Revenues, profitability up at USLM in second quarter 2021

United States Lime & Minerals (USLM) reported its second-quarter results, noting that revenues were $49.2 million.

That figure represents an increase of 30.9 percent versus the second quarter of 2020.

Additionally, USLM’s revenues for the first six months of the year were $90.8 million versus $76 million for the first six months of 2020.

Revenues from USLM’s lime and limestone operations in the second quarter and the first six months the year were $48.7 million and $90.1 million, respectively. Both marks were up sizably over 2020.

Carthage Crushed Limestone, which USLM acquired last July, contributed $2.5 million and $4.7 million to the company’s lime and limestone revenues for the second quarter and first six months 2021, respectively. Carthage revenues were primarily from agriculture, roofing and construction customers, according to the company.

Second-quarter and first-half revenues were also favorably impacted by increases in the average selling prices for USLM’s lime and limestone products, the company says.

USLM also reports that its gross profit in the second quarter was $16.8 million – an increase of 62.2 percent versus the second quarter of 2020. Gross profit in the first half of 2021 was $28.6 million, an increase of $8.4 million – or 41.3 percent – from $20.2 million in the first half of last year.

USLM’s lime and limestone gross profit was $16.7 million in the second quarter this year versus $10.5 million in the second quarter last year. The company’s lime and limestone gross profit in the first half of 2021 was $28.5 million versus $20.5 million in the first half of 2020.

“We are pleased with our second-quarter 2021 results and the improved demand for our lime and limestone products across the markets we serve,” says Timothy Byrne, president and CEO of USLM. “Looking ahead, we anticipate continued challenges in the availability of labor and supplies and services for a period of time while the broader economy adjusts to its reopened status. We will continue to monitor the evolving COVID-19 situation and adjust our operations accordingly.”