[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [ITEM 1: FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201%3A%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, and cash flows, along with accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's financial position, detailing assets, liabilities, and stockholders' equity at specific dates | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (vs. Dec 31, 2024) | | :-------------------------------- | :----------------------------- | :------------------------------- | :------------------------ | | **ASSETS** | | | | | Cash and cash equivalents | $319,910 | $278,031 | +$41,879 | | Total current assets | $403,446 | $354,782 | +$48,664 | | Property, plant, and equipment, net | $199,223 | $182,891 | +$16,332 | | Total assets | $607,422 | $543,163 | +$64,259 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | | Total current liabilities | $18,548 | $16,962 | +$1,586 | | Total liabilities | $44,131 | $45,422 | -$1,291 | | Total stockholders' equity | $563,291 | $497,741 | +$65,550 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement reports the company's revenues, expenses, and net income over specific periods, reflecting operational performance Three Months Ended June 30 | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | YoY Change (%) | | :-------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------- | | Revenues | $91,518 | $76,545 | +19.6% | | Gross profit | $41,878 | $34,822 | +20.3% | | Operating profit | $35,689 | $29,940 | +19.2% | | Net income | $30,831 | $26,057 | +18.3% | | Basic Net income per share | $1.08 | $0.91 | +18.7% | | Diluted Net income per share | $1.07 | $0.91 | +17.6% | Six Months Ended June 30 | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | YoY Change (%) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :------------- | | Revenues | $182,771 | $148,232 | +23.3% | | Gross profit | $88,034 | $65,429 | +34.5% | | Operating profit | $75,583 | $55,699 | +35.7% | | Net income | $64,944 | $48,496 | +33.9% | | Basic Net income per share | $2.27 | $1.70 | +33.5% | | Diluted Net income per share | $2.26 | $1.69 | +33.7% | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This statement details changes in equity accounts, including net income, dividends, and stock-based compensation, over specific periods | Item | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------- | :------------------------------------------ | :------------------------------------------ | | Balances at Dec 31 | $497,741 | $393,104 | | Stock options exercised | $160 | $130 | | Stock-based compensation | $4,307 | $2,388 | | Treasury shares purchased | $(424) | $(172) | | Cash dividends paid | $(3,437) | $(2,857) | | Net income | $64,944 | $48,496 | | Balances at June 30 | $563,291 | $441,089 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities over specific periods | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | YoY Change (in thousands) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :------------------------ | | Net cash provided by operating activities | $73,465 | $48,364 | +$25,101 | | Net cash used in investing activities | $(27,885) | $(10,928) | -$16,957 | | Net cash used in financing activities | $(3,701) | $(2,899) | -$802 | | Net increase in cash and cash equivalents | $41,879 | $34,537 | +$7,342 | | Cash and cash equivalents at end of period | $319,910 | $222,501 | +$97,409 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the condensed consolidated financial statements [1. Basis of Presentation](index=7&type=section&id=1.%20Basis%20of%20Presentation) This note outlines the preparation principles for the unaudited financial statements, including adjustments and comparability considerations [2. Organization and Business Description](index=7&type=section&id=2.%20Organization) This note describes the company's core business of manufacturing lime and limestone products and its operational footprint - The Company manufactures lime and limestone products, supplying construction, industrial, environmental, metals, roof shingle, agriculture, and oil and gas services industries[15](index=15&type=chunk) - Operations are located in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas, with headquarters in Dallas, Texas[15](index=15&type=chunk) - The Company also holds royalty and non-operated working interests in natural gas wells in Johnson County, Texas[15](index=15&type=chunk) [3. Accounting Policies](index=7&type=section&id=3.%20Accounting%20Policies) This note details the company's key accounting policies for revenue recognition and trade receivables - Revenue for lime and limestone operations is recognized upon shipment, with external freight billed to customers included in revenues[16](index=16&type=chunk) - Natural gas interests recognize revenue in the month of production and delivery[16](index=16&type=chunk) - Trade receivables are unsecured with fixed, short-term payment terms; credit losses are estimated based on collection probability, historical trends, and economic conditions[17](index=17&type=chunk) [4. Reportable Segment](index=8&type=section&id=4.%20Reportable%20Segment) This note clarifies the company's single reportable segment as lime and limestone operations, with prior period disclosures recast - The Company operates as **one reportable segment**: lime and limestone operations, with all activities in the United States[19](index=19&type=chunk) - Natural gas interests no longer meet the definition of an operating segment[19](index=19&type=chunk) Segment Revenues and Net Income | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Revenues | $91,518 | $76,545 | $182,771 | $148,232 | | Net income | $30,831 | $26,057 | $64,944 | $48,496 | [5. Income and Dividends Per Share of Common Stock](index=9&type=section&id=5.%20Income%20and%20Dividends%20Per%20Share%20of%20Common%20Stock) This note presents basic and diluted net income per share and cash dividends per share for common stock Net Income Per Common Share | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic net income per common share | $1.08 | $0.91 | $2.27 | $1.70 | | Diluted net income per common share | $1.07 | $0.91 | $2.26 | $1.69 | Cash Dividends Per Share | Period | 2025 Dividend Per Share | 2024 Dividend Per Share | | :-------------------------- | :---------------------- | :---------------------- | | Three Months Ended June 30 | $0.06 | $0.05 | | Six Months Ended June 30 | $0.12 | $0.10 | [6. Inventories](index=9&type=section&id=6.%20Inventories) This note details the valuation method for inventories and provides a breakdown of inventory types and their values - Inventories are valued at the lower of cost (average cost method) or net realizable value, including materials, labor, and production overhead[25](index=25&type=chunk) Inventories (in thousands) | Inventory Type | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Raw materials | $5,972 | $8,947 | | Finished goods | $2,387 | $3,000 | | Parts inventories | $17,236 | $15,739 | | Total Inventories | $25,595 | $27,686 | [7. Banking Facilities and Debt](index=9&type=section&id=7.%20Banking%20Facilities%20and%20Debt) This note describes the company's revolving credit facility and its debt status as of the reporting date - The Company has a **$75 million revolving credit facility** with Wells Fargo Bank, N.A., maturing on August 3, 2028, with an incremental **$50 million accordion feature**[26](index=26&type=chunk) - Interest rates are SOFR-based or Prime Rate-based, with margins determined by the Company's Cash Flow Leverage Ratio[27](index=27&type=chunk) - As of June 30, 2025, the Company had **no debt outstanding**, with **$7.4 million in letters of credit** related to the Texas kiln project counting as draws against the facility[30](index=30&type=chunk) [8. Leases](index=10&type=section&id=8.