United States Lime & Minerals Inc. reported fourth quarter and full year 2022 revenues of $58.3 million, compared to $46.1 million in the fourth quarter 2021, an increase of $12.2 million, or 26.4%.
For the full year 2022, the company’s revenues were $236.2 million, compared to $189.3 million in the full year 2021, an increase of $46.9 million, or 24.8%.
Lime and limestone revenues were $57.8 million in the fourth quarter 2022, compared to $45.5 million in the fourth quarter 2021, an increase of $12.3 million, or 27.0%.
For the full year 2022, lime and limestone revenues were $233.4 million, compared to $187.4 million in the full year 2021, an increase of $46.1 million, or 24.6%.
The increase in revenues in the fourth quarter 2022, compared to the fourth quarter 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, and oil and gas services customers, as well as an increase in the average selling prices for the company’s lime and limestone products.
The increase in revenues in the full year 2022, compared to the full year 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, oil and gas services, and steel customers, and an increase in the average selling prices for the Company’s lime and limestone products.
The Company’s gross profit was $16.8 million in the fourth quarter 2022, compared to $13.3 million in the fourth quarter 2021, an increase of $3.5 million, or 26.2%.
Gross profit in the full year 2022 was $70.3 million, compared to $59.3 million in the full year 2021, an increase of $11.1 million, or 18.7%. The company’s lime and limestone gross profit was $16.6 million in the fourth quarter 2022, compared to $13.0 million in the fourth quarter 2021, an increase of $3.6 million, or 27.6%.
The company’s lime and limestone gross profit for the full year 2022 was $69.0 million, compared to $58.7 million in the full year 2021, an increase of $10.3 million, or 17.6%.
The increases in lime and limestone gross profit in the fourth quarter and full year 2022, compared to the comparable 2021 periods, resulted primarily from the increased revenues discussed above, partially offset by increased production costs, principally from higher transportation, energy, labor, and supplies costs.