UNITED STATES LIME & MINERALS INC
For the period ended Mar 31, 2025. Filed May 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 1, 2025
USLM$118.10-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001558370-24-014049
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001558370-25-006101
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 26 previous paragraphs and 23 current paragraphs.
6 unchanged; 11 reworded; 5 added; 8 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Our revenues increased 27.3% in the first quarter 2025, compared to the first quarter 2024, primarily due to a 19.2% increase in sales volumes of our lime and limestone products, which was principally due to increased demand from our construction and environmental customers, and a 7.9% increase in the average selling prices for our lime and limestone products. The increase in demand from our construction customers during the quarter was further amplified by some large, ongoing construction projects.
Current report
Our gross profit increased 50.8% in the first quarter 2025, compared to the first quarter 2024. The increase in gross profit resulted primarily from the increase in revenues discussed above.
Current report
We paid an increased regular quarterly cash dividend of $0.06 per share in the first quarter of 2025. On April 30, 2025, our Board of Directors declared a regular quarterly cash dividend of $0.06 per share on our common stock. The dividend is payable on June 13, 2025, to shareholders of record at the close of business on May 23, 2025.
Current report
Gross profit was $46.2 million in the first quarter 2025, compared to $30.6 million in the first quarter 2024, an increase of $15.5 million, or 50.8%. The increase in gross profit in the first quarter 2025, compared to the first quarter 2024, resulted primarily from the increased revenues discussed above.
Current report
Our net income was $34.1 million ($1.19 per share diluted) in the first quarter 2025, compared to net income of $22.4 million ($0.78 per share diluted) in the first quarter 2024, an increase of $11.7 million, or 52.0%.
Removed paragraphs (8)
Previous report
We have identified one reportable segment based on the distinctness of our activities and products: lime and limestone operations. All operations are in the United States. Our other operations consists of natural gas interests through our wholly owned subsidiary, U.S. Lime Company-O&G, LLC. Assets related to our natural gas interests, unallocated corporate assets, and cash items are included in other identified assets. We do not believe that our natural gas interests are material to the current or prior periods.
Previous report
Our revenues increased 19.4% and 10.2% in the third quarter and first nine months 2024, respectively, compared to the third quarter and first nine months 2023. Revenues from our lime and limestone operations increased 19.6% in the third quarter 2024, compared to the third quarter 2023, due to a 14.2% increase in the average selling prices for our lime and limestone products and a 5.4% increase in sales volumes of our lime and limestone products, which was principally due to increased demand from our construction and roof shingle customers. Revenues from our lime and limestone operations increased 10.3% in the first nine months 2024, compared to the first nine months 2023, due to a 14.3% increase in the average selling prices for our lime and limestone products, partially offset by a 4.0% decrease in sales volumes of our lime and limestone products, principally due to decreased demand from our construction customers, which was partially offset by increased demand from our industrial and roof shingle customers. While overall demand from our construction customers is down for the first nine months 2024, compared to the first nine months 2023, construction demand improved in the third quarter 2024 as weather conditions in the South-Central United States returned to a more normal pattern compared to the heavier than usual rainfalls that we experienced in the first half 2024.
Previous report
Our gross profit increased 53.1% and 36.9% in the third quarter and first nine months 2024, respectively, compared to the third quarter and first nine months 2023. Gross profit from our lime and limestone operations increased 53.3% and 37.0% in the third quarter and first nine months 2024, respectively, compared to the third quarter and first nine months 2023. The increases in gross profit resulted primarily from the increases in revenues discussed above and decreases in operating expenses, somewhat attributed to lower natural gas prices and optimizing fuel blends on our kilns.
Previous report
On May 2, 2024, our shareholders approved an increase in the number of authorized shares of our common stock from 30,000,000 to 45,000,000. On July 12, 2024, we effected a 5-for-1 split of our common stock, in the form of a stock dividend of four additional shares of common stock for each share outstanding to shareholders of record at the close of business on June 21, 2024 (the “Stock Split”). All share and per share information, including stock-based compensation, throughout this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the Stock Split. The shares of common stock retain a par value of $0.10 per share.
