United States Lime & Minerals (USLM) Q2 2025 earnings summary

Executive summary

• Revenues rose 19.6% in Q2 2025 and 23.3% for the first six months year-over-year, driven by higher sales volumes and increased average selling prices, especially to construction, environmental, and steel customers.

• Net income reached $30.8M in Q2 2025 (up 18.3% year-over-year) and $64.9M for the first six months (up 33.9% year-over-year).

• Gross profit increased 20.3% in Q2 and 34.5% for the first six months year-over-year, reflecting strong demand and pricing.

• The Board declared a regular quarterly cash dividend of $0.06 per share, payable September 12, 2025.

• Construction of a new vertical kiln at the Texas Lime Company plant is underway, with $14.1M spent in H1 2025 and total project costs estimated at $65M, completion expected in 2026.

Financial highlights

• Q2 2025 revenues: $91.5M (Q2 2024: $76.5M); H1 2025 revenues: $182.8M (H1 2024: $148.2M).

• Q2 2025 gross profit: $41.9M (Q2 2024: $34.8M); H1 2025 gross profit: $88.0M (H1 2024: $65.4M).

• Q2 2025 net income: $30.8M (Q2 2024: $26.1M); H1 2025 net income: $64.9M (H1 2024: $48.5M).

• Diluted EPS: $1.07 in Q2 2025 (Q2 2024: $0.91); $2.26 in H1 2025 (H1 2024: $1.69).

• Cash and cash equivalents at June 30, 2025: $319.9M, up from $278.0M at year-end 2024.

Outlook and guidance

• Management expects cash on hand and operating cash flow to be sufficient for ongoing operations, capital needs, and regular dividends, barring significant acquisitions.

• The Texas kiln project remains on track for 2026 completion, with $29.2M in open purchase orders as of June 30, 2025.