USLM earnings analysis
What we found in USLM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
United States Lime & Minerals, Inc. (USLM) reported a revenue decline of 3.7% in Q1 2026 to $87.8 million, compared to $91.3 million in Q1 2025. Diluted EPS was $1.06, below the expected $1.20 and lower than $1.19 from the previous year, contributing to an overall bearish sentiment as the company faces decreased demand from key sectors.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Declined 3.7% Year-Over-Year
- Q1 2026 revenues were $87.8 million, down from $91.3 million in Q1 2025.
- Diluted EPS Missed Expectations
- Reported diluted EPS of $1.06, missing the expected $1.20.
- Gross Profit Decline
- Gross profit fell to $41.8 million in Q1 2026, down from $46.2 million in Q1 2025.
- Operating Cash Flow Decreased
- Net cash provided by operating activities was $32.1 million, down 18.7% from $39.4 million last year.
- Increased Capital Expenditures
- Capital expenditures increased to $18.3 million in Q1 2026 from $14.9 million in Q1 2025.
- Increase in Cash Reserves
- Cash and cash equivalents rose to $383.2 million from $371.1 million at the end of 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Sales Volumes
- Sales volumes down 3.4% primarily due to reduced demand from construction, oil and gas sectors.
- Higher Fuel and Transportation Costs
- Increased expenses reported affecting gross profit margins.
- Weather-Related Shipping Interruptions
- Past weather disruptions affected delivery schedules, impacting ability to respond to demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.06
- Gross margin
- 47.5%
- Operating margin
- 40.7%
What they said about what is next.
Management remains optimistic about demand recovery and the Texas kiln project; however, no explicit guidance was provided.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- US Lime & Minerals (USLM) reported a stronger 2025 operational year: production rose to 4,687 thousand tons (from 3,851 in 2024), utilization improved to ~80% and quarterly results imply full-year revenue of ~$373.0M…
- 10-K · February 27, 2025
- US Lime & Minerals (USLM) presents a capital-light operating footprint with large limestone reserves (226,900 thousand tons as of December 31, 2024) and a permitted $65 million kiln expansion at its Texas Lime plant…
- 10-Q · October 31, 2024
- US Lime reported a strong Q3: revenues rose to $89,427,000 (up 19.4% YoY), gross margin expanded to 48.2% and diluted EPS was $1.16. Operating cash flow and cash on hand increased materially (net cash provided by…
- 10-K · February 29, 2024
- United States Lime & Minerals describes a regional, asset-heavy strategy centered on its Lime and Limestone Operations, producing crushed limestone, PLS, quicklime, hydrated lime and lime slurry from plants in AR, CO,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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