United States Lime & Minerals Reports 12.9% Revenue Growth to $317.7 Million for Fiscal Year 2024

United States Lime & Minerals, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $317.7 million, a 12.9% increase from $281.3 million in 2023. The company's gross profit also saw a substantial rise, climbing to $144.0 million, up 40% from the previous year. This growth was primarily driven by a 14.2% increase in average selling prices for lime and limestone products, despite a slight decrease in sales volume of 1.2%. Net income surged to $108.8 million, marking a 46% increase compared to $74.5 million in 2023, resulting in a diluted earnings per share of $3.79, up from $2.61.

The company made strategic adjustments in its operations, notably reclassifying its natural gas interests, which no longer met the criteria for an operating segment. This change was reflected in the financial disclosures for 2023 and 2022, aligning them with the current year's presentation. Additionally, the company approved an increase in authorized shares from 30 million to 45 million and executed a 5-for-1 stock split in July 2024, aimed at enhancing shareholder value.

Operationally, United States Lime & Minerals maintained a workforce of 345 employees, a slight increase from 333 in the previous year. The company reported a utilization rate of approximately 69% of its total annual production capacity for lime and limestone. The company’s customer base remained diversified, with approximately 675 customers contributing to sales, none of whom accounted for more than 10% of total sales. The company’s products were primarily sold within the United States, with significant demand from construction, industrial, and environmental sectors.

Looking ahead, the company anticipates continued demand for its products, particularly in light of Texas's substantial investment in infrastructure, which includes a projected $100.6 billion for construction and maintenance projects over the next decade. The company plans to fund its operating and capital needs through its cash reserves and operational cash flows, with expectations of maintaining its dividend payments. However, it acknowledges potential challenges from fluctuating demand, regulatory changes, and operational disruptions due to weather or other unforeseen events. The company remains committed to evaluating opportunities for growth and expansion while managing costs effectively.