income: $33.35M; up 60.9% from net income of $20.73M a year earlier
Diluted EPS: $1.16; up 58.9% from $0.73 a year earlier

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Texas		75-0789226
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


5429 LBJ Freeway, Suite 230, Dallas, TX		75240
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.10 par value	USLM	The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer ☒
Non-accelerated filer	☐	Smaller reporting company ☐
		Emerging growth company ☐


	September 30,		December 31,
	2024		2023
ASSETS
Current assets
Cash and cash equivalents	$	255,022	$	187,964
Trade receivables, net		52,905		38,052
Inventories		27,783		24,313
Prepaid expenses and other current assets		2,749		4,640
Total current assets		338,459		254,969
Property, plant and equipment		483,108		469,598
Less accumulated depreciation and depletion		(305,318)		(289,803)
Property, plant and equipment, net		177,790		179,795
Operating lease right-of-use assets		4,964		5,273
Other assets, net		546		565
Total assets	$	521,759	$	440,602
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	8,496	$	7,404
Current portion of operating lease liabilities		1,531		1,582
Accrued expenses		8,671		8,505
Total current liabilities		18,698		17,491
Deferred tax liabilities, net		23,834		24,659
Operating lease liabilities, excluding current portion		3,633		3,919
Other liabilities		1,380		1,429
Total liabilities		47,545		47,498
Stockholders’ equity
Common stock, $0.10 par value; 45,000,000 and 30,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; 28,594,270 and 28,522,780 shares outstanding at September 30, 2024 and December 31, 2023, respectively		2,963		2,955
Additional paid-in capital		39,251		35,539
Retained earnings		490,061		412,499
Less treasury stock, at cost		(58,061)		(57,889)
Total stockholders’ equity		474,214		393,104
Total liabilities and stockholders’ equity	$	521,759	$	440,602


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Revenues	$	89,427	100.0	%	$	74,878	100.0	%	$	237,659	100.0	%	$	215,638	100.0	%
Cost of revenues
Labor and other operating expenses		40,282	45.0	%		40,827	54.5	%		111,222	46.8	%		118,796	55.1	%
Depreciation, depletion and amortization		6,032	6.8	%		5,896	7.9	%		17,895	7.5	%		17,564	8.1	%
		46,314	51.8	%		46,723	62.4	%		129,117	54.3	%		136,360	63.2	%
Gross profit		43,113	48.2	%		28,155	37.6	%		108,542	45.7	%		79,278	36.8	%
Selling, general and administrative expenses		4,976	5.6	%		4,355	5.8	%		14,706	6.2	%		12,826	6.0	%
Operating profit		38,137	42.6	%		23,800	31.8	%		93,836	39.5	%		66,452	30.8	%

Other (income) expense, net		(3,061)	(3.5)	%		(2,197)	(2.9)	%		(8,387)	(3.5)	%		(5,529)	(2.6)	%
Income before income tax expense		41,198	46.1	%		25,997	34.7	%		102,223	43.0	%		71,981	33.4	%
Income tax expense		7,845	8.8	%		5,264	7.0	%		20,374	8.6	%		14,432	6.7	%
Net income	$	33,353	37.3	%	$	20,733	27.7	%	$	81,849	34.4	%	$	57,549	26.7	%
Net income per share of common stock
Basic	$	1.17			$	0.73			$	2.86			$	2.02
Diluted	$	1.16			$	0.73			$	2.85			$	2.02



	Common Stock			Additional
	Shares			Paid-In		Retained		Treasury
	Outstanding	Amount		Capital		Earnings		Stock		Total
Balances at December 31, 2023	28,522,780	$	2,955	$	35,539	$	412,499	$	(57,889)	$	393,104
Stock options exercised	12,000		1		129		—		—		130
Stock-based compensation	14,785		1		1,240		—		—		1,241
Treasury shares purchased	(3,435)		—		—		—		(172)		(172)
Cash dividends paid	—		—		—		(1,426)		—		(1,426)
Net income	—		—		—		22,439		—		22,439
Balances at March 31, 2024	28,546,130		2,957		36,908		433,512		(58,061)		415,316
Stock options exercised	40,025		4		(4)		—		—		—
Stock-based compensation	8,115		2		1,145		—		—		1,147
Cash dividends paid	—		—		—		(1,431)		—		(1,431)
Net income	—		—		—		26,057		—		26,057
Balances at June 30, 2024	28,594,270		2,963		38,049		458,138		(58,061)		441,089
Stock-based compensation	—		—		1,202		—		—		1,202
Cash dividends paid	—		—		—		(1,430)		—		(1,430)
Net income	—		—		—		33,353		—		33,353
Balances at September 30, 2024	28,594,270	$	2,963	$	39,251	$	490,061	$	(58,061)	$	474,214