%20Leases) This note outlines the company's operating lease commitments, associated costs, and future minimum lease payments - The Company has operating leases for equipment, corporate office space, and terminal/distribution facilities, with a weighted-average remaining lease term of **4 years**[31](index=31&type=chunk) Net Operating Lease Costs (in thousands) | Period | 2025 | 2024 | | :-------------------------- | :----- | :----- | | Three Months Ended June 30 | $1,012 | $615 | | Six Months Ended June 30 | $1,734 | $1,118 | Future Minimum Lease Payments (in thousands) | Year | Amount | | :--- | :----- | | 2025 (remaining) | $1,175 | | 2026 | $1,537 | | 2027 | $1,043 | | 2028 | $519 | | 2029 | $184 | | Thereafter | $413 | | Total future minimum lease payments | $4,871 | | Present value of lease liabilities | $4,478 | [9. Income Taxes](index=11&type=section&id=9.%20Income%20Taxes) This note provides the estimated effective income tax rate and discusses the impact of recent tax legislation - The estimated effective income tax rate for 2025 is **20.6%**, primarily due to statutory depletion[35](index=35&type=chunk) - The "One Big Beautiful Bill Act" is expected to reclassify current taxes payable to deferred tax liabilities but not significantly impact future effective income tax rates[36](index=36&type=chunk) [10. Dividends](index=11&type=section&id=10.%20Dividends) This note reports the cash dividends paid per share during the reporting period - Cash dividends of **$0.06 per share** were paid on June 13, 2025, and March 14, 2025, each totaling **$1.7 million**[37](index=37&type=chunk) [11. Subsequent Event](index=11&type=section&id=11.%20Subsequent%20Event) This note discloses a significant event that occurred after the reporting period but before the financial statements were issued - On July 30, 2025, the Board declared a regular quarterly cash dividend of **$0.06 per share**, payable on September 12, 2025[38](index=38&type=chunk) [ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=12&type=section&id=ITEM%202%3A%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the Company's financial performance and condition, discussing key drivers of revenue and profit changes, liquidity, capital resources, and operational results for the periods presented [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) This section cautions readers about statements regarding future events, which are subject to risks and uncertainties - The report contains forward-looking statements regarding plans, strategies, objectives, expectations, and resources, identified by words like "will," "expect," "intend," and "project"[39](index=39&type=chunk) - Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including changes in demand, costs, regulations, and economic conditions[39](index=39&type=chunk) - The Company does not undertake to publicly update or revise any forward-looking statements[39](index=39&type=chunk) [Overview](index=14&type=section&id=Overview) This section provides a high-level summary of the company's financial performance, including revenue and gross profit trends and key strategic initiatives - Revenues increased by **19.6% in Q2 2025** and **23.3% in the first six months of 2025** compared to the prior year, driven by increased sales volumes (**12.1% in Q2, 15.7% in H1**) and a **7.6% increase in average selling prices**[41](index=41&type=chunk) - Increased demand from construction, environmental, and steel customers primarily drove the sales volume growth[41](index=41&type=chunk) - Gross profit increased by **20.3% in Q2 2025** and **34.5% in the first six months of 2025**, primarily due to higher revenues[42](index=42&type=chunk) - Construction of a new vertical kiln at the Texas Lime Company plant began in 2024, with an estimated total cost of **$65 million** and completion in 2026[43](index=43&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to generate and manage cash, including operating cash flows, capital expenditures, and available credit facilities - Net cash provided by operating activities increased by **$25.1 million (51.9%) to $73.5 million** in the first six months of 2025, primarily due to higher net income, depreciation, depletion, and amortization, and stock-based compensation[44](index=44&type=chunk) - Capital expenditures significantly increased to **$28.1 million** in the first six months of 2025 from **$11.2 million** in 2024, including **$14.1 million** for the Texas kiln project[45](index=45&type=chunk) - Cash and cash equivalents increased by **$41.9 million to $319.9 million** at June 30, 2025[46](index=46&type=chunk) - The Company has a **$75 million revolving credit facility** with no outstanding debt as of June 30, 2025, apart from **$7.4 million in letters of credit** for the Texas kiln project[51](index=51&type=chunk) - Management believes current cash and operating cash flows will be sufficient to meet operating, capital, and liquidity needs, including dividends, in the near future[51](index=51&type=chunk) [Results of Operations](index=15&type=section&id=Results%20of%20Operations) This section analyzes the company's financial results, detailing changes in revenues, expenses, and net income for the reporting periods Key Financial Performance (YoY Changes) | Metric | Q2 2025 vs Q2 2024 | H1 2025 vs H1 2024 | | :-------------------------------- | :----------------- | :----------------- | | Revenues | +19.6% ($15.0M) | +23.3% ($34.5M) | | Gross profit | +20.3% ($7.1M) | +34.5% ($22.6M) | | Selling, general, and administrative expenses | +26.8% ($1.3M) | +28.0% ($2.7M) | | Other (income) expense, net | +$0.3M | +$0.9M | | Income tax expense | +$1.3M | +$4.3M | | Net income | +18.3% ($4.8M) | +33.9% ($16.4M) | - Increases in revenues and gross profit were driven by higher sales volumes from construction, environmental, and steel customers, and increased average selling prices[52](index=52&type=chunk)[53](index=53&type=chunk) - SG&A expenses increased primarily due to higher personnel expenses, including stock-based compensation[54](index=54&type=chunk) - Other (income) expense, net, increased due to higher interest earned on increased cash and cash equivalents balances[56](index=56&type=chunk) - Income tax expense increased in line with the increase in income before taxes[57](index=57&type=chunk) [PART II. OTHER INFORMATION](index=16&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section includes disclosures on controls and procedures, equity security sales, and mine safety information [ITEM 4: CONTROLS AND PROCEDURES](index=16&type=section&id=ITEM%204%3A%20CONTROLS%20AND%20PROCEDURES) This section reports on the effectiveness of the company's disclosure controls and internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of June 30, 2025[60](index=60&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[61](index=61&type=chunk) [ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=16&type=section&id=ITEM%202%3A%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's equity incentive plan and confirms no repurchases of equity securities during the quarter - The Amended and Restated 2001 Long-Term Incentive Plan allows employees and directors to pay for stock option exercises and tax withholding liabilities with cash and/or common stock[62](index=62&type=chunk) - There were **no repurchases of