USLM lime, limestone revenues up in first quarter 2021

United States Lime & Minerals (USLM) reported its first-quarter results, noting that revenues were up 8.4 percent to $41.7 million.

USLM’s quarterly revenues from lime and limestone operations were $41.4 million, up from $38.2 million in the first quarter of 2020. That’s an 8.2 percent increase.

Carthage Crushed Limestone, which USLM acquired last July, contributed $2.2 million to the company’s lime and limestone revenues in the first quarter this year.

According to USLM, the revenue increase resulted primarily from improved sales of lime and limestone products – principally due to the addition of Carthage limestone sales to agriculture and roofing customers, as well as increased sales to USLM construction customers. Those sales partially offset decreased sales to USLM oil and gas services customers.

“During the first quarter [of] 2021, we continued to see strong demand from our construction customers and improved demand from our environmental and steel customers,” says Timothy Byrne, president and CEO of USLM. “We are pleased that, through the efforts of our dedicated team, we continue to navigate our way through the COVID-19 pandemic and were successful in mitigating the adverse impact of February’s winter storms on our operations and plants.”

Average selling prices for USLM lime and limestone products impacted first-quarter revenues, as well.

In terms of gross profit, USLM achieved one of $11.8 million. That compares to $9.9 million in the first quarter of 2020 – a 19.5 percent increase.