		Three Months Ended September 30,				Nine Months Ended September 30,
	Classification	2024		2023		2024		2023
Operating lease costs⁽¹⁾	Cost of revenues	$	700	$	823	$	1,948	$	2,400
Operating lease costs⁽¹⁾	Selling, general and administrative expenses		76		51		229		131
Rental revenues	Revenues		(47)		(129)		(269)		(357)
Rental revenues	Other (income) expense, net		(13)		(23)		(74)		(59)
Net operating lease costs		$	716	$	722	$	1,834	$	2,115


2024 (excluding the nine months ended September 30, 2024)	$	468
2025		1,542
2026		1,456
2027		1,093
2028		508
Thereafter		599
Total future minimum lease payments		5,666
Less imputed interest		(502)
Present value of lease liabilities	$	5,164


Annual Retainer	$	20,000
Daily Meeting or Per Diem Fee	$	1,500
Telephonic Meeting Fee	$	1,000
Additional Annual Retainers:
Audit Committee Chairman	$	10,000
Compensation Committee Chairman	$	5,000


EXHIBIT
NUMBER		DESCRIPTION

3.1		Amended and Restated Bylaws of United States Lime & Minerals, Inc. as of October 30, 2024.

10.1		Employment Agreement effective as of January 1, 2025, with certain amendments effective as of August 1, 2024, between United States Lime & Minerals, Inc. and Timothy W. Byrne, including Cash Performance Bonus Award Agreement dated as of January 1, 2025 between United States Lime & Minerals, Inc. and Timothy W. Byrne, set forth as Exhibit A thereto (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024).

31.1		Rule 13a-14(a)/15d-14(a) Certification by the Chief Executive Officer.

31.2		Rule 13a-14(a)/15d-14(a) Certification by the Chief Financial Officer.

32.1		Section 1350 Certification by the Chief Executive Officer.

32.2		Section 1350 Certification by the Chief Financial Officer.

95.1		Mine Safety Disclosures.

101		Interactive Data Files (formatted as Inline XBRL).

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


	UNITED STATES LIME & MINERALS, INC.


October 31, 2024	By:	/s/ Timothy W. Byrne
		Timothy W. Byrne
		President and Chief Executive Officer
		(Principal Executive Officer)


October 31, 2024	By:	/s/ Michael L. Wiedemer
		Michael L. Wiedemer
		Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)


Dated: October 31, 2024	/s/ Timothy W. Byrne
	Timothy W. Byrne
	President and Chief Executive Officer


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenues	2024		2023		2024		2023
Lime and limestone operations	$	89,212	$	74,582	$	236,936	$	214,808
Other		215		296		723		830
Total revenues	$	89,427	$	74,878	$	237,659	$	215,638
Depreciation, depletion and amortization
Lime and limestone operations	$	5,905	$	5,763	$	17,518	$	17,179
Other		127		133		377		385
Total depreciation, depletion and amortization	$	6,032	$	5,896	$	17,895	$	17,564
Gross profit (loss)
Lime and limestone operations	$	43,179	$	28,160	$	108,690	$	79,339
Other		(66)		(5)		(148)		(61)
Total gross profit	$	43,113	$	28,155	$	108,542	$	79,278
Operating profit (loss)
Lime and limestone operations	$	38,204	$	23,807	$	93,993	$	66,523
Other		(67)		(7)		(157)		(71)
Total operating profit	$	38,137	$	23,800	$	93,836	$	66,452
Identifiable assets, at period end
Lime and limestone operations	$	263,214	$	244,039	$	263,214	$	244,039
Other		258,545		180,016		258,545		180,016
Total identifiable assets	$	521,759	$	424,055	$	521,759	$	424,055
Capital expenditures
Lime and limestone operations	$	9,547	$	15,090	$	16,371	$	20,541
Other		—		—		—		—
Total capital expenditures	$	9,547	$	15,090	$	16,371	$	20,541


	September 30,		December 31,
	2024		2023
Lime and limestone inventories:
Raw materials	$	8,808	$	7,834
Finished goods		3,052		3,107
		11,860		10,941
Parts inventories		15,923		13,372
	$	27,783	$	24,313


			Section
			104(d)			Proposed
	Section	Section	Citations	Section	Section	MSHA		Pending
	104 S & S	104(b)	and	110(b)(2)	107(a)	Assessments(2)		Legal
Mine(1)	Citations	Orders	Orders	Violations	Orders	($ in thousands)	Fatalities	Actions(3)
Texas Lime Company	—	—	—	—	—	—	—	—
Arkansas Lime Company
Plant	1	—	—	—	—	0.3	—	—
Limedale Quarry	—	—	—	—	—	—	—	—
U.S. Lime Company - St. Clair	—	—	—	—	—	0.1	—	—
Carthage Crushed Limestone	—	—	—	—	—	1.3	—	—
Mill Creek	5	—	—	—	—	18.5	—	—
Colorado Lime Company
Monarch Quarry	—	—	—	—	—	—	—	—
Delta Plant	—	—	—	—	—	—	—	—