Previous report
For the first nine months 2024, revenues were $237.7 million, compared to $215.6 million in the first nine months 2023, an increase of $22.0 million, or 10.2%. For the first nine months 2024, our lime and limestone revenues were $236.9 million, compared to $214.8 million in the first nine months 2023, an increase of $22.1 million, or 10.3%. The increase in our revenues in the first nine months 2024, compared to the first nine months 2023, resulted from an increase in the average selling prices for our lime and limestone products, partially offset by decreased sales volumes of our lime and limestone products, principally due to decreased demand from our construction customers, offset in part by increased demand from our industrial and roof shingle customers.
Previous report
Gross profit was $43.1 million in the third quarter 2024, compared to $28.2 million in the third quarter 2023, an increase of $15.0 million, or 53.1%. Gross profit from our lime and limestone operations in the third quarter 2024 was $43.2 million, compared to $28.2 million in the third quarter 2023, an increase of $15.0 million, or 53.3%. The increase in gross profit in the third quarter 2024, compared to the third quarter 2023, resulted primarily from the increased revenues discussed above and a decrease in operating expenses, somewhat attributed to lower natural gas prices and optimizing fuel blends on our kilns.
Previous report
Gross profit was $108.5 million in the first nine months 2024, compared to $79.3 million in the first nine months 2023, an increase of $29.3 million, or 36.9%. Gross profit from our lime and limestone operations in the first nine months 2024 was $108.7 million, compared to $79.3 million in the first nine months 2023, an increase of $29.4 million, or 37.0%. The increase in gross profit in the first nine months 2024, compared to the first nine months 2023, resulted primarily from the increased revenues discussed above and a decrease in operating expenses, somewhat attributed to lower natural gas prices and optimizing fuel blends on our kilns.
Previous report
Our net income was $33.4 million ($1.16 per share diluted) in the third quarter 2024, compared to net income of $20.7 million ($0.73 per share diluted) in the third quarter 2023, an increase of $12.6 million, or 60.9%. For the first nine months 2024, our net income was $81.8 million ($2.85 per share diluted), compared to $57.5 million ($2.02 per share diluted) in the first nine months 2023, an increase of $24.3 million, or 42.2%.
Reworded paragraphs (11)
Previous wording
Forward-Looking Statements. Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its lime and limestone operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, increasing competition for certain customer accounts, conditions in …
Excerpt shortened here; the source contains the full paragraph.
Current wording
Forward-Looking Statements. Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, increasing competition for certain customer accounts, conditions in the U.S. economy, r…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
We are a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road and building contractors), industrial (including paper and glass manufacturers), metals (including steel producers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), roof shingle manufacturers, oil and gas services, and agriculture (including poultry producers) industries. We are headquartered in Dallas, Texas and operate lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through our wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair, and U.S. Lime Company-Transportation.
Current wording
We are a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. We are headquartered in Dallas, Texas and operate lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through our wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair, and U.S. Lime Company-Transportation.
