Revenues and gross profit tied to lime and limestone were up in the third quarter at United States Lime & Minerals (USLM).
According to USLM, its third-quarter lime and limestone revenues were up 13.5 percent to $74.6 million. USLM’s lime and limestone revenues were also up through nine months of the year – 22.3 percent, in fact – to $214.8 million.
USLM says the third-quarter jump in revenues derived from increases in average selling prices. Price increases helped to offset lower sales volumes, the company adds.
The company says the decrease in sales volumes was principally due to lower demand from its construction, steel and industrial customers. USLM, however, experienced increased demand from environmental and roofing customers.
In terms of gross profit related to lime and limestone in the third quarter, USLM says its mark was up 27 percent to $28.2 million. The company’s gross profit tied to lime and limestone for the first nine months of the year was also up (51.6 percent) to $79.3 million.
“Looking ahead, we anticipate continued weak demand in some of our key markets as everyone deals with the impact from continuing inflation, higher interest rates and increasingly uncertain geopolitical situations,” says Timothy Byrne, president and CEO of USLM.
