United States Lime & Minerals Inc. reported first quarter 2022 results. The company’s revenues in the first quarter of 2022 were $50.9 million, compared to $41.7 million in the first quarter of 2021, an increase of $9.2 million, or 22.2%.
Lime and limestone revenues were $50.3 million in the first quarter of 2022, compared to $41.4 million in the first quarter of 2021, an increase of $8.9 million, or 21.6%. The increase in company revenues in the first quarter of 2022, compared to the first quarter of 2021, resulted primarily from increased sales volumes of the company’s lime and limestone products, principally due to increased demand from the company’s construction, industrial, environmental, and oil and gas services customers.
The first quarter 2022 was also favorably impacted by increases in the average selling prices for the company’s lime and limestone products.
The company’s gross profit was $14.5 million in the first quarter of 2022, compared to $11.8 million in the first quarter of 2021, an increase of $2.7 million, or 22.5%. Lime and limestone gross profit was $14.2 million in the first quarter of 2022, compared to $11.8 million in the first quarter of 2021, an increase of $2.4 million, or 20.3%.
The increase in gross profit in the first quarter of 2022, compared to the first quarter of 2021, resulted primarily from the increased revenues discussed above, partially offset by increased production costs.
Selling, general and administrative expenses were $3.6 million in the first quarter of 2022, compared to $3.1 million in the first quarter of 2021, an increase of $0.6 million, or 18.5%. The increase was primarily due to increased personnel expenses.
The company reported net income of $8.7 million ($1.53 per share diluted), compared to $7.0 million ($1.24 per share diluted) in the first quarter 2021, an increase of $1.6 million, or 23.3%.
The company is continuing to experience rising costs, particularly those associated with energy and transportation. Additionally, the company is challenged by ongoing supply chain delays and disruptions which, if they persist, could adversely affect the company’s profitability.
“We are pleased with our results for the first quarter of 2022 and the ability of our team to address the effects of rising costs and supply chain issues,” said Timothy W. Byrne, president and chief executive officer. Byrne added, “We are continuing to increase the prices of our lime and limestone products in an effort to mitigate the effects of our increasing costs.”