equity securities** in the second quarter of 2025[62](index=62&type=chunk) [ITEM 4: MINE SAFETY DISCLOSURES](index=16&type=section&id=ITEM%204%3A%20MINE%20SAFETY%20DISCLOSURES) This section provides information on the company's compliance with federal mine safety regulations and its commitment to workplace safety - The Company's quarries, underground mines, and plants are subject to MSHA regulation under the Federal Mine Safety and Health Act of 1977[63](index=63&type=chunk) - The Company aims to provide a safe workplace through employee training, open communication, adherence to safety standards, employee involvement, and accident investigation[64](index=64&type=chunk) - MSHA enforcement and dollar penalties for citations have significantly increased since the Mine Improvement and New Emergency Response Act of 2006[65](index=65&type=chunk) [EXHIBIT INDEX](index=17&type=section&id=EXHIBIT%20INDEX) This section lists all supplementary documents and certifications filed as part of the Form 10-Q report - The Exhibit Index includes Rule 13a-14(a)/15d-14(a) Certifications by the CEO and CFO, Section 1350 Certifications, Mine Safety Disclosures, and Interactive Data Files (Inline XBRL)[68](index=68&type=chunk) [SIGNATURES](index=18&type=section&id=SIGNATURES) This section contains the official certifications and signatures of the company's authorized officers for the report filing - The report is signed by Timothy W. Byrne, President and Chief Executive Officer, and Michael L. Wiedemer, Vice President and Chief Financial Officer, on July 31, 2025[72](index=72&type=chunk)

Financial Performance - The company's revenues for Q2 2025 were $91.5 million, a 19.6% increase from $76.5 million in Q2 2024, and for the first six months of 2025, revenues were $182.8 million, up 23.3% from $148.2 million in the same period of 2024 [1][2] - Gross profit for Q2 2025 was $41.9 million, reflecting a 20.3% increase from $34.8 million in Q2 2024, and for the first six months of 2025, gross profit was $88.0 million, a 34.5% increase from $65.4 million in the same period of 2024 [2] - Net income for Q2 2025 was $30.8 million ($1.07 per diluted share), an 18.3% increase from $26.1 million ($0.91 per diluted share) in Q2 2024, and for the first six months of 2025, net income was $64.9 million ($2.26 per diluted share), a 33.9% increase from $48.5 million ($1.69 per diluted share) in the same period of 2024 [5] Expenses - Selling, general and administrative (SG&A) expenses were $6.2 million in Q2 2025, a 26.8% increase from $4.9 million in Q2 2024, and for the first six months of 2025, SG&A expenses were $12.5 million, up 28.0% from $9.7 million in the same period of 2024 [3] - Other income for Q2 2025 was $3.1 million, compared to $2.8 million in Q2 2024, and for the first six months of 2025, it was $6.2 million, up from $5.3 million in the same period of 2024, primarily due to interest earned on higher cash balances [4] Dividend Announcement - The company declared a quarterly cash dividend of $0.06 per share, payable on September 12, 2025, to shareholders of record as of August 22, 2025 [7] Company Overview - United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, environmental, industrial, metals, agriculture, and oil and gas services [8]

[News Release Summary](index=1&type=section&id=News%20Release%20Summary) United States Lime & Minerals, Inc. reported strong financial results for the second quarter and first six months of 2025, driven by increased sales volumes and average selling prices of lime and limestone products [Key Financial Highlights (Q2 & YTD 2025)](index=1&type=section&id=Key%20Financial%20Highlights%20(Q2%20%26%20YTD%202025)) United States Lime & Minerals, Inc. reported strong financial results for the second quarter and first six months of 2025, driven by increased sales volumes and average selling prices of lime and limestone products Key Financial Highlights (Q2 & YTD 2025 vs 2024) | Metric | Q2 2025 ($ millions) | Q2 2024 ($ millions) | Q2 YoY Change (%) | YTD 2025 ($ millions) | YTD 2024 ($ millions) | YTD YoY Change (%) | | :----------------- | :------------------- | :------------------- | :---------------- | :-------------------- | :-------------------- | :----------------- | | Revenues | 91.5 | 76.5 | 19.6% | 182.8 | 148.2 | 23.3% | | Gross Profit | 41.9 | 34.8 | 20.3% | 88.0 | 65.4 | 34.5% | | Net Income | 30.8 | 26.1 | 18.3% | 64.9 | 48.5 | 33.9% | | Diluted EPS | 1.07 | 0.91 | 17.6% | 2.26 | 1.69 | 33.7% | - Demand from construction customers remained **solid**[7](index=7&type=chunk) [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) This section analyzes Q2 and YTD 2025 performance across revenues, gross profit, SG&A, other income, and net income [Revenues](index=1&type=section&id=Revenues) Revenues significantly increased in Q2 and YTD 2025, driven by higher sales volumes and average selling prices of lime and limestone products to key customers Revenue Performance (Q2 & YTD 2025 vs 2024) | Period | 2025 ($ millions) | 2024 ($ millions) | Increase ($ millions) | Increase (%) | | :--------------- | :---------------- | :---------------- | :-------------------- | :----------- | | Second Quarter | 91.5 | 76.5 | 15.0 | 19.6% | | First Six Months | 182.8 | 148.2 | 34.5 | 23.3% | - Increases in revenues resulted from **increases in sales volumes** and **average selling prices** for lime and limestone products, principally to construction, environmental, and steel customers[2](index=2&type=chunk) [Gross Profit](index=1&type=section&id=Gross%20Profit) Gross profit saw substantial growth in Q2 and the first half of 2025, primarily attributable to the overall increase in revenues Gross Profit Performance (Q2 & YTD 2025 vs 2024) | Period | 2025 ($ millions) | 2024 ($ millions) | Increase ($ millions) | Increase (%) | | :--------------- | :---------------- | :---------------- | :-------------------- | :----------- | | Second Quarter | 41.9 | 34.8 | 7.1 | 20.3% | | First Six Months | 88.0 | 65.4 | 22.6 | 34.5% | - Increases in gross profit primarily resulted from the **increases in revenues**[3](index=3&type=chunk) [Selling, General and Administrative Expenses (SG&A)](index=1&type=section&id=Selling,%20General%20and%20Administrative%20Expenses%20(SG%26A)) SG&A expenses increased in both periods, mainly due to higher personnel expenses, including stock-based compensation SG&A Expenses (Q2 & YTD 2025 vs 2024) | Period | 2025 ($ millions) | 2024 ($ millions) | Increase ($ millions) | Increase (%) | | :--------------- | :---------------- | :---------------- | :-------------------- | :----------- | | Second Quarter | 6.2 | 4.9 | 1.3 | 26.8% | | First Six Months | 12.5 | 9.7 | 2.7 | 28.0% | - Increases in SG&A expenses were primarily due to **increased personnel expenses**, including **stock-based compensation**[4](index=4&type=chunk) [Other (Income) Expense, Net](index=1&type=section&id=Other%20(Income)%20Expense,%20Net) Other income, net, increased in both periods, primarily driven by higher interest earned on increased average balances of cash and cash equivalents Other (Income) Expense, Net (Q2 & YTD 2025 vs 2024) | Period | 2025 ($ millions) | 2024 ($ millions) | Increase ($ millions) | | :--------------- | :---------------- | :---------------- | :-------------------- | | Second Quarter | 3.1 | 2.8 | 0.3 | | First Six Months | 6.2 | 5.3 | 0.9 | - Increases in other (income) expense, net were primarily due to **interest earned** on **higher average balances of cash and cash equivalents**[5](index=5&type=chunk) [Net Income and Earnings Per Share (EPS)](index=1&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share%20(EPS)) The