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UNITED STATES LIME & MINERALS INC (USLM)·Q1 2025 Earnings Summary

Executive Summary

  • USLM delivered a strong quarter: revenue $91.253M and diluted EPS $1.19, with revenue up 27.3% YoY and net income up 52.0% YoY, driven by higher sales volumes (construction and environmental customers) and price increases .
  • Margins expanded meaningfully: gross margin rose to ~50.6% and EBIT (operating) margin to ~43.7%, reflecting the higher volumes/pricing and operating leverage; QoQ revenue also improved vs Q4 2024 ($80.062M) .
  • Board declared a regular quarterly cash dividend of $0.06 per share (maintained from the increase announced in Feb 2025), payable June 13, 2025 .
  • Wall Street consensus (S&P Global) for Q1 2025 revenue/EPS was unavailable; estimate comparisons are not possible this quarter. Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

  • Strong demand backdrop: “We continued to see solid demand from our construction customers during the quarter, which was further amplified by some large, ongoing construction projects” — CEO Timothy W. Byrne .
  • Significant YoY growth: revenue +27.3% and gross profit +50.8% YoY; net income +52.0% YoY, with pricing and volumes the key drivers .
  • Other income supported results: other income rose to $3.091M (vs $2.540M YoY) on interest earned from higher average cash balances .

What Went Wrong

  • SG&A increased 29.2% YoY to $6.262M, primarily due to personnel expenses including stock-based compensation, partially offsetting operating leverage .
  • No formal guidance provided (revenue/margins/OpEx/tax), which limits near-term estimate recalibration and visibility .
  • Tax expense increased to $8.872M from $5.860M YoY alongside higher profitability, pressuring net margin expansion relative to operating gains .

Financial Results

Headline Financials versus Prior Periods and Prior Year

MetricQ1 2024Q3 2024Q4 2024Q1 2025
Revenue ($USD Millions)$71.687 $89.427 $80.062 $91.253
Diluted EPS ($USD)$0.78 $1.16 $0.94 $1.19
Gross Profit ($USD Millions)$30.607 $43.113 $35.439 $46.156
Operating Profit ($USD Millions)$25.759 $38.137 $31.087 $39.894
Net Income ($USD Millions)$22.439 $33.353 $26.990 $34.113

Margins (Derived from reported figures)

MarginQ1 2024Q3 2024Q4 2024Q1 2025
Gross Margin %42.7% (30.607/71.687) 48.2% (43.113/89.427) 44.3% (35.439/80.062) 50.6% (46.156/91.253)
EBIT Margin %35.9% (25.759/71.687) 42.7% (38.137/89.427) 38.8% (31.087/80.062) 43.7% (39.894/91.253)
Net Income Margin %31.3% (22.439/71.687) 37.3% (33.353/89.427) 33.7% (26.990/80.062) 37.4% (34.113/91.253)

Estimates vs. Actuals (S&P Global)

MetricActual (Q1 2025)Consensus (Q1 2025)Surprise
Revenue ($USD Millions)$91.253 N/A*N/A*
Diluted EPS ($USD)$1.19 N/A*N/A*
Values retrieved from S&P Global.*

Segment/Product Breakdown

USLM does not report formal operating segments in these releases; occasional product-level revenue detail appears.

Product/SegmentQ3 2024Q4 2024Q1 2025
Lime & Limestone Revenues ($USD Millions)$89.2 $79.8 Not disclosed

KPIs and Operating Items

KPIQ1 2024Q3 2024Q4 2024Q1 2025
SG&A ($USD Millions)$4.848 $4.976 $4.352 $6.262
Other (Income) Expense, net ($USD Millions)$(2.540) $(3.061) $(3.073) $(3.091)
Income Tax Expense ($USD Millions)$5.860 $7.845 $7.170 $8.872
Cash Dividend per Share ($USD)$0.05 $0.05 $0.05 $0.06
Weighted-Average Shares Diluted (Millions)28.623 28.727 28.727 28.719

Guidance Changes

USLM did not issue formal financial guidance (revenue/margins/OpEx/tax) for Q1 2025 in the press release/8-K .

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Dividend per ShareQ1 2025$0.06 (raised in Feb 2025) $0.06 declared for Q1 2025 Maintained
Revenue GuidanceQ1 2025Not provided Not provided N/A
Margin GuidanceQ1 2025Not provided Not provided N/A
OpEx GuidanceQ1 2025Not provided Not provided N/A
Tax Rate GuidanceQ1 2025Not provided Not provided N/A

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available in our document set; themes inferred from company press releases.

TopicPrevious Mentions (Q3 2024)Previous Mentions (Q4 2024)Current Period (Q1 2025)Trend
Construction demandImproved in Q3 as weather normalized in South-Central US .Overall demand down slightly for 2024; “guardedly optimistic” into early 2025 .“Solid demand… amplified by some large, ongoing construction projects” .Improving
Environmental/industrial customersNine-month demand supported by industrial and roof shingle customers .Volumes up in environmental and industrial in Q4 .Volumes up principally to construction and environmental customers .Stable to improving
Fuel prices/operational efficiencyBenefits from lower natural gas prices and optimizing kiln fuel blends .Not highlighted.Not highlighted.Neutral
Capital allocation (dividends)Declared $0.05 dividend .Increased regular dividend to $0.06 .Maintained $0.06 dividend .Up then stable
Stock split/share count5-for-1 split effected July 12, 2024 .Noted again in Feb release .No new update.Completed

Management Commentary

  • “We continued to see solid demand from our construction customers during the quarter, which was further amplified by some large, ongoing construction projects.” — Timothy W. Byrne, President & CEO .
  • Prior tone: “Even though overall demand was down slightly, compared to 2023, we remain guardedly optimistic moving into the first part of 2025.” — Timothy W. Byrne .
  • Q3 2024 operational context: demand recovery as weather normalized; efficiency supported by fuel cost tailwinds and kiln optimization .

Q&A Highlights

No Q1 2025 earnings call transcript was available in our document set; therefore, Q&A themes and guidance clarifications are not provided for this quarter.

Estimates Context

  • S&P Global consensus (EPS and revenue) for Q1 2025 was unavailable, so we cannot assess beats/misses versus Street expectations this quarter. Values retrieved from S&P Global.*
  • Given the strong YoY and QoQ performance, and margin expansion, estimates for subsequent quarters may need upward adjustment if demand from construction/environmental customers and pricing remain supportive .

Key Takeaways for Investors

  • Robust top-line and profitability: revenue $91.253M and EPS $1.19; gross and operating margins expanded materially on volume and pricing strength — a constructive read-through for near-term earnings power .
  • Demand drivers are tangible: construction projects and environmental customers led the volume gains; pricing remains supportive — monitor public infrastructure and regional construction activity as catalysts .
  • Cost discipline mixed: SG&A increased 29.2% YoY on personnel/stock comp, but operating leverage outweighed the cost growth; watch SG&A trajectory as volumes normalize .
  • Balance of yield and growth: dividend maintained at $0.06 following an increase earlier in the year, signaling confidence while preserving flexibility .
  • Visibility: absence of formal guidance and limited segment disclosure increase reliance on quarterly prints; near-term narrative is driven by construction demand and pricing rather than Street targets .
  • Trend analysis: sequential improvement vs Q4 2024 and strong YoY comparisons suggest momentum; monitor macro/weather and energy inputs (noted tailwinds in prior periods) for potential variability .
  • Actionable: with margins expanding and demand firm, watch for continued project activity updates and any commentary on pricing dynamics; lack of consensus provides opportunity for idiosyncratic moves around prints given lower external anchoring .