Previous wording
Net cash provided by operating activities was $87.4 million in the first nine months 2024, compared to $64.7 million in the first nine months 2023, an increase of $22.7 million, or 35.1%. Our net cash provided by operating activities is composed of net income, depreciation, depletion and amortization (“DD&A”), deferred income taxes, stock-based compensation, other non-cash items included in net income and changes in working capital. In the first nine months 2024, net cash provided by operating activities was principally composed of $81.8 million net income, $18.1 million DD&A, and $3.6 million stock-based compensation, partially offset by $0.8 million deferred income taxes and a $15.3 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first nine months 2024 included an increase of $14.9 million in trade receivables, net, due primarily to increased sales in the third quarter 2024 compared to the fourth quarter 2023, and an increase of $3.5 million in inventories, partially offset by a decrease of $1.9 million in prepaid expenses and other current assets and an increase of $1.2 million in accounts payable and accrued expenses. In the first nine months 2023, net cash provided by operating activities was principally
Current wording
Net cash provided by operating activities was $39.4 million in the first quarter 2025, compared to $27.2 million in the first quarter 2024, an increase of $12.3 million, or 45.2%. Our net cash provided by operating activities is composed of net income, depreciation, depletion, and amortization (“DD&A”), deferred income taxes, stock-based compensation, other non-cash items included in net income and changes in working capital. In the first quarter 2025, net cash provided by operating activities was principally composed of $34.1 million net income, $6.1 million DD&A, and $2.3 million stock-based compensation, partially offset by $0.6 million deferred income taxes and a $2.7 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first quarter 2025 included an increase of $11.8 million in trade receivables, net, due primarily to increased sales in the first quarter 2025 compared to the fourth quarter 2024, and an increase of $0.2 million in inventories, partially offset by a decrease of $1.0 million in prepaid expenses and other current assets and an increase of $8.1 million in accounts payable and accrued expenses. In the first quarter 2024, net cash provided by operating activities was principally composed of $22.4 million net income, $6.1 million DD&A, and $1.2 million stock-based compensation, partially offset by $0.2 million deferred income taxes and a $2.2 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first quarter 2024 included an increase of $4.1 million in trade receivables, net, due primarily to increased sales in the first quarter 2024 compared to the fourth quarter 2023, and an increase of $1.4 million in inventories, partially offset by an increase of $2.6 million in accounts payable and accrued expenses and a decrease of $0.6 million in prepaid expenses and other current assets.
Previous wording
We had $16.4 million in capital expenditures in the first nine months 2024, compared to $20.5 million in the first nine months 2023. Net cash used in financing activities was $4.3 million in the first nine months 2024, compared to $3.4 million in the first nine months 2023, consisting primarily of cash dividends paid in each period.
Current wording
We had $14.9 million in capital expenditures, including $7.8 million related to the Texas kiln project, in the first quarter 2025, compared to $6.8 million in the first quarter 2024. Net cash used in financing activities was $2.0 million in the first quarter 2025, compared to $1.5 million in the first quarter 2024, consisting primarily of cash dividends paid in each period.
Previous wording
Cash and cash equivalents increased $67.0 million to $255.0 million at September 30, 2024 from $188.0 million at December 31, 2023.
Current wording
Cash and cash equivalents increased $22.6 million to $300.6 million at March 31, 2025 from $278.0 million at December 31, 2024.
Previous wording
We are not committed to any planned capital expenditures until actual orders are placed for equipment. As of September 30, 2024, we did not have any material commitments for open purchase orders. In September 2024, we received the necessary permit to construct a new vertical kiln at our Texas Lime Company facility. We estimate the construction costs of the new kiln and related equipment and infrastructure will total approximately $65 million. We intend to fund this modernization and development project at our Texas Lime Company facility through cash on hand and cash flows from operations.
Current wording
We are not committed to any planned capital expenditures until actual orders are placed for equipment. As of March 31, 2025, we did not have any material commitments for open purchase orders other than $28.2 million related to the Texas kiln project. As of March 31, 2025, we had incurred a total of $10.5 million on the Texas kiln project, of which $9.1 million had been paid in cash.
Previous wording
At September 30, 2024, we had no debt outstanding and no draws on the Revolving Facility other than $0.5 million of letters of credit, which count as draws against the available commitment under the Revolving Facility. We believe that, absent a significant acquisition, cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including current and possible future modernization, expansion, and development projects, and liquidity needs and allow us to pay regular quarterly cash dividends for the near future.