company reported significant increases in net income and diluted EPS for both the second quarter and the first six months of 2025 Net Income and Diluted EPS (Q2 & YTD 2025 vs 2024) | Metric | 2025 ($ millions) | 2024 ($ millions) | Increase ($ millions) | Increase (%) | | :--------------- | :---------------- | :---------------- | :-------------------- | :----------- | | **Net Income:** | | | | | | Second Quarter | $30.8 | $26.1 | $4.8 | 18.3% | | First Six Months | $64.9 | $48.5 | $16.4 | 33.9% | | **Diluted EPS:** | | | | | | Second Quarter | $1.07 | $0.91 | | | | First Six Months | $2.26 | $1.69 | | | [Dividend Information](index=1&type=section&id=Dividend%20Information) The Board of Directors declared a regular quarterly cash dividend, payable in September 2025 to shareholders of record in August 2025 - The Board of Directors declared a regular quarterly cash dividend of **$0.06 per share** on the Company's common stock[8](index=8&type=chunk) - This dividend is payable on September 12, 2025, to shareholders of record at the close of business on August 22, 2025[8](index=8&type=chunk) [Company Profile](index=1&type=section&id=Company%20Profile) This section outlines the company's business operations, product offerings, and geographic presence through its subsidiaries [Business Operations and Products](index=1&type=section&id=Business%20Operations%20and%20Products) United States Lime & Minerals, Inc. manufactures lime and limestone products for construction, industrial, environmental, metals, and oil and gas industries - United States Lime & Minerals, Inc. is a **manufacturer of lime and limestone products**[8](index=8&type=chunk) - The company supplies primarily the **construction** (including highway, road and building contractors), **industrial** (including paper and glass manufacturers), **environmental** (including municipal sanitation and water treatment facilities and flue gas treatment processes), **metals** (including steel producers), **roof shingle manufacturers**, **agriculture** (including poultry producers), and **oil and gas services industries**[8](index=8&type=chunk)[9](index=9&type=chunk) [Geographic Presence and Subsidiaries](index=3&type=section&id=Geographic%20Presence%20and%20Subsidiaries) The company operates lime and limestone plants across six states through subsidiaries and holds natural gas interests in Johnson County, Texas - The Company operates lime and limestone plants and distribution facilities in **Arkansas**, **Colorado**, **Louisiana**, **Missouri**, **Oklahoma**, and **Texas**[9](index=9&type=chunk) - Operations are conducted through wholly owned subsidiaries such as **Arkansas Lime Company**, **Colorado Lime Company**, **Mill Creek Dolomite, LLC**, **Texas Lime Company**, and others[9](index=9&type=chunk) - Through its wholly owned subsidiary, U.S. Lime Company-O & G, LLC, the Company has **royalty and non-operated working interests** in **natural gas wells** located in Johnson County, Texas, in the Barnett Shale Formation[9](index=9&type=chunk) [Condensed Consolidated Financial Data](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Data) This section presents the condensed consolidated income statements and balance sheets, highlighting key financial positions and performance metrics [Income Statements](index=4&type=section&id=Income%20Statements) The condensed consolidated income statements show significant year-over-year growth in revenues, gross profit, operating profit, and net income for Q2 and YTD 2025 Condensed Consolidated Income Statements (In thousands, except per share amounts) | INCOME STATEMENTS | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $ 91,518 | $ 76,545 | $182,771 | $ 148,232 | | Cost of revenues | 49,640 | 41,723 | 94,737 | 82,803 | | Gross profit | $ 41,878 | $ 34,822 | $ 88,034 | $ 65,429 | | Selling, general and administrative expenses | 6,189 | 4,882 | 12,451 | 9,730 | | Operating profit | $ 35,689 | $ 29,940 | $ 75,583 | $ 55,699 | | Other (income) expense, net | (3,098) | (2,786) | (6,189) | (5,326) | | Income tax expense | 7,956 | 6,669 | 16,828 | 12,529 | | Net income | $ 30,831 | $ 26,057 | $ 64,944 | $ 48,496 | | Income per share of common stock: | | | | | | Basic | $ 1.08 | $ 0.91 | $ 2.27 | $ 1.70 | | Diluted | $ 1.07 | $ 0.91 | $ 2.26 | $ 1.69 | | Weighted-average shares outstanding: | | | | | | Basic | 28,637 | 28,590 | 28,630 | 28,564 | | Diluted | 28,729 | 28,698 | 28,728 | 28,661 | | Cash dividends per share of common stock | $ 0.06 | $ 0.05 | $ 0.12 | $ 0.10 | [Balance Sheets](index=4&type=section&id=Balance%20Sheets) The condensed consolidated balance sheets indicate increased total assets and stockholders' equity as of June 30, 2025, driven by growth in current assets and property, plant and equipment Condensed Consolidated Balance Sheets (In thousands) | BALANCE SHEETS | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | **Assets:** | | | | Current assets | $403,446 | $354,782 | | Property, plant and equipment, net | 199,223 | 182,891 | | Other non-current assets | 4,753 | 5,490 | | Total assets | $607,422 | $543,163 | | **Liabilities and Stockholders' Equity:** | | | | Current liabilities | $ 18,548 | $ 16,962 | | Deferred tax liabilities, net | 21,370 | 23,659 | | Other long-term liabilities | 4,213 | 4,801 | | Stockholders' equity | 563,291 | 497,741 | | Total liabilities and stockholders' equity | $607,422 | $543,163 | [Forward-Looking Statements Disclaimer](index=3&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section cautions investors about forward-looking statements, noting inherent risks and uncertainties that may cause actual results to differ materially - Statements in the News Release that are not historical fact are **forward-looking statements** as defined in the Private Securities Litigation Reform Act of 1995[10](index=10&type=chunk) - The Company undertakes no obligation to publicly update or revise any forward-looking statements[10](index=10&type=chunk) - Investors are cautioned that such statements involve **risks and uncertainties** that could cause actual results to differ materially from expectations[10](index=10&type=chunk)

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents unaudited condensed consolidated financial statements, highlighting significant Q1 2025 revenue and net income growth [ITEM 1: FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201%3A%20FINANCIAL%20STATEMENTS) Details unaudited condensed consolidated financial statements, showing strong Q1 2025 revenue and net income growth [Condensed Consolidated Balance Sheets](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Presents the company's financial position, detailing assets, liabilities, and equity as of March 31, 2025 Condensed Consolidated Balance Sheets (dollars in thousands) | Item | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :-------------------------------- | :------------- | :---------------- | :------------- | | Total assets | $585,255 | $543,163 | +$42,092 | | Total liabilities | $53,048 | $45,422 | +$7,626 | | Total stockholders' equity | $532,207 | $497,741 | +$34,466 | | Cash and cash equivalents | $300,634 | $278,031 | +$22,603 | | Trade receivables, net | $55,772 | $43,982 | +$11,790 | | Inventories | $27,860 | $27,686 | +$174 | | Property, plant, and equipment, net | $191,810 | $182,891 | +$8,919 | | Accounts payable | $9,233 | $8,819 | +$414 | | Accrued expenses | $14,556 | $6,541 | +$8,015 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Outlines the company's financial performance, showing revenues, expenses, and