United States Lime & Minerals Inc. reported that revenues in the first quarter 2024 were $71.7 million, compared to $66.8 million in the first quarter 2023, an increase of $4.9 million, or 7.4%.
Lime and limestone revenues were $71.5 million in the first quarter 2024, compared to $66.5 million in the first quarter 2023, an increase of $4.9 million, or 7.4%. The increase in revenues in the first quarter 2024, compared to the first quarter 2023, 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 in the first quarter 2024, compared to the first quarter 2023, was principally due to decreased demand from the company’s construction customers, partially offset by increased demand from its industrial customers.
The company’s gross profit was $30.6 million in the first quarter 2024, compared to $24.0 million in the first quarter 2023, an increase of $6.6 million, or 27.6%. The company’s lime and limestone gross profit was $30.7 million in the first quarter 2024, compared to $24.1 million in the first quarter 2023, an increase of $6.6 million, or 27.5%.
The increase in gross profit in the first quarter 2024, compared to the first quarter 2023, resulted from the increased revenues discussed above and a decrease in operating expenses, including lower natural gas fuel costs.
Selling, general and administrative (SG&A) expenses were $4.8 million in the first quarter 2024, compared to $4.2 million in the first quarter 2023, an increase of $0.7 million, or 16.8%. The increase in SG&A expenses in the first quarter 2024, compared to the first quarter 2023, was primarily due to increased personnel expenses, including stock-based compensation.
Other income expense, net was $2.5 million income in the first quarter 2024, compared to $1.5 million income in the first quarter 2023. The increase of $1.0 million in other income expense, net, during the first quarter 2024, compared to the first quarter 2023, was primarily due to interest earned on higher average balances of cash and cash equivalents.
The company reported net income of $22.4 million ($3.92 per share diluted) in the first quarter 2024, compared to $17.1 million ($3.00 per share diluted) in the first quarter 2023, reflecting an increase of $5.3 million, or 31.2%.
“In the first quarter 2024, reduced demand continued from our construction customers. Fortunately, increased demand from our industrial customers provided a partial offset to an overall decrease in sales volume,” said Timothy W. Byrne, president and chief executive officer. “Looking ahead, we anticipate improved demand from our construction customers,” Byrne added.