United States Lime & Minerals Inc. reported significant financial growth in its third quarter and the first nine months of 2024, driven primarily by its lime and limestone operations. For the three months ended September 30, 2024, total revenues reached $89.4 million, a 19.4% increase from $74.9 million in the same period of 2023. The lime and limestone segment specifically saw revenues rise to $89.2 million, up 19.6% from $74.6 million, attributed to a 14.2% increase in average selling prices and a 5.4% rise in sales volumes.
Gross profit for the third quarter of 2024 was $43.1 million, reflecting a substantial 53.1% increase compared to $28.2 million in the prior year. This growth was supported by reduced operating expenses alongside increased revenues. Operating profit also saw a notable rise, reaching $38.1 million, or 42.6% of revenues, compared to $23.8 million, or 31.8% of revenues, in Q3 2023.
Net income for the third quarter surged to $33.4 million, a 60.9% increase from $20.7 million in the same quarter of 2023. This translated to a diluted net income per share of $1.16, compared to $0.73 in the previous year. For the first nine months of 2024, net income totaled $81.8 million, up 42.2% from $57.5 million in the same period of 2023, with diluted earnings per share increasing from $2.02 to $2.85.
The company’s liquidity position improved significantly, with cash and cash equivalents rising to $255.0 million as of September 30, 2024, compared to $188.0 million at the end of 2023. Net cash provided by operating activities for the first nine months was $87.4 million, a 35.1% increase from $64.7 million in the same period of 2023.
Strategically, the company executed a 5-for-1 stock split on July 12, 2024, and increased its authorized shares from 30 million to 45 million on May 2, 2024. As of September 30, 2024, the company had no debt outstanding and maintained a revolving credit facility of $75 million with Wells Fargo Bank, maturing in 2028.
Overall, the company’s performance reflects strong operational efficiency and favorable market conditions, particularly in the construction sector, which has driven demand for its products.
About UNITED STATES LIME & MINERALS INC
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