Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 30, 2024

UNITED STATES LIME & MINERALS, INC.

(Exact name of registrant as specified in its charter)


TEXAS	0-4197	75-0789226
(State or other jurisdiction of	(Commission File Number)	(IRS Employer Identification No.)
incorporation)

5429 LBJ FREEWAY, SUITE 230, DALLAS, TEXAS		75240
(Address of principal executive offices)		(Zip Code)

(972) 991-8400

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 30, 2024, United States Lime & Minerals, Inc. (the “Company”) issued a News Release announcing the financial results for the quarter and nine-months ended September 30, 2024. A copy of the News Release is attached hereto as Exhibit 99.1 and incorporated by reference herein in response to this Item 2.02.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

The Exhibit Index set forth below is incorporated by reference in response to this Item.

EXHIBIT INDEX


Exhibit Number		Exhibit

99.1		News Release of United States Lime & Minerals, Inc. dated October 30, 2024.
104		Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, United States Lime & Minerals, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: October 30, 2024	UNITED STATES LIME & MINERALS, INC.

	By:	/s/ Michael L. Wiedemer
		Michael L. Wiedemer, Vice President and
		Chief Financial Officer

Exhibit 99.1

UNITED STATES LIME & MINERALS, INC. — NEWS RELEASE


FOR IMMEDIATE RELEASE			Contact: Timothy W. Byrne
			(972) 991-8400

UNITED STATES LIME & MINERALS REPORTS THIRD QUARTER 2024

RESULTS AND DECLARES REGULAR QUARTERLY CASH DIVIDEND

Dallas, Texas, October 30, 2024 - United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported third quarter 2024 results: The Company’s 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%. Lime and limestone revenues 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 revenues in the third quarter 2024, compared to the third quarter 2023, resulted from an increase in average selling prices for the Company’s lime and limestone products and increased sales volumes, principally to the Company’s construction and roof shingle customers.

For the first nine months 2024, the Company’s 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, 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 revenues in the first nine months 2024, compared to the first nine months 2023, resulted from an increase in average selling prices for the Company’s lime and limestone products, partially offset by decreased sales volumes resulting principally from decreased demand from the Company’s construction customers, offset in part by increased demand from its industrial and roof shingle customers.

The Company’s 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%. The Company’s 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%. The Company’s lime and limestone gross profit was $43.2 million in the third quarter 2024, compared to $28.2 million in the third quarter 2023, an increase of $15.0 million, or 53.3%. The Company’s lime and limestone gross profit 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 increases in gross profit in the third quarter and first nine months 2024, compared to the comparable 2023 periods, 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 the Company’s kilns.

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.

Other (income) expense, net was $3.1 million and $8.4 million in the third quarter and first nine months 2024, compared to $2.2 million and $5.5 million in the third quarter and first nine months 2023, reflecting increases of $0.9 million and $2.9 million, respectively. The increases in other (income) expense, net in the third quarter and first nine months 2024, compared to the comparable 2023 periods, were primarily due to interest earned on higher average balances of cash and cash equivalents.

The Company reported net income of $33.4 million ($1.16 per share diluted) and $81.8 million ($2.85 per share diluted) in the third quarter and first nine months 2024, compared to $20.7 million ($0.73 per share diluted) and $57.5 million ($2.02 per share diluted) in the third quarter and first nine months 2023, reflecting increases of $12.6 million, or 60.9%, and $24.3 million, or 42.2%, respectively.

“While our overall construction demand is down for the year-to-date, we did see improved demand from our construction customers 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,” said Timothy W. Byrne, President and Chief Executive Officer.

Stock Split

On July 12, 2024, the Company effected a 5-for-1 split of its 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. All share and per share information throughout this News Release has been retroactively adjusted to reflect the stock split.

Dividend

The Company announced today that the Board of Directors has declared a regular quarterly cash dividend of $0.05 per share on the Company’s common stock. This dividend is payable on December 13, 2024 to shareholders of record at the close of business on November 22, 2024.

* * *

United States Lime & Minerals, Inc., a NASDAQ-listed public company with headquarters in Dallas, Texas, is 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. The Company operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through its 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. In addition, the Company, through its wholly owned subsidiary, U.S. Lime Company-O & G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.

Any statements contained in this News Release, including, but not limited to, statements relating to changes in demand and costs, that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to publicly update or revise any forward-looking statements, and investors are cautioned that such statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation those risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

(Tables Follow)

United States Lime & Minerals, Inc.

CONDENSED CONSOLIDATED FINANCIAL DATA

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
INCOME STATEMENTS

Revenues	$	89,427	$	74,878	$	237,659	$	215,638
Cost of revenues		46,314		46,723		129,117		136,360
Gross profit	$	43,113	$	28,155	$	108,542	$	79,278

Selling, general and administrative expenses		4,976		4,355		14,706		12,826
Operating profit	$	38,137	$	23,800	$	93,836	$	66,452

Other (income) expense, net		(3,061)		(2,197)		(8,387)		(5,529)
Income tax expense		7,845		5,264		20,374		14,432
Net income	$	33,353	$	20,733	$	81,849	$	57,549

Income per share of common stock:
Basic	$	1.17	$	0.73	$	2.86	$	2.02
Diluted	$	1.16	$	0.73	$	2.85	$	2.02
Weighted-average shares outstanding:
Basic		28,594		28,480		28,574		28,455
Diluted		28,727		28,560		28,683		28,525
Cash dividends per share of common stock	$	0.05	$	0.04	$	0.15	$	0.12

					September 30,		December 31,
					2024		2023
BALANCE SHEETS
Assets:
Current assets					$	338,459	$	254,969
Property, plant and equipment, net						177,790		179,795
Other non-current assets						5,510		5,838
Total assets					$	521,759	$	440,602
Liabilities and Stockholders’ Equity:
Current liabilities					$	18,698	$	17,491
Deferred tax liabilities, net						23,834		24,659
Other long-term liabilities						5,013		5,348
Stockholders’ equity						474,214		393,104
Total liabilities and stockholders’ equity					$	521,759	$	440,602

- end -

Document and Entity Information	Oct. 30, 2024
Cover Abstract
Document Type	8-K
Document Period End Date	Oct. 30, 2024
Entity Registrant Name	UNITED STATES LIME & MINERALS, INC.
Entity Incorporation, State or Country Code	TX
Entity File Number	0-4197
Entity Tax Identification Number	75-0789226
Entity Address, Address Line One	5429 LBJ FREEWAY, SUITE 230
Entity Address, City or Town	DALLAS
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	991-8400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.10 par value
Trading Symbol	USLM
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000082020
Amendment Flag	false