United States Lime & Minerals (USLM) reported its first-quarter results, sharing that lime and limestone revenues were up versus the prior-year period.
USLM’s companywide revenues in the first quarter were up, as well.
The company’s first-quarter lime and limestone revenue was up 7.4 percent to $71.5 million, in part because of average selling price increases. A decrease in sales volumes, meanwhile, resulted from decreased demand by construction customers that was partially offset by elevated demand from industrial customers.
“In the first quarter 2024, reduced demand continued from our construction customers,” says Timothy Byrne, president and CEO of USLM. “Fortunately, increased demand from our industrial customers provided a partial offset to an overall decrease in sales volume. Looking ahead, we anticipate improved demand from our construction customers.”
USLM’s lime and limestone gross profit in the first quarter was $30.7 million. That total is up 27.5 percent from the first quarter of 2023, with a decrease in operating expenses – including lower natural gas costs – playing a role.
