United States Lime & Minerals Inc. reported second quarter 2024 results. The company’s revenues in the second quarter 2024 were $76.5 million, compared to $74.0 million in the second quarter 2023, an increase of $2.6 million, or 3.5%. For the first six months 2024, the company’s revenues were $148.2 million, compared to $140.8 million in the first six months 2023, an increase of $7.5 million, or 5.3%.
Lime and limestone revenues were $76.3 million in the second quarter 2024, compared to $73.7 million in the second quarter 2023, an increase of $2.6 million, or 3.5%. For the first six months 2024, lime and limestone revenues were $147.7 million, compared to $140.2 million in the first six months 2023, an increase of $7.5 million, or 5.3%.
The increase in revenues in the second quarter and first six months of 2024, compared to the comparable 2023 periods, resulted from increases in average selling prices for the company’s lime and limestone products, partially offset by decreased sales volumes.
The decreases in sales volumes in the second quarter and first six months 2024, compared to the comparable 2023 periods, were principally due to decreased demand from the company’s construction customers, partially offset by increased demand from its industrial and roof shingle customers.
The company’s gross profit was $34.8 million in the second quarter 2024, compared to $27.1 million in the second quarter 2023, an increase of $7.7 million, or 28.3%. The company’s gross profit was $65.4 million in the first six months 2024, compared to $51.1 million in the first six months 2023, an increase of $14.3 million, or 28.0%.
The company’s lime and limestone gross profit was $34.8 million in the second quarter 2024, compared to $27.1 million in the second quarter 2023, an increase of $7.7 million, or 28.4%. The company’s lime and limestone gross profit in the first six months 2024 was $65.5 million, compared to $51.2 million in the first six months 2023, an increase of $14.3 million, or 28.0%. The increases in gross profit in the second quarter and first six months of 2024, compared to the comparable 2023 periods, resulted primarily from the increased revenues discussed above.
“In the second quarter 2024, we experienced reduced demand from our construction customers as heavier than usual rainfalls contributed to the delay of construction projects in the south-central United States,” said Timothy W. Byrne, president and chief executive officer. “Looking ahead, we expect improved demand from our construction customers will come with improved weather conditions,” Byrne added.