Business
United States Lime & Minerals Reports First Quarter 2019 Results And Declares Regular Quarterly Cash Dividend
DALLAS, May 1, 2019 /PRNewswire/ -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2019 results: Revenues in the first
About this update from United States Lime & Minerals, Inc.
[{"type":"text","content":"DALLAS, May 1, 2019 /PRNewswire/ -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2019 results: Revenues in the first quarter 2019 were $37.8 million, compared to $35.3 million in the first quarter 2018, an increase of $2.5 million, or 7.1%. Revenues from the Company's Lime and Limestone Operations in the first quarter 2019 increased $2.8 million, or 7.9%, to $37.5 million from $34.7 million in the comparable 2018 quarter, while revenues from its Natural Gas Interests decreased $0.2 million, or 41.7%, to $0.3 million in the first quarter 2019, from $0.6 million in the first quarter 2018. \nThe increase in lime and limestone revenues in the first quarter 2019, compared to the first quarter 2018, resulted from increased demand, primarily from the Company's construction customers, and a slight increase in average prices realized for the Company's lime and limestone products. Demand from construction customers in the comparable 2018 quarter was down due in part to the impact of inclement weather conditions in Texas during the 2018 period on construction projects.\nProduction volumes from the Company's Natural Gas Interests in the first quarter 2019 totaled 118 thousand MCF, sold at an average price of $2.84 per MCF, compared to 130 thousand MCF, sold at an average price of $4.41 per MCF, in the comparable 2018 quarter.\nThe Company's gross profit was $8.7 million in the first quarter 2019, compared to $7.0 million in the first quarter 2018, an increase of $1.7 million, or 23.5%. \nGross profit from the Company's Lime and Limestone Operations was $8.7 million in the first quarter 2019, compared to $6.8 million in the first quarter 2018, an increase of $1.9 million, or 27.9%. The increased gross profit from the Company's Lime and Limestone Operations in the first quarter 2019, compared to the first quarter 2018, resulted primarily from the increased revenues discussed above.\nGross profit from the Company's Natural Gas Interests was $7 thousand in the first quarter 2019, compared to $244 thousand in the first quarter 2018, a decrease of $237 thousand, or 97.1%. The decreased gross profit from the Company's Natural Gas Interests in the first quarter 2019, compared to the first quarter 2018, resulted from the decrease in revenues discussed above. \nIncome tax expense was $1.3 million in the first qu...