[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].

Financial Performance - For the three months ended September 30, 2024, revenues increased to $89,427 thousand, a 19.4% increase from $74,878 thousand in the same period of 2023[9] - Gross profit for the three months ended September 30, 2024, was $43,113 thousand, representing a gross margin of 48.2%, compared to 37.6% in the same period of 2023[9] - Net income for the three months ended September 30, 2024, was $33,353 thousand, a 60.8% increase from $20,733 thousand in the same period of 2023[9] - Basic net income per share for the three months ended September 30, 2024, was $1.17, compared to $0.73 for the same period in 2023[9] - Net income for the nine months ended September 30, 2024, was $81,849,000, compared to $57,549,000 for the same period in 2023, representing an increase of 42.2%[15] - Total revenues for the nine months ended September 30, 2024, were $237,659,000, up from $215,638,000 in the same period of 2023, reflecting a year-over-year increase of 10.2%[26] - Net income for Q3 2024 was $33,353,000, compared to $20,733,000 in Q3 2023, marking a significant increase of 60.9%[28] - Basic net income per common share rose to $1.17 in Q3 2024 from $0.73 in Q3 2023, an increase of 60.3%[28] Assets and Liabilities - Total assets as of September 30, 2024, were $521,759 thousand, up from $440,602 thousand as of December 31, 2023[5] - The company reported total liabilities of $47,545 thousand as of September 30, 2024, slightly up from $47,498 thousand as of December 31, 2023[5] - Total stockholders' equity as of September 30, 2024, was $474,214 thousand, an increase from $393,104 thousand as of December 31, 2023[7] - The company had no debt outstanding as of September 30, 2024, and only $0.5 million in letters of credit drawn against its revolving credit facility[35] Cash Flow and Dividends - Cash and cash equivalents increased to $255,022 thousand as of September 30, 2024, compared to $187,964 thousand as of December 31, 2023[5] - Cash dividends paid increased to $4,287,000 for the nine months ended September 30, 2024, from $3,415,000 in the same period of 2023, reflecting a rise of 25.5%[15] - Net cash provided by operating activities was $87,414,000 for the nine months ended September 30, 2024, compared to $64,682,000 for the same period in 2023, indicating a growth of 35.1%[15] - Total cash and cash equivalents at the end of the period increased to $255,022,000 as of September 30, 2024, up from $176,305,000 at the same time in 2023, marking a rise of 44.5%[15] Capital Expenditures and Investments - The company purchased property, plant, and equipment totaling $16,371,000 for the nine months ended September 30, 2024, down from $20,541,000 in the same period of 2023, a decrease of 20.9%[15] - Capital expenditures for the lime and limestone operations segment were $9,547,000 in Q3 2024, down from $15,090,000 in Q3 2023, a decrease of 36.1%[26] - Capital expenditures totaled $16.4 million in the first nine months of 2024, down from $20.5 million in the same period of 2023[46] - The company received a permit to construct a new vertical kiln at its Texas Lime Company facility, with estimated costs of approximately $65 million[45] Stock and Shareholder Information - The company has 28,594,270 shares of common stock outstanding as of October 29, 2024[3] - The company approved an increase in the number of authorized shares of common stock from 30,000,000 to 45,000,000 on May 2, 2024[18] - A 5-for-1 stock split was executed on July 12, 2024, retroactively adjusting all share and per share information[18] - The company declared cash dividends of $0.05 per share in Q3 2024, compared to $0.04 per share in Q3 2023, representing a 25% increase[29] Operational Insights - The company operates lime and limestone plants and distribution facilities across multiple states, including Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas[20] - Revenues for the lime and limestone operations segment increased to $89,212,000 in Q3 2024 from $74,582,000 in Q3 2023, representing a growth of 19.8%[26] - Revenues from lime and limestone operations rose 19.6% in Q3 2024, driven by a 14.2% increase in average selling prices and a 5.4% increase in sales volumes[44] - The company experienced decreased sales volumes of lime and limestone products, primarily due to reduced demand from construction customers[48] Tax and Regulatory Information - The effective income tax rate for 2024 is estimated to be 19.9%, primarily due to statutory depletion differences[39] - Future minimum lease payments total $5,666,000, with a present value of lease liabilities at $5,164,000 as of September 30, 2024[37] Other Income and Expenses - SG&A expenses rose to $5.0 million in the third quarter of 2024, an increase of 14.3% from $4.4 million in the third quarter of 2023[48] - Other income for the first nine months of 2024 was $8.4 million, compared to $5.5 million in the same period of 2023, reflecting an increase of $2.9 million[48] - Income tax expense for the first nine months of 2024 was $20.4 million, up from $14.4 million in the same period of 2023, due to increased income before taxes[48] - The increase in gross profit for the first nine months of 2024 was primarily due to increased revenues and decreased operating expenses attributed to lower natural gas prices[48] Board and Governance - The Board of Directors increased its size from five to seven directors, appointing two new independent directors effective November 1, 2024[53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ........ to ........ Commission file number is 000-04197 UNITED STATES LIME & MINERALS, INC. (Exact name of registrant as specified in its charter) (State or ...

UNITED STATES LIME & MINERALS, INC. — NEWS RELEASE FOR IMMEDIATE RELEASE Contact: Timothy W. Byrne (972) 991-8400 Exhibit 99.1 UNITED STATES LIME & MINERALS REPORTS FIRST QUARTER 2024 RESULTS AND DECLARES REGULAR QUARTERLY CASH DIVIDEND Dallas, Texas, April 30, 2024 - United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2024 results: The Company's revenues in the first quarter 2024 were $71.7 million, compared to $66.8 million in the first quarter 2023, an increase of $4.9 million ...