net income for Q1 2025 and Q1 2024 Condensed Consolidated Statements of Operations (dollars in thousands, except per share data) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | Change (YoY %) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | :------------- | | Revenues | $91,253 | $71,687 | +$19,566 | +27.3% | | Cost of revenues | $45,097 | $41,080 | +$4,017 | +9.8% | | Gross profit | $46,156 | $30,607 | +$15,549 | +50.8% | | Selling, general, and administrative expenses | $6,262 | $4,848 | +$1,414 | +29.2% | | Operating profit | $39,894 | $25,759 | +$14,135 | +54.9% | | Other (income) expense, net | $(3,091) | $(2,540) | $(551) | +21.7% | | Income before income tax expense | $42,985 | $28,299 | +$14,686 | +51.9% | | Income tax expense | $8,872 | $5,860 | +$3,012 | +51.4% | | Net income | $34,113 | $22,439 | +$11,674 | +52.0% | | Basic net income per share | $1.19 | $0.79 | +$0.40 | +50.6% | | Diluted net income per share | $1.19 | $0.78 | +$0.41 | +52.6% | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20EQUITY) Details changes in stockholders' equity, including common stock, retained earnings, and treasury stock, for Q1 2025 Condensed Consolidated Statements of Stockholders' Equity (dollars in thousands) | Item | Balances at Dec 31, 2024 | Stock options exercised | Stock-based compensation | Treasury shares purchased | Cash dividends paid | Net income | Balances at Mar 31, 2025 | | :------------------------ | :----------------------- | :---------------------- | :----------------------- | :------------------------ | :------------------ | :--------- | :----------------------- | | Common Stock (Shares) | 28,619,837 | 12,000 | 4,800 | (3,838) | — | — | 28,632,799 | | Common Stock (Amount) | $2,968 | $1 | $— | $— | $— | $— | $2,969 | | Additional Paid-In Capital | $40,549 | $159 | $2,336 | $— | $— | $— | $43,044 | | Retained Earnings | $515,622 | $— | $— | $— | $(1,719) | $34,113 | $548,016 | | Treasury Stock | $(61,398) | $— | $— | $(424) | $— | $— | $(61,822) | | Total | $497,741 | $160 | $2,336 | $(424) | $(1,719) | $34,113 | $532,207 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Summarizes cash inflows and outflows from operating, investing, and financing activities for Q1 2025 and Q1 2024 Condensed Consolidated Statements of Cash Flows (dollars in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Net cash provided by operating activities | $39,434 | $27,167 | +$12,267 | | Net cash used in investing activities | $(14,848) | $(6,668) | $(8,180) | | Net cash used in financing activities | $(1,983) | $(1,468) | $(515) | | Net increase in cash and cash equivalents | $22,603 | $19,031 | +$3,572 | | Cash and cash equivalents at end of period | $300,634 | $206,995 | +$93,639 | - Operating cash flow increased by **45.2% YoY**, primarily driven by higher net income and stock-based compensation, partially offset by an increase in trade receivables[12](index=12&type=chunk)[42](index=42&type=chunk) - Investing activities saw a significant increase in cash usage, mainly due to higher capital expenditures, including **$7.8 million** related to the Texas kiln project in Q1 2025[12](index=12&type=chunk)[43](index=43&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Presentation](index=7&type=section&id=1.%20Basis%20of%20Presentation) Explains the preparation and unaudited nature of the condensed consolidated financial statements - The condensed consolidated financial statements are unaudited and prepared by management, including all necessary normal and recurring adjustments. They should be read in conjunction with the Company's Annual Report on Form 10-K for the period ended December 31, 2024[14](index=14&type=chunk) [2. Organization](index=7&type=section&id=2.%20Organization) Describes the company's primary business activities and operational locations - The Company manufactures lime and limestone products for construction, industrial, environmental, metals, roof shingle, agriculture, and oil and gas services industries[15](index=15&type=chunk) - Operations are headquartered in Dallas, Texas, with plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas[15](index=15&type=chunk) - The Company also holds royalty and non-operated working interests in natural gas wells in Johnson County, Texas (Barnett Shale Formation)[15](index=15&type=chunk) [3. Accounting Policies](index=7&type=section&id=3.%20Accounting%20Policies) Outlines key accounting principles applied, including revenue recognition and trade receivables - Revenue for lime and limestone operations is recognized upon shipment, with external freight billed to customers included in revenues and related costs in cost of revenues[16](index=16&type=chunk) - External freight billed to customers was **$11.4 million** in Q1 2025 and **$11.2 million** in Q1 2024[16](index=16&type=chunk) - Revenue for natural gas interests is recognized in the month of production and delivery[16](index=16&type=chunk) - Trade receivables are unsecured, with payment terms generally fixed and short-term. Credit losses are estimated based on collection probability, historical trends, and economic conditions[17](index=17&type=chunk) [4. Reportable Segment](index=8&type=section&id=4.%20Reportable%20Segment) Identifies the company's single reportable segment: lime and limestone operations - The Company is managed as one reportable segment: lime and limestone operations. All operations are in the United States[19](index=19&type=chunk) - Natural gas interests do not meet the definition of an operating segment[19](index=19&type=chunk) - Consolidated net income is used as the measure of segment profit or loss, and segment disclosures for Q1 2024 have been recast[19](index=19&type=chunk) Segment Revenues and Significant Expenses (dollars in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Revenues | $91,253 | $71,687 | | Fuel, energy, and transportation | $20,265 | $18,311 | | Depreciation, depletion, and amortization | $6,050 | $5,979 | | Outside services, maintenance, and supplies | $8,355 | $6,222 | | Personnel expenses, cost of revenues | $7,940 | $7,671 | | Other cost of revenues | $2,487 | $2,897 | | Selling, general, and administrative expenses | $6,262 | $4,848 | | Other (income) expense, net | $(3,091) | $(2,540) | | Income tax expense | $8,872 | $5,860 | | Net income | $34,113 | $22,439 | [5. Income and Dividends Per Share of Common Stock](index=9&type=section&id=5.%20Income%20and%20Dividends%20Per%20Share%20of%20Common%20Stock) Details basic and diluted net income per common share and cash dividends paid Income Per Common Share (in thousands, except per share amounts) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net income for basic and diluted | $34,113 | $22,439 | | Weighted-average shares for basic | 28,623 | 28,537 | | Basic net income per common share | $1.19 | $0.79 | | Diluted net income per common share | $1.19 | $0.78 | - Cash dividends paid were **$0.06 per share** in Q1 2025, up from **$0.05 per share** in Q1 2024[24](index=24&type=chunk) [6. Inventories](index=9&type=section&id=6.%20Inventories) Presents the valuation method and breakdown of inventory components - Inventories are valued at the lower of cost (average cost method) or net realizable value[25](index=25&type=chunk) Inventories (in thousands) | Item | March 31, 2025 | December 31, 2024 | | :------------------------ | :------------- | :---------------- | | Lime and limestone inventories: | | | | Raw materials | $7,961 | $8,947 | | Finished goods | $3,162 | $3,000 | | Total lime and limestone | $11,123 | $11,947 | | Parts inventories | $16,737 | $15,739 | | Total inventories | $27,860 | $27,686 | [7. Banking Facilities and Debt](index=9&type=section&id=7.%20Banking%20Facilities%20and%20Debt) Describes the company's credit facility and debt status as of March 31, 2025 - The Company has a **$75 million** revolving credit facility with Wells Fargo Bank, N.A., maturing on August 3, 2028, with an incremental **$50 million** accordion feature[26](index=26&type=chunk) - Interest rates are SOFR-based or Prime Rate-based, with margins and commitment fees determined quarterly by the Cash Flow Leverage Ratio[27](index=27&type=chunk) - As of March 31, 2025, the Company had **no debt outstanding** and no draws on the Revolving Facility, other than **$6.8 million** in letters of credit related to the Texas kiln project[30](index=30&type=chunk) - Dividends and share repurchases are permitted subject to compliance with credit agreement provisions and Cash Flow Leverage Ratio thresholds[29](index=29&type=chunk) [8. Leases](index=10&type=section&id=8.%20Leases) Details operating lease arrangements, costs, and future minimum lease payments - The Company has operating leases for equipment, corporate office space, and terminal/distribution facilities, with a weighted-average remaining lease term of **4 years**[31](index=31&type=chunk) Net Operating Lease Costs (in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Operating lease costs (Cost of revenues) | $724 | $585 | | Operating lease costs (SG&A) | $85 | $76 | | Rental revenues (Revenues) | $(55) | $(122) | | Rental revenues (Other income/expense) | $(31) | $(36) | | Net operating lease costs | $723 | $503 | Future Minimum Lease Payments (in thousands) as of March 31, 2025 | Year | Amount | | :------------------------------------------------ | :----- | | 2025 (excluding Q1 2025) | $1,301 | | 2026 | $1,572 | | 2027 | $1,205 | | 2028 | $541 | | 2029 | $184 | | Thereafter | $459 | | Total future minimum lease payments | $5,262 | | Less imputed interest | $(434) | | Present value of lease liabilities | $4,828 | [9. Income Taxes](index=11&type=section&id=9.%20Income%20Taxes) Explains the estimated effective income tax rate and its primary drivers - The estimated effective income tax rate for 2025 is **20.6%**, primarily below the federal statutory rate due to statutory depletion[34](index=34&type=chunk) [10. Dividends](index=11&type=section&id=10.%20Dividends) Reports cash dividends paid during the first quarter of 2025 - On March 14, 2025, the Company paid **$1.7 million** in cash dividends, or **$0.06 per share**[35](index=35&type=chunk) [11. Subsequent Event](index=11&type=section&id=11.%20Subsequent%20Event) Discloses a significant event occurring after the reporting period, specifically a declared dividend - On April 30, 2025, the Board of Directors declared a regular quarterly cash dividend of **$0.06 per share**, payable on June 13, 2025[36](index=36&type=chunk) [ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=12&type=section&id=ITEM%202%3A%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's analysis of Q1 2025 financial condition and results, highlighting revenue, gross profit, and net income growth [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) Discusses forward-looking statements and associated risks that could impact actual financial results - The report contains forward-looking statements regarding plans, strategies, objectives, and expectations, identified by words like "will," "expect," "intend," etc[37](index=37&type=chunk) - These statements involve risks and uncertainties that could cause actual results to differ materially, including changes in demand, costs, regulations, and economic conditions[37](index=37&type=chunk) [Overview](index=13&type=section&id=Overview) Provides a high-level summary of Q1 2025 financial performance, including revenue and gross profit drivers - Revenues increased by **27.3%** in Q1 2025 compared to Q1 2024, primarily due to a **19.2%** increase in sales volumes and a **7.9%** increase in average selling prices[39](index=39&type=chunk) - Increased demand from construction and environmental customers, amplified by large ongoing construction projects, contributed to sales volume growth[39](index=39&type=chunk) - Gross profit increased by **50.8%** in Q1 2025, mainly driven by the higher revenues[40](index=40&type=chunk) - Construction of a new vertical kiln at the Texas Lime Company plant began in 2024, with estimated total costs of approximately **$65 million** and completion in 2026[40](index=40&type=chunk) [Liquidity and Capital Resources](index=13&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's ability to meet short-term and long-term obligations and fund operations Key Liquidity and Capital Resources Data (dollars in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | Change (YoY %) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | :------------- | | Net cash provided by operating activities | $39,434 | $27,167 | +$12,267 | +45.2% | | Capital expenditures | $14,900 | $6,800 | +$8,100 | +119.1% | | Net cash used in financing activities | $2,000 | $1,500 | +$500 | +33.3% | | Cash and cash equivalents (period end) | $300,634 | $206,995 | +$93,639 | +45.2% | - Capital expenditures in Q1 2025 included **$7.8 million** for the Texas kiln project[43](index=43&type=chunk) - As of March 31, 2025, **$10.5 million** had been incurred on the Texas kiln project, with **$9.1 million** paid in cash, and **$28.2 million** in material commitments for open purchase orders related to the project[44](index=44&type=chunk) - The Company believes existing cash and operating cash flows will be sufficient to meet operating, capital, and liquidity needs, including dividends, for the near future, absent a significant acquisition[48](index=48&type=chunk) [Results of Operations](index=14&type=section&id=Results%20of%20Operations) Details the financial performance for Q1 2025, analyzing key revenue and expense items Key Financial Results (dollars in thousands, except per share data) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | Change (YoY %) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | :------------- | | Revenues | $91,300 | $71,700 | +$19,600 | +27.3% | | Gross profit | $46,200 | $30,600 | +$15,500 | +50.8% | | SG&A expenses | $6,300 | $4,800 | +$1,400 | +29.2% | | Other (income) expense, net | $3,100 (income) | $2,500 (income) | +$600 | +24.0% | | Income tax expense | $8,900 | $5,900 | +$3,000 | +50.8% | | Net income | $34,100 | $22,400 | +$11,700 | +52.0% | | Diluted EPS | $1.19 | $0.78 | +$0.41 | +52.6% | - The increase in SG&A expenses was primarily due to increased personnel expenses, including stock-based compensation[51](index=51&type=chunk) - The increase in other (income) expense, net, was primarily due to higher interest earned on increased cash and cash equivalents balances[52](index=52&type=chunk) [ITEM 4: CONTROLS AND PROCEDURES](index=15&type=section&id=ITEM%204%3A%20CONTROLS%20AND%20PROCEDURES) Management assessed disclosure controls and procedures as effective, with no material changes to internal control over financial reporting - Disclosure controls and procedures were deemed effective as of March 31, 2025[55](index=55&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[56](index=56&type=chunk) [PART II. OTHER INFORMATION](index=15&type=section&id=PART%20II.%20OTHER%20INFORMATION) Contains additional disclosures not covered in the financial information section [ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=15&type=section&id=ITEM%202%3A%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) Details unregistered equity sales, specifically shares purchased to cover tax withholding liabilities for restricted stock - In Q1 2025, the Company purchased **3,838 shares** at an average price of **$110.47 per share** to cover tax withholding liability upon the lapse of restrictions on restricted stock[57](index=57&type=chunk) [ITEM 4: MINE SAFETY DISCLOSURES](index=15&type=section&id=ITEM%204%3A%20MINE%20SAFETY%20DISCLOSURES) Discloses information on mine safety, MSHA regulations, and the company's commitment to a safe workplace - The Company's quarries, underground mine, and plants are regulated by the federal Mine Safety and Health Administration (MSHA)[58](index=58&type=chunk) - The Company is committed to providing a safe workplace through training, communication, safety standards, employee involvement, and accident investigation[59](index=59&type=chunk) - MSHA has significantly increased enforcement and dollar penalties for citations since the Mine Improvement and New Emergency Response Act of 2006[60](index=60&type=chunk) [EXHIBIT INDEX](index=16&type=section&id=EXHIBIT%20INDEX) Provides a comprehensive list of all exhibits filed with the Form 10-Q, including certifications and data files Exhibit Index | Exhibit Number | Description | | :------------- | :-------------------------------------------------------------------------------- | | 31.1 | Rule 13a-14(a)/15d-14(a) Certification by the Chief Executive Officer. | | 31.2 | Rule 13a-14(a)/15d-14(a) Certification by the Chief Financial Officer. | | 32.1 | Section 1350 Certification by the Chief Executive Officer. | | 32.2 | Section 1350 Certification by the Chief Financial Officer. | | 95.1 | Mine Safety Disclosures. | | 101 | Interactive Data Files (formatted as Inline XBRL). | | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | [SIGNATURES](index=17&type=section&id=SIGNATURES) Contains the required signatures for the Form 10-Q, certifying its submission by the CEO and CFO - The report was signed on May 1, 2025, by Timothy W. Byrne (President and CEO) and Michael L. Wiedemer (Vice President and CFO)[67](index=67&type=chunk)

Core Insights - United States Lime & Minerals, Inc. reported a strong financial performance in Q1 2025, with revenues increasing by 27.3% year-over-year to $91.3 million, driven by higher sales volumes and average selling prices of lime and limestone products [1][6] - The company's gross profit rose by 50.8% to $46.2 million, reflecting the revenue growth [2] - Net income for Q1 2025 was $34.1 million, a 52.0% increase compared to $22.4 million in Q1 2024, translating to $1.19 per diluted share [5] Revenue and Profitability - Revenues in Q1 2025 were $91.3 million, up from $71.7 million in Q1 2024, an increase of $19.6 million [1] - Gross profit increased to $46.2 million from $30.6 million, an increase of $15.5 million [2] - Operating profit for the quarter was $39.9 million, compared to $25.8 million in the previous year [12] Expenses - Selling, general and administrative (SG&A) expenses rose to $6.3 million in Q1 2025 from $4.8 million in Q1 2024, an increase of 29.2% [3] - Other income increased to $3.1 million in Q1 2025 from $2.5 million in Q1 2024, primarily due to interest earned on higher cash balances [4] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.06 per share, payable on June 13, 2025, to shareholders of record by May 23, 2025 [7] Company Overview - United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, industrial, environmental, metals, agriculture, and oil and gas services [8]

Financial Performance - Revenues for Q1 2025 were $91.3 million, an increase of $19.6 million or 27.3% compared to Q1 2024's $71.7 million[2] - Gross profit for Q1 2025 was $46.2 million, reflecting an increase of $15.5 million or 50.8% from Q1 2024's $30.6 million[3] - Net income for Q1 2025 was $34.1 million ($1.19 per diluted share), up $11.7 million or 52.0% from Q1 2024's $22.4 million ($0.78 per diluted share)[6] - Other income for Q1 2025 was $3.1 million, an increase of $0.6 million compared to $2.5 million in Q1 2024[5] Expenses - Selling, general and administrative expenses increased to $6.3 million in Q1 2025, up $1.4 million or 29.2% from Q1 2024's $4.8 million[4] Assets and Equity - Current assets increased to $388.3 million as of March 31, 2025, compared to $354.8 million at the end of 2024[14] - Total assets rose to $585.3 million as of March 31, 2025, up from $543.2 million at the end of 2024[14] - Stockholders' equity increased to $532.2 million as of March 31, 2025, compared to $497.7 million at the end of 2024[14] Dividends - The company declared a quarterly cash dividend of $0.06 per share, payable on June 13, 2025[8] Market Demand - The company experienced solid demand from construction customers, driven by ongoing large construction projects[7]

Financial Performance - Total revenues for 2024 increased by 12.9% to $317.721 million, up from $281.330 million in 2023[148] - Gross profit rose by 40.0% in 2024, reaching $143.981 million compared to $102.867 million in 2023[148] - Net income increased by $34.3 million, or 46.0%, to $108.839 million in 2024, with diluted earnings per share rising to $3.79 from $2.61[151] - Revenues increased to $317.7 million in 2024 from $281.3 million in 2023, a growth of 12.9% driven by a 14.2% increase in average selling prices[173] - Gross profit rose to $144.0 million in 2024, up 40.0% from $102.9 million in 2023, primarily due to increased revenues[174] - Net income for 2024 was $108.8 million ($3.79 per diluted share), a 46.0% increase from $74.5 million ($2.61 per diluted share) in 2023[178] - Operating profit for 2024 increased to $124,923 million, a 46% rise from $85,422 million in 2023[226] - The company reported net income of $108,839,000 for 2024, up from $74,549,000 in 2023, reflecting a year-over-year increase of approximately 45.9%[257] Cash and Investments - Cash balances increased to $278.0 million as of December 31, 2024, compared to $188.0 million at the end of 2023[152] - The company anticipates funding operating and capital needs from cash balances and cash flows from operations, barring significant acquisition opportunities[156] - Cash and cash equivalents increased to $278,031,000 in 2024 from $187,964,000 in 2023, representing a 48% increase[224] - Net cash provided by operating activities was $126.0 million in 2024, an increase of 36.6% from $92.3 million in 2023[192] - The company has a $75 million revolving credit facility with no debt outstanding as of December 31, 2024[198] - The company believes cash on hand and cash flows from operations will be sufficient for ongoing capital needs and increased cash dividends[200] Capital Expenditures and Investments - The company made $27.4 million in capital investments in 2024 and paid $5.7 million in dividends[152] - Capital expenditures are expected to be approximately $22.0 million annually for recurring capital and re-equipping projects[191] - The company had $35.5 million in open orders for equipment and construction contracts as of December 31, 2024[191] - The company’s capitalized costs for construction in progress amounted to $8,098,000 in 2024, compared to $6,001,000 in 2023, indicating a growth of approximately 34.9%[247] Debt and Obligations - The company has no debt outstanding as of December 31, 2024[152] - Total contractual obligations as of December 31, 2024, amount to $57,959,000, with $40,955,000 due within one year[199] - The company had no off-balance sheet financing arrangements, ensuring transparency in financial reporting[201] Expenses and Costs - Selling, general and administrative expenses (SG&A) increased to $19.1 million in 2024, a rise of 9.2% compared to $17.4 million in 2023, with SG&A as a percentage of revenues decreasing to 5.9%[175] - Fuel, energy, and transportation expenses decreased to $82,232,000 in 2024 from $88,521,000 in 2023, a reduction of 7.3%[293] - Personnel expenses rose to $30,980,000 in 2024, up 6.1% from $29,209,000 in 2023[293] - Depreciation, depletion, and amortization expenses were $23,855,000 in 2024, slightly up from $23,533,000 in 2023[293] - The Company reported net operating lease costs of $2,522,000 for 2024, a decrease of 8.1% from $2,745,000 in 2023[270] Shareholder Returns - The company paid cash dividends of $5,716 million in 2024, an increase from $4,554 million in 2023[230] - The company paid cash dividends of $0.20 per share in 2024, an increase from $0.16 per share in both 2023 and 2022[258] - The Company declared an increased quarterly cash dividend of $0.06 per share on February 3, 2025, payable on March 14, 2025[294] Operational Efficiency - Modernization and expansion projects have improved production efficiency and reduced costs, enhancing the company's competitive position[161] - Other income increased to $11.5 million in 2024 from $7.9 million in 2023, attributed to higher interest earned on cash balances[176] Inventory and Receivables - Trade receivables rose to $43,982,000 in 2024, up from $38,052,000 in 2023, indicating a 15% increase[224] - As of December 31, 2024, total inventories increased to $27,686,000 from $24,313,000 in 2023, representing a growth of approximately 9.8%[246] Stock and Shareholder Actions - The Company approved an increase in authorized shares from 30 million to 45 million on May 2, 2024, followed by a 5-for-1 stock split on July 12, 2024[235] - The Company repurchased treasury shares for a total of $3.5 million in 2024, $1.3 million in 2023, and $0.8 million in 2022[199] - The Company repurchased 28,028 shares at a weighted-average price of $125.09 per share during 2024[284] Tax and Compliance - Current income tax expense increased to $28,544,000 in 2024, up 44.7% from $19,736,000 in 2023[273] - The Company had no federal net operating loss carry forwards as of December 31, 2024[274] Miscellaneous - The company operates solely in the United States, focusing on lime and limestone operations[289] - The chief executive officer serves as the Company's Chief Operating Decision Maker (CODM) for performance assessment and resource allocation[290]

Financial Performance - Revenues for Q4 2024 were $80.1 million, a 21.9% increase from $65.7 million in Q4 2023[2] - Full year 2024 revenues reached $317.7 million, up 12.9% from $281.3 million in 2023[3] - Gross profit for Q4 2024 was $35.4 million, reflecting a 50.2% increase from $23.6 million in Q4 2023[4] - Full year gross profit was $144.0 million, a 40.0% increase compared to $102.9 million in 2023[4] - Net income for Q4 2024 was $27.0 million ($0.94 per diluted share), up 58.8% from $17.0 million ($0.60 per diluted share) in Q4 2023[7] - Full year net income was $108.8 million ($3.79 per diluted share), a 46.0% increase from $74.5 million ($2.61 per diluted share) in 2023[7] Expenses and Dividends - SG&A expenses decreased by 5.8% in Q4 2024 to $4.4 million, while increasing by 9.2% for the full year to $19.1 million[5] - The company declared an increased quarterly cash dividend of $0.06 per share, payable on March 14, 2025[10] Market Outlook - The company experienced a slight decrease in overall demand compared to 2023 but remains optimistic for early 2025[8] Corporate Actions - The company executed a 5-for-1 stock split on July 12, 2024, with all share information adjusted accordingly[9]

Financial Performance - The Company reported fourth quarter 2024 revenues of $80.1 million, a 21.9% increase from $65.7 million in the fourth quarter 2023, driven by higher average selling prices and increased sales volumes to construction, environmental, and industrial customers [1][2] - For the full year 2024, revenues reached $317.7 million, up 12.9% from $281.3 million in 2023, with lime and limestone revenues increasing by 13.0% to $316.7 million [2] - Gross profit for the fourth quarter 2024 was $35.4 million, a 50.2% increase from $23.6 million in the fourth quarter 2023, and for the full year, gross profit was $144.0 million, up 40.0% from $102.9 million [3] Expenses and Income - Selling, general and administrative (SG&A) expenses in the fourth quarter 2024 were $4.4 million, a decrease of 5.8% from $4.6 million in the fourth quarter 2023, while full year SG&A expenses increased by 9.2% to $19.1 million [4] - Other income for the fourth quarter and full year 2024 was $3.1 million and $11.5 million, respectively, reflecting increases from $2.4 million and $7.9 million in the previous year [5] - The Company reported net income of $27.0 million ($0.94 per share diluted) for the fourth quarter 2024, a 58.8% increase from $17.0 million in the fourth quarter 2023, and for the full year, net income was $108.8 million ($3.79 per share diluted), up 46.0% from $74.5 million [6] Stock and Dividends - The Company executed a 5-for-1 stock split on July 12, 2024, with all share and per share information adjusted retroactively [8] - The Board of Directors declared an increased quarterly cash dividend of $0.06 per share, payable on March 14, 2025 [9] Company Overview - United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, industrial, environmental, metals, roof shingle manufacturing, agriculture, and oil and gas services [10]

Core Viewpoint - United States Lime & Minerals, Inc. reported strong financial results for the fourth quarter and full year 2024, with significant increases in revenues, gross profit, and net income compared to the previous year [1][2][6]. Financial Performance - Fourth quarter 2024 revenues were $80.1 million, up 21.9% from $65.7 million in Q4 2023, driven by higher average selling prices and increased sales volumes [1]. - Full year 2024 revenues reached $317.7 million, a 12.9% increase from $281.3 million in 2023, attributed to higher selling prices, despite a decrease in sales volumes from construction customers [2]. - Gross profit for Q4 2024 was $35.4 million, a 50.2% increase from $23.6 million in Q4 2023, and for the full year, gross profit was $144.0 million, up 40.0% from $102.9 million in 2023 [3]. - Net income for Q4 2024 was $27.0 million ($0.94 per share diluted), a 58.8% increase from $17.0 million ($0.60 per share diluted) in Q4 2023, while full year net income was $108.8 million ($3.79 per share diluted), up 46.0% from $74.5 million ($2.61 per share diluted) in 2023 [6]. Expenses - Selling, general and administrative (SG&A) expenses in Q4 2024 were $4.4 million, a decrease of 5.8% from $4.6 million in Q4 2023, while full year SG&A expenses increased to $19.1 million, up 9.2% from $17.4 million in 2023 due to higher personnel costs [4]. Other Income - Other income for Q4 2024 was $3.1 million, compared to $2.4 million in Q4 2023, and for the full year, it was $11.5 million, up from $7.9 million in 2023, primarily due to interest earned on higher cash balances [5]. Stock and Dividend Information - The company executed a 5-for-1 stock split on July 12, 2024, with all share information adjusted accordingly [8]. - A quarterly cash dividend of $0.06 per share was declared, payable on March 14, 2025 [9]. Company Overview - United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, serving various industries including construction, industrial, environmental, and agriculture, with operations across multiple states [10].