Current wording
At March 31, 2025, we had no debt outstanding and no draws on the Revolving Facility other than $6.8 million of letters of credit, principally related to the Texas kiln project, which count as draws against the available commitment under the Revolving Facility. We believe that, absent a significant acquisition, cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including current and possible future modernization, expansion, and development projects, and liquidity needs and allow us to pay regular quarterly cash dividends for the near future.
Previous wording
Revenues in the third quarter 2024 were $89.4 million, compared to $74.9 million in the third quarter 2023, an increase of $14.5 million, or 19.4%. Revenues from our lime and limestone operations were $89.2 million in the third quarter 2024, compared to $74.6 million in the third quarter 2023, an increase of $14.6 million, or 19.6%. The increase in our revenues in the third quarter 2024, compared to the third quarter 2023, resulted from an increase in the average selling prices for our lime and limestone products and increased sales volumes of our lime and limestone products, principally due to increased demand from our construction and roof shingle customers.
Current wording
Revenues in the first quarter 2025 were $91.3 million, compared to $71.7 million in the first quarter 2024, an increase of $19.6 million, or 27.3%. The increase in our revenues in the first quarter 2025, compared to the first quarter 2024, resulted from increased sales volumes of our lime and limestone products, principally due to increased demand from our construction and environmental customers and an increase in the average selling prices for our lime and limestone products.
Previous wording
Selling, general and administrative (“SG&A”) expenses were $5.0 million in the third quarter 2024, compared to $4.4 million in the third quarter 2023, an increase of $0.6 million, or 14.3%. SG&A expenses were $14.7 million in the first nine months 2024, compared to $12.8 million in the first nine months 2023, an increase of $1.9 million, or 14.7%. The increases in SG&A expenses in the 2024 periods, compared to the comparable 2023 periods, were primarily due to increased personnel expenses, including stock-based compensation.
Current wording
Selling, general, and administrative (“SG&A”) expenses were $6.3 million in the first quarter 2025, compared to $4.8 million in the first quarter 2024, an increase of $1.4 million, or 29.2%. The increase in SG&A expenses in the first quarter 2025, compared to the first quarter 2024, was primarily due to increased personnel expenses, including stock-based compensation.
Previous wording
Other (income) expense, net was $3.1 million income in the third quarter 2024 and $8.4 million income in the first nine months 2024, compared to $2.2 million income in the third quarter 2023 and $5.5 million income in the first nine months 2023. The increases of $0.9 million and $2.9 million in other (income) expense, net during the 2024 periods, compared to the comparable 2023 periods, were primarily due to interest earned on higher average balances in our cash and cash equivalents.
Current wording
Other (income) expense, net was $3.1 million income in the first quarter 2025 compared to $2.5 million income in the first quarter 2024. The increase of $0.6 million during the first quarter 2025, compared to the first quarter 2024, was primarily due to interest earned on higher average balances of our cash and cash equivalents.
Previous wording
Income tax expense was $7.8 million and $20.4 million in the third quarter and first nine months 2024, compared to $5.3 million and $14.4 million in the comparable 2023 periods. The increases in income tax expense in the 2024 periods, compared to the comparable 2023 periods, were due to the increases in income before taxes.
Current wording
Income tax expense was $8.9 million in the first quarter 2025, compared to $5.9 million in the first quarter 2024. The increase in income tax expense was due to the increase in income before taxes.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In 2024, we began construction on a new vertical kiln and related equipment and infrastructure at our Texas Lime Company plant. We estimate that the construction costs of the Texas kiln project will total approximately $65 million and be completed in 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
composed of $57.5 million net income, $17.8 million DD&A, and $2.4 million stock-based compensation, partially offset by $0.3 million deferred income taxes and a $12.6 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first nine months 2023 included an increase of $10.5 million in trade receivables, net, due primarily to increased sales in the third quarter 2023 compared to the fourth quarter 2022, and an increase of $4.2 million in inventories, partially offset by a decrease of $1.2 million in prepaid expenses and other current assets and an increase of $0.9 in accounts payable and accrued expenses.