United States Lime & Minerals Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. The quarter’s numbers.

Key takeaways

First revenue decline since 2020: Revenue fell to $87.8 million from $91.3 million in Q1 2025, down 3.7 percent, marking the first year-over-year revenue decline since the COVID pandemic began in 2020. Source
Gross profit compressed on lower sales: Gross profit declined 9.5 percent to $41.8 million from $46.2 million, driven primarily by lower revenues and higher fuel and transportation costs. Source
Net income and EPS declined: Net income fell 10.4 percent to $30.6 million, or $1.06 per diluted share, versus $34.1 million, or $1.19 per diluted share, in the prior year quarter. Source
Construction demand weakness continues: Decreased sales volumes resulted primarily from lower demand from construction, oil and gas services, and roof shingle customers, partially offset by strength in steel customer demand. Source
Fuel and transportation cost burden: Higher fuel and transportation costs were the primary driver of gross profit margin compression in the quarter. Source
Texas kiln project progressing on schedule: Management reported progress on a new kiln project at the Texas facility, with startup anticipated for summer 2026. Source

“Although we experienced our first revenue decrease against the comparable prior-year quarter since the COVID pandemic began in 2020, we remain optimistic about the balance of the year, including as it pertains to demand from our construction customers”
Timothy W. Byrne, President and Chief Executive Officer

What changed from last quarter

New: Management announced a new kiln project at the Texas facility, which is progressing and expected to start up in summer 2026. Source

Quarterly Results and Revenue Decline

First revenue decline since 2020: Revenue fell to $87.8 million from $91.3 million in Q1 2025, down 3.7 percent, marking the first year-over-year revenue decline since the COVID pandemic began in 2020. Source
Gross profit compressed on lower sales: Gross profit declined 9.5 percent to $41.8 million from $46.2 million, driven primarily by lower revenues and higher fuel and transportation costs. Source
Net income and EPS declined: Net income fell 10.4 percent to $30.6 million, or $1.06 per diluted share, versus $34.1 million, or $1.19 per diluted share, in the prior year quarter. Source

Customer Demand by Segment

Construction demand weakness continues: Decreased sales volumes resulted primarily from lower demand from construction, oil and gas services, and roof shingle customers, partially offset by strength in steel customer demand. Source
Weather disruptions mostly caught up: The company caught up on most of the weather-related shipping interruptions that resulted from the January winter storm during the first quarter. Source

“We are also pleased with the progress on the new kiln project at our Texas facility and anticipate it will start up this summer”
Timothy W. Byrne, President and Chief Executive Officer

Cost Pressures and Margins

Fuel and transportation cost burden: Higher fuel and transportation costs were the primary driver of gross profit margin compression in the quarter. Source
SG&A expenses down on lower staffing: Selling, general and administrative expenses declined to $6.0 million from $6.3 million, a decrease of 4.7 percent, driven by lower personnel expenses and stock-based compensation. Source

Capital Projects and Investments

Texas kiln project progressing on schedule: Management reported progress on a new kiln project at the Texas facility, with startup anticipated for summer 2026. Source

Shareholder Returns and Dividends

Regular dividend maintained at prior level: The board declared a regular quarterly cash dividend of $0.06 per share, payable June 12, 2026 to shareholders of record on May 22, 2026. Source

Coming up, as management said on 29 April 2026

Texas kiln startup planned for summer: The new kiln project at the Texas facility is expected to start up in the summer of 2026. Source

Risks management discussed

Demand: Roof shingle customer demand remains weak. Management previously noted continuing weakness in Q1 2026, and the quarter confirmed this trend.
Demand: Construction customer demand declined in Q1 after being a strength in 2025, though management remains optimistic about recovery. Source
Financial: Fuel and transportation cost inflation pressures gross margins. Higher costs in this area were the primary driver of margin compression in Q1. Source
External: Winter weather disruptions affected shipping and operations. While most January 2026 disruptions were caught up by end of Q1, such weather events pose ongoing operational risks.

