United States Lime & Minerals(US:USLM)2023-08-03 20:11Revenue Growth - Revenues increased by 22.3% in Q2 2023, reaching $74.0 million, compared to $60.5 million in Q2 2022[53] - Revenues for the first six months of 2023 rose by 26.4% to $140.8 million, up from $111.4 million in the same period of 2022[53] - Lime and limestone operations contributed $73.7 million in Q2 2023, a 23.6% increase from $59.6 million in Q2 2022[53] - For the first six months of 2023, lime and limestone revenues were $140.2 million, reflecting a 27.6% increase from $109.9 million in the same period of 2022[53] - Average selling prices for lime and limestone products increased by 21.3% in Q2 2023 and 22.5% in the first six months of 2023[43] Profitability - Gross profit surged by 64.6% in Q2 2023 and 65.2% in the first six months of 2023, driven by increased revenues despite rising production costs[44] - Gross profit for Q2 2023 was $27.1 million, a 64.6% increase from $16.5 million in Q2 2022[54] - Gross profit from lime and limestone operations in Q2 2023 was $27.1 million, up 69.8% from $16.0 million in Q2 2022[54] - Gross profit for the first six months of 2023 was $51.1 million, a 65.2% increase from $30.9 million in the first six months of 2022[55] - The increase in gross profit in 2023 was primarily due to increased revenues, partially offset by higher production costs[54] Net Income - Net income for Q2 2023 was $19.7 million ($3.45 per share diluted), a 92.5% increase from $10.2 million ($1.80 per share diluted) in Q2 2022[59] - Net income for the first six months of 2023 was $36.8 million ($6.46 per share diluted), a 94.7% increase from $18.9 million ($3.33 per share diluted) in the first six months of 2022[59] Cash Flow and Liquidity - Net cash provided by operating activities was $40.3 million in the first six months of 2023, an increase of 80.2% from $22.4 million in the same period of 2022[45] - Cash and cash equivalents increased by $22.8 million to $156.2 million as of June 30, 2023, compared to $133.4 million at the end of 2022[48] - The company has no debt outstanding and no draws on the revolving credit facility, indicating strong liquidity[52] Expenses - SG&A expenses in Q2 2023 were $4.3 million, a 12.2% increase from $3.8 million in Q2 2022[56] - Income tax expense for Q2 2023 was $4.9 million, up from $2.5 million in Q2 2022[58] - Interest expense for Q2 2023 was $64 thousand, slightly up from $63 thousand in Q2 2022[57] - Interest and other income, net for Q2 2023 was $1.9 million, compared to $177 thousand in Q2 2022[57] Capital Expenditures - Capital expenditures totaled $15.4 million in the first six months of 2023, down from $17.1 million in the same period of 2022[47]