United States Lime & Minerals Inc. reported that revenues in the first quarter 2025 were $91.3 million, compared to $71.7 million in the first quarter 2024, an increase of $19.6 million, or 27.3%.
The increase in revenues in the first quarter 2025, compared to the first quarter 2024, resulted from an increase in sales volumes of the company’s lime and limestone products, principally to the company’s construction and environmental customers, and an increase in average selling prices for the company’s lime and limestone products.
The company’s gross profit was $46.2 million in the first quarter 2025, compared to $30.6 million in the first quarter 2024, an increase of $15.5 million, or 50.8%. The increase in gross profit in the first quarter 2025, compared to the first quarter 2024, resulted primarily from the increases in revenues discussed above.
Selling, general and administrative (SG&A) expenses were $6.3 million in the first quarter 2025, compared to $4.8 million in the first quarter 2024, an increase of $1.4 million, or 29.2%. The increase in SG&A expenses in the first quarter 2025, compared to the first quarter 2024, was primarily due to increased personnel expenses, including stock-based compensation.
Other (income) expense, net was $3.1 million income in the first quarter 2025, compared to $2.5 million income in the first quarter 2024, reflecting an increase of $0.6 million. The increase in other (income) expense, net for the first quarter 2025, compared to the first quarter 2024, was primarily due to interest earned on higher average balances of cash and cash equivalents.
The company reported net income of $34.1 million ($1.19 per share diluted) in the first quarter 2025, compared to $22.4 million ($0.78 per share diluted) in the first quarter 2024, reflecting an increase of $11.7 million, or 52.0%.
“We are pleased with the company’s strong financial performance in the first quarter 2025. We continued to see solid demand from our construction customers during the quarter, which was further amplified by some large, ongoing construction projects,” said Timothy W. Byrne, president and chief executive officer.