United States Lime & Minerals Inc. (USLM) released its second quarter 2017 results, and it reported revenues of $36.5 million, an 11.1 percent increase compared with the same time period last year.
Revenues from the company’s lime and limestone operations in the second quarter of 2017 were at $36 million, experiencing an 11.1 percent increase compared with the same time period in 2016. In addition, revenues from the company’s lime and limestone operations in the first six months of 2017 increased $6 million, or 9.1 percent, to $71.5 million compared with $65.5 million in the same time period in 2016.
According to USLM, the increases in lime and limestone revenues in the second quarter and first six months of 2017 resulted primarily from increased demand from its construction customers and oil and gas services customers. Demand from construction customers was adversely impacted in the second quarter of 2016 due to numerous days of rainfall during the quarter. Also, the company’s lime and limestone product prices were slightly higher in 2017 compared with prices in 2016.
“We are pleased that our second quarter 2017 revenues and operating results improved over last year’s second quarter as our lime and limestone operations continued to see a rebound in demand from our oil and gas services customers, as well as increased demand from our construction customers,” says Timothy Byrne, president and CEO of USLM.
The company’s gross profit reached $8.8 million in the second quarter of 2017, compared with $7.2 million in the same time period last year. Gross profit in the first six months of 2017 hit $17.1 million compared with $15.1 million in the first six months of 2016, USLM says.
Additionally, USLM achieved $8.7 million in gross profit from its lime and limestone operations in the second quarter of 2017, and it achieved $16.7 million in the first six months of 2017. According to USLM, both figures are up from what the company reported in 2016.
The company posted a net income of $5.3 million in the second quarter of 2017 compared with net income of $3.7 million in the second quarter of 2016, the company reports.
USLM, headquartered in Dallas, is a manufacturer of lime and limestone products. It supplies products primarily for the construction, environmental, industrial, metals, roof shingle, oil and gas, and agriculture industries.
