United States Lime & Minerals Inc (USLM) of Dallas, TX has reported a third quarter net income of US$5.7 million on revenues of US$37.0 million compared with US$5.4 million on revenues of US$39.1 million in the same period of 2014. Revenues from the company’s lime and limestone operations decreased 4% to US$36.5 million. The decrease in revenues for lime and limestone products is attributed to lower demand, principally from its oil & gas services and steel customers partially offset by increased demand for its construction customers. Average prices realized were slightly higher.
Gross profit for USLM’s lime and limestone business in the third quarter was US$10.3 million versus US$9.3 million in the same period of 2014. The improvement in profitability was primarily the result of the higher revenues.
Timothy W Byrne, USLM’s CEO, said, ”With the greatly improved weather conditions in the third quarter 2015 compared to the first two quarters, we were pleased to see demand from our construction customers rebound. However, we continue to see reduced demand from our oil & gas services and steel customers compared to last year.”
Volume 29 issue 21