Earlier plans management reported on

On track: Management stated in prior period that the kiln would start up in summer 2026, and reiterated this same timeline in Q1 2026 earnings. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

UNITED STATES LIME & MINERALS, INC. - NEWS RELEASE

UNITED STATES LIME & MINERALS REPORTS FIRST QUARTER 2026

RESULTS AND DECLARES REGULAR QUARTERLY CASH DIVIDEND

Dallas, Texas, April 29, 2026 - United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2026 results: The Company’s revenues in the first quarter 2026 were $87.8 million, compared to $91.3 million in the first quarter 2025, a decrease of $3.4 million, or 3.7%. The decrease in revenues in the first quarter 2026, compared to the first quarter 2025, resulted primarily from decreased sales volumes, principally due to decreased demand from the Company’s construction, oil and gas services, and roof shingle customers, partially offset by increased demand from the Company’s steel customers. During the first quarter 2026, the Company caught up on most of the weather-related shipping interruptions that resulted from the January winter storm.

The Company’s gross profit was $41.8 million in the first quarter 2026, compared to $46.2 million in the first quarter 2025, a decrease of $4.4 million, or 9.5%. The decrease in gross profit in the first quarter 2026, compared to the first quarter 2025, resulted primarily from the decrease in revenues discussed above and higher fuel and transportation costs.

Selling, general and administrative (“SG&A”) expenses were $6.0 million in the first quarter 2026, compared to $6.3 million in the first quarter 2025, a decrease of $0.3 million, or 4.7%. The decrease in SG&A expenses in the first quarter 2026, compared to the first quarter 2025, was primarily due to decreased personnel expenses, including stock-based compensation.

Other (income) expense, net was $3.2 million income in the first quarter 2026, compared to $3.1 million income in the first quarter 2025, an increase of $0.1 million, primarily due to interest earned on higher average balances of cash and cash equivalents.

The Company reported net income of $30.6 million ($1.06 per share diluted) in the first quarter 2026, compared to $34.1 million ($1.19 per share diluted) in the first quarter 2025, a decrease of $3.5 million, or 10.4%.

“Although we experienced our first revenue decrease against the comparable prior-year quarter since the COVID pandemic began in 2020, we remain optimistic about the balance of the year, including as it pertains to demand from our construction customers,” said Timothy W. Byrne, President and Chief Executive Officer. “We are also pleased with the progress on the new kiln project at our Texas facility and anticipate it will start up this summer,” Mr. Byrne added.

Dividend

The Company announced today that the Board of Directors has declared a regular quarterly cash dividend of $0.06 per share on the Company’s common stock. This dividend is payable on June 12, 2026 to shareholders of record at the close of business on May 22, 2026.

United States Lime & Minerals, Inc., a NASDAQ-listed public company with headquarters in Dallas, Texas, is a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. The Company operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through its wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair, and U.S. Lime Company-Transportation. In addition, the

Company, through its wholly owned subsidiary, U.S. Lime Company-O & G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.

Any statements contained in this News Release, including, but not limited to, statements relating to demand and the Texas kiln project, that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to publicly update or revise any forward-looking statements, and investors are cautioned that such statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation those risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

(Tables Follow)

United States Lime & Minerals, Inc.

CONDENSED CONSOLIDATED FINANCIAL DATA

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended
	March 31,
	2026	2025
INCOME STATEMENTS
Revenues	$87,833	$91,253
Cost of revenues	46,081	45,097
Gross profit	$41,752	$46,156
Selling, general and administrative expenses	5,969	6,262
Operating profit	$35,783	$39,894
Other (income) expense, net	(3,229)	(3,091)
Income tax expense	8,430	8,872
Net income	$30,582	$34,113
Income per share of common stock:
Basic	$1.07	$1.19
Diluted	$1.06	$1.19
Weighted-average shares outstanding:
Basic	28,671	28,623
Diluted	28,770	28,719
Cash dividends per share of common stock	$0.06	$0.06
	March 31,	December 31,
	2026	2025
BALANCE SHEETS
Assets:
Current assets	$476,265	$455,316
Property, plant and equipment, net	232,092	221,421
Other non-current assets	5,480	4,307
Total assets	$713,837	$681,044
Liabilities and Stockholders’ Equity:
Current liabilities	$22,975	$23,632
Deferred tax liabilities, net	26,429	22,999
Other long-term liabilities	3,274	3,653
Stockholders’ equity	661,159	630,760
Total liabilities and stockholders’ equity	$713,837	$681,044

end -

Contacts
Timothy W. Byrne · (972) 991-8400