United States Lime & Minerals Reports Third Quarter 2023 Results and Declares Regular Quarterly Cash Dividend
DALLAS, Oct. 31, 2023 (GLOBE NEWSWIRE) — United States Lime & Minerals, Inc. (NASDAQ:USLM) today reported third quarter 2023 results: The Company’s revenues in the third quarter 2023 were $74.9 million, compared to $66.5 million in the third quarter 2022, an increase of $8.4 million, or 12.7%. For the first nine months 2023, the Company’s revenues were $215.6 million, compared to $177.9 million in the first nine months 2022, an increase of $37.8 million, or 21.2%. Lime and limestone revenues were $74.6 million in the third quarter 2023, compared to $65.7 million in the third quarter 2022, an increase of $8.9 million, or 13.5%. For the first nine months 2023, lime and limestone revenues were $214.8 million, compared to $175.6 million in the first nine months 2022, an increase of $39.2 million, or 22.3%. The increase in revenues in the third quarter 2023, compared to the third quarter 2022, resulted from increases in average selling prices for the Company’s lime and limestone products, partially offset by decreased sales volumes. The decrease in sales volumes was principally due to decreased demand from the Company’s construction, steel, and industrial customers, partially offset by increased demand from its environmental and roofing customers. The increase in revenues for the first nine months 2023, compared to the first nine months 2022, resulted from increases in average selling prices for the Company’s lime and limestone products on essentially flat sales volumes. Changes in sales volumes for the first nine months 2023, compared to the first nine months 2022, were principally due to increased demand from the Company’s environmental and oil and gas services customers, offset by decreased demand from its steel, industrial